Balance reconciliation

Reconciling balances with suppliers is part of SpendLab’s accounts payable recovery audit. Balance reconciliation with suppliers, often done manually, is inefficient and takes up a lot of time. With limited resources and large volumes of invoices, balance reconciliation with suppliers is often neglected and only tested by sampling a group of suppliers or reactively when an account is in dispute. Within this service we request account statements from your suppliers. Requesting statements is a labor intensive, but an essential part of our comprehensive audit process.

Outsmart the spend cycle with SpendLab

SpendLab has developed a data-driven approach that settles differences between (outstandig) balances and thoroughly analyzes risks in systems to identify and maximize the recovery of lost profits.

During balance reconciliation, we request supplier statements from your suppliers in a neat and customer-friendly manner. In addition, we contact suppliers who are not responding to ensure they are complying with the sent requests. SpendLab handles this in order for you to focus on your daily business operations. All statements are checked for open credits allowing us to uncover risks and patterns that lead to the recovery of liquidity and therefore lost profits. SpendLab reviews each missed credit to determine the cause and we provide clients with recommendations to improve their internal processes and to reduce and prevent future risks.

Statements are reviewed by our experienced audit team

  • Validation that the supplier has submitted a complete statement of all activities
  • Identification of credits already committed by the customer
  • Validation with suppliers on missed credits

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