Balance Reconciliation

The process of reconciling supplier statements tends to be heavily manual, inefficient and time consuming. With limited resources and high volumes of invoices, supplier statement reconciliation is often neglected – only performed on a handful of suppliers or done reactively when an account is in dispute. In our service balance reconciliation, we request a statement of account from your suppliers. Requesting statements is a labour-intensive, but essential part of our comprehensive audit process.

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Outsmart the spending cycle with SpendLab

SpendLab Recovery has developed a strategic approach to a supplier statement audit, ensuring that a thorough and detailed review is performed to maximize profit recovery and identify system weaknesses. During a balance reconciliation recovery audit, we solicit statements from a client agreed-upon list of suppliers, following up with unresponsive vendors to ensure compliance with our request. All statements are reviewed for open credits, allowing us to recover all available funds and expose patterns that could lead to additional recoveries. SpendLab Recovery reviews each missed credit to determine the root cause analysis and provide our clients with recommendations to improve internal processes and reduce future profit leakage.

Statements are reviewed by our experienced statement audit team

Validation that the supplier submitted a complete statement of all the activities

Identify credits already captured by the client

Validation with supplier on missed credits

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We offer a balance reconciliation solution to ensure unknown credits are delivered to you:

  1. Client data is “scrubbed” to eliminate duplicate suppliers and to provide valid contact information
  2. Client review of list is performed to eradicate additional suppliers
  3. Client approved statement letters are mailed/emailed to all targeted suppliers
  4. Statements are tracked from receipt through resolution

Contact

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