Best Practices for Ongoing AP to AR Reconciliation in the Supply and Demand Chain
Large enterprises manage millions of transactions and payments to thousands of suppliers each year. Complex purchasing environments, high transaction volumes and complex pricing lead to accounting errors, lost discounts and improper pricing. It is nearly impossible to have 100 percent transaction and payment accuracy – even for companies with the strongest controls. Accounting and payment anomalies result from processing errors including multiple payments on an invoice, miss-applied credits and data errors. Additionally, there are adjustments that happen after a transaction is settled, such as returns, refunds and warranty issues. These types of anomalies multiply based on the volume of suppliers and purchasing transactions at a company.
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