Introducing our Statement Supplier Reconciliation Service

Supplier Statement Reconciliation is often considered time consuming and not as important as Duplicate Checker Automation and Recovery Audits.

In truth a scheduled or automated Supplier Statement Audit can help authorities maintain a good working relationship with suppliers, helping them to be paid promptly; equally allowing authorities to identify and recover errors and outstanding credits promptly. Protecting cash flow and account balances, for both parties.

Supplier statements need to include details of invoices, credits, discounts, and payments. In most cases they are supplied by authorities, at best Excel or CSV files and in some cases even pdfs.  Reconciliation therefore by its nature, is a time consuming and often manual process; so it is often side-lined or done irregularly by busy and overstretched AP departments.

Often Statement Reconciliations are only done at the behest of a concerned supplier, or when the authority has engaged with a Recovery Audit.

Why do authorities need a regular supplier reconciliation?

Regular scheduling or automating supplier statements reconciliation will enable AP staff to spot errors, inaccuracies, or mismatches promptly.

It is an often possible occurrence, that supplier credits are applied to a GL and not the PL, making a regular Supplier Statement Audit a needed control for Accounts Payable to ensure their ledgers are accurate and balanced.

Regular audits can also help identify issues in the Master Supplier File, such as duplicate entries that can cause issues with supplier Payments and Credits being miss-posted!

The larger volume of suppler statements an authority can check, the greater the rewards in payment controls and retained revenues. However, it can be a time consuming task for an often overstretched Account Payables team to achieve on their own.  This is where a little help can go a long way to resolving those issues,  allowing authorities to promptly and continually control their supplier spend.

Most accountants are aware that supplier statement reconciliations are good practice and have real value, but there are many challenges with the process.

It’s a time-consuming exercise to undertake, and, for a busy Accounts Payable team that is dealing with a lack of resources or are just overworked, it’s one of the first activities to be dropped, so it’s easy to build up a backlog. Some companies choose not to do supplier statement reconciliations at all, or only for a small number of suppliers.

How can Liberata Help?

Our Supplier Statement Reconciliation Service provides a comprehensive managed service to complete the reconciliations for you. Our specialist team of professionals is supported by our proprietary technology to identify errors and omissions. We’ll improve your cashflow and productivity by finding credits, discounts or adjustments you weren’t aware of, identifying duplicate payments and by cleansing your GRNI accounts.

If you would like to learn more about how we can help or if you would like to discuss our fully managed Finance and Account services further please contact us by clicking here.

See how Liberata can help your organisation.

Book A Demo
As a Council we are focused on ensuring that the services delivered are both sustainable and of the highest quality. We are delighted to be working with Liberata to help deliver these services on behalf of our residents and businesses. Liberata stood out with its ability to drive transformational change and improve customer access and digital services.
Richard Baker
Welwyn Hatfield Borough Council
Liberata is the ideal delivery partner to help us achieve our aims, whilst ensuring we can drive down processing times and improve the service for our customers. Council tax and business rates collection will improve, ensuring that we have the funds to deliver the vital services that have a positive impact on residents’ lives. We look forward to working closely in partnership with Liberata to help achieve our aims
Rebecca Keene
Broxbourne Borough Council
Eastleigh Borough Council has worked with Liberata for a number of years who undertake the council's empty home reviews, and I must say, their service exceeded all expectations. From start to finish, they demonstrated professionalism, efficiency, and a genuine commitment to addressing this critical issue in our community. Thanks to Liberata, the council has been able to maximise our empty home bonus year on year. This positive impact on our community cannot be overstated.
Kerrie Thomas
Eastleigh Borough Council
The RV Finder service from Liberata has really helped us ensure that our data is as accurate as possible and, when the VOA has processed the outstanding cases, I fully expect to see more than £1,000,000 of additional RV. The “risk and reward” model works well and the Council only has to pay for their success and the service is something that we will use on a regular basis.
Steve King
Leicester City Council
Liberata has been empowered to create a seamless integration with technology to digitally transform the Revenues and Benefits service whilst trying to protect local jobs. The joint strategy has helped to deliver innovative solutions that have exceeded expectations, whilst providing savings to the authority. This surge in digital engagement has helped deliver strong year one outturn with electronic billing and the technology will enable us to show improvements in the benefits speed of processing and in Council Tax processing of moves, discounts and exemptions.
Andy Stevens
Swindon Borough Council