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Maximize Accuracy in Vendor & Supplier Statements with Nanonets

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THE PRODUCT

What is Vendor & Supplier statement Reconciliation?

Vendor and Supplier Statement Reconciliation is a crucial element in maintaining seamless financial transactions. This process verifies that your financial records align flawlessly with your vendors' and suppliers' statements. It reconciles invoices, payments, and credits to ensure data consistency. Nanonets elevates this challenging process, making it simple, efficient, and precise through automation. Our software eases the reconciliation process while enhancing the overall financial accuracy.

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How Automated reconciliation works for Vendor & Supplier statement

Use natural language input to extract structured data from your documents

Automated Data Extraction

Our vendor and supplier statement reconciliation software starts the process by extracting data from various sources, diminishing the need for manual recording, and reducing potential errors.

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Intelligent Discrepancy Identification

In the next step, Nanonets leverages intelligent algorithms to identify discrepancies between your records and the vendor/supplier statements, ensuring accurate bookkeeping.

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Automated Reconciliation Reporting

Finally, Nanonets generates an automated reconciliation report, offering a concise yet comprehensive summary of reconciliations, discrepancies, and actions taken, providing complete transparency and clear audit trails.

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SEE IT IN ACTION

Types of Reconciliation in Vendor & Supplier statement

Invoice to Purchase Order Reconciliation

This involves checking that vendor/supplier invoices match with the corresponding purchase orders issued by your business.

Nanonets uses OCR to extract data from both invoices and purchase orders, compares them using its machine learning capabilities, and flags discrepancies to be sorted out quickly.

Invoice to Goods Receipt Reconciliation

This process ensures the goods/services billed by vendors/suppliers match the goods/services received.

Through Nanonets, data from invoices and goods receipt documents are captured, analyzed, and matched. Any mismatches in quantity, price, or other invoice details are automatically flagged.

Account Payable Reconciliation

This involves reconciling the vendor/supplier statements with the payable accounts in your financial records.

With Nanonets, you can automate account payable reconciliation. It extracts data from vendor/supplier statements and financial records, and uses machine learning algorithms to identify and highlight any discrepancies or mismatches.

Invoice to Purchase Order Reconciliation

This involves checking that vendor/supplier invoices match with the corresponding purchase orders issued by your business.

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Invoice to Goods Receipt Reconciliation

This process ensures the goods/services billed by vendors/suppliers match the goods/services received.

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Account Payable Reconciliation

This involves reconciling the vendor/supplier statements with the payable accounts in your financial records.

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Try Automated Reconciliation for your different use-cases

Invoice to Purchase Order Reconciliation

This involves checking that vendor/supplier invoices match with the corresponding purchase orders issued by your business.

Nanonets uses OCR to extract data from both invoices and purchase orders, compares them using its machine learning capabilities, and flags discrepancies to be sorted out quickly.

Invoice to Goods Receipt Reconciliation

This process ensures the goods/services billed by vendors/suppliers match the goods/services received.

Through Nanonets, data from invoices and goods receipt documents are captured, analyzed, and matched. Any mismatches in quantity, price, or other invoice details are automatically flagged.

Account Payable Reconciliation

This involves reconciling the vendor/supplier statements with the payable accounts in your financial records.

With Nanonets, you can automate account payable reconciliation. It extracts data from vendor/supplier statements and financial records, and uses machine learning algorithms to identify and highlight any discrepancies or mismatches.

Optimize vendor payments

Reconcile vendor statements with internal records to ensure timely and accurate payments.

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Resolve disputes efficiently

Identify and resolve vendor disputes promptly by reconciling statements with purchase orders and receipts.

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Improve supplier relationships

Maintain positive supplier relationships by regularly reconciling statements and addressing discrepancies proactively.

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CRITICAL FOR YOUR BUSINESS

Importance of Reconciliation in Vendor & Supplier statement

Validation for Financial Statements

Reconciliation ensures financial accuracy by preventing 50% of possible discrepancies in financial statements, ensuring financial integrity.

Preventing Financial Losses

Regular statement reconciliation potentially reduces financial losses by up to 35%, by identifying errors, mistakes, or fraudulent activities.

Maintaining Vendor/Supplier Relationships

Accurate reconciliation enhances vendor relationship by about 60%, ensuring timely payments and avoiding disputes.

In case you’re not sold yet!

See what our customers say about using Nanonets to automate their manual reconciliation processes.

"Switching to Nanonets revolutionized our reconciliation process. Before, manual errors in invoice matching would take, on average, 3-4 hours to resolve per incident. Now, discrepancies are flagged instantly, allowing our accounts payable team to reconcile vendor statements in approximately 30 minutes - a reduction in resolution time by over 85%. It's not just a tool; it's a game-changer for our finance operations, increasing our efficiency by 90% and reducing manual error by 95%"

Finance Manager

Manufacturing INDUSTRY

"Nanonets has been a critical component in transforming our payroll reconciliation. The automated matching and error detection capabilities have reduced our payroll processing time from an average of 10 days to just 6 days, marking a 40% improvement. Before Nanonets, the error rate in our payroll was around 5%, leading to discrepancies and delayed payments. Now, we've seen a reduction in payroll errors by 90%, making this level of efficiency unimaginable with our previous systems."

Payroll Administrator

Technology Services

“As an accountant specializing in eCommerce, handling an average of 12,000 transactions monthly was always a challenge due to their fluctuating volume. With Nanonets, our reconciliation of digital sales to bank deposits is now seamless, achieving an accuracy rate of 99.8%. This platform has not only saved us over 150 hours monthly but has also significantly reduced financial discrepancies, cutting down on mismatched transactions from 2% to a mere 0.05%.”

Accountant

eCommerce PLATFROM
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Frequently Asked Questions

Q: How can Nanonets enhance my vendor/supplier statement reconciliation process?
Q: Is Nanonets capable of processing high-volume reconciliations for my large enterprise?
Q: How difficult is it to integrate Nanonets into my existing system for vendor/supplier statement reconciliation?
Q: How secure is Nanonets with handling sensitive data?