Resolving Top Challenges in Accounts Payable Reconciliation

Reconciliation absorbs a wealth of time and effort from accounts payable (AP) teams. According to Deluxe research, 70% of mid-sized organizations reconcile payments either weekly or daily. The process takes between one and four hours for 64% of organizations — likely because 81% of organizations at least partly rely on manual methods to reconcile payments.

“Many processes are necessary to ensure that a company’s invoice payment and reconciliation do not fall behind,” says Shiela Howarter, Director of Digital Payments at Deluxe. “It demands extensive attention to detail, which unfortunately takes a lot of time.”

If manual processes are not executed properly, the consequences of getting AP reconciliation wrong can be steep. Not only can it lead to penalties, legal actions, and lower bottom lines, but it can also have a negative impact on an organization’s relationships with suppliers. Automating the reconciliation process can have a position impact by reducing errors, augmenting the efforts of your AP team and giving your organization more robust payment insights.

In this eBook, you’ll learn:

• Potential benefits of AP automation
• Strategies to embrace automation and streamline processes
• Key considerations to make when assessing critical part of AP processes, like reconciliation and data storage