What is the Vendor Reconciliation Process in Accounts Payable Vendor reconciliation is a critical practice in accounts payable to ensure the completeness and accuracy of vendor payments. Before making payments to vendors, it"s essential to check that the vendor bills the company the correct amount. Accounts payable teams must reconcile payments regularly to avoid double-processing…

Did you know that processing an expense report for an overnight hotel stay can take up to 20 minutes and cost an average of $58? According to a GBTA report, out-of-pocket costs an employee has paid expense reports contains errors or missing information, costing an additional $52 and 18 minutes to correct each. Now consider…

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Each balance should match its corresponding entry in the general ledger for any source. Matching and validating entries would mean data consolidation across sub-ledgers, vendor invoices, bank statements, receipts, and account receivables to ensure timely…

It is abundantly clear today that the procurement team or function of any business needs to play a strategic role rather than an operational role. Procurement teams delivering a strategic role report (2.4X) higher ROI than teams without. In this article, we’ll delve into 5 key elements that most procurement strategies would benefit from. What…

Whether you're a small business or a large corporation, implementing effective purchase order management can make a significant difference in your operations. In this blog, we'll walk through what purchase order management is, why it is important, how to implement it effectively, how to automate it using technology. What is Purchase Order…

Efficient management and juggling your business’s Accounts Payable (AP) is one of those accounting tasks that goes unnoticed by most – until there’s a problem. But effective AP management is key for a business’s financial health, helping balance cash flow with maintaining positive vendor or supplier relationships. Likewise, there’s more to the term “AP processes”…