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Supplier reconciliation simplified using procurement analytics

Financial managers find it very difficult to reconcile goods received against invoices not received. This issues called 'GR-NI' is time consuming to manage. The problem hence gets reduced to lowest of the priorities and leads to increase of financial liabilities and risk for the business. Without proper automation to monitor the discrepancies, paperwork gets piled up which leads to supplier connections suffering and credits being misused. However, with software based supplier reconciliation process in place, the organization can get rid of this huge task and also improve its audit processes solving several risk issues as they arise. A simple overview of the new 'GR-NI' process says that creation of a database with financial and orders data is to be integrated followed by different other steps. The key elements of this solution are methods to get statements directly into the system regardless of format and source and many others. To maximize the value, operational areas should be looked into that can benefit from better processes. Read more at: http://www.smartdatacollective.com/keith-peterson/329860/using-procurement-analytics-simplify-your-supplier-reconciliation

 

 

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