Supplier Statement Reconciliation
Supplier statement reconciliation is crucial when processing thousands of invoices in your AP department. Diligently catching and rectifying errors prevents overcharges, duplicate invoices, returned items, and overpayments from accumulating into significant amounts that impact your budget. This process plays a vital role in maintaining financial accuracy.
Supplier statement reconciliation ensures accurate recording of all supplier invoices, credits, and payments. Our experts carefully scrutinize supplier statements to verify that financial transactions are accurately recorded, credits are received, and any overpayments are recovered.
During the Supplier Statement Reconciliation phase of each AP recovery audit, we:
- Reconcile open supplier invoices
- Match transactions between statements and paid history
- Identify missing invoices
- Review documentation to determine whether you received accurate credit for items returned to each vendor
- Look for opportunities to recovery any overpayments related to returned goods including reclaiming funds for returned items that were already paid for or adjusting accounts payable balances accordingly
- Improve accuracy and reduce liability by reconciling Received/Not Invoiced inventory to paid invoices
With over 20 years serving clients solely in the healthcare industry, our experts understand the nuances and complexities of healthcare AP systems. We prioritize the value of the relationships your organization has with each supplier. Our approach to supplier reconciliation emphasizes transparency, respect, and open communication, enhancing existing supplier relationships while establishing clearly defined agreements and expectations.
supplier statement reconciliation FAQs
Premier Cost Recovery auditors require access to an invoice imaging system in order to validate any unique vendor contact information and account numbers during the supplier statement reconciliation process. With this information in hand our team reaches out directly to vendors to obtain a copy of a current account statement. This is an important piece of an Accounts Payable review as many vendors no longer provide copies of account statements and either wait for the client to request one, or direct clients to an online portal.
The initial part of the process is relatively quick. Our team can request statements from vendors within a week. However, getting vendors to respond can be time-consuming and may require multiple requests. As a result, this process typically takes close to 60 days to obtain all pertinent statements.
Ensure Your General Ledger is Correct
PCR Recovers More
Unobtrusive Audit
Our team is dedicated to providing personalized, responsive support by working seamlessly with our clients for low-touch, high-impact service that delivers measurable results.
Vendor Relationships
We recognize and respect the relationships you've built with each vendor. That's why we represent your firm in a manner that's consistent with your corporate culture when we work with your suppliers.
Proprietary Process
We go beyond simple statement reviews and harness the power of data analytics and utilize proprietary technologies to deliver some of the highest recovery rates in the industry
Action Plan
Each audit report includes metrics in addition to recommendations to reduce financial leakage and improve the overall efficiency and compliance of your healthcare financial operations
Have Questions?
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