Symptoms
- Discrepancies between supplier invoices and received goods/orders
- Long lead times for payment processing
- Manual cross-referencing generating extensive finance workload
Root Causes
- Variations in supplier invoicing formats
- Mismatched data points between purchase orders and actuals
- Lack of automated reconciliation rules
VirtualstockERPFinance Platforms
Impact: Delayed payments, strained supplier relationships, significant finance team effort resolving disparities, and potential for financial loss.
Cogent Approach: We analyse the source of reconciliation errors, defining clear data points for matching, and work with your finance team to automate as much of the process as possible within your ERP and Virtualstock.