Statement reconciliation without the complication
Start processing paperwork minus the papercuts. Our statement reconciliation software automates the heavy lifting: receiving and processing supplier statements while automatically matching every invoice and credit note.
Instead of hunting for errors, you only step in when it matters. We highlight the discrepancies for you, so you can query suppliers faster and leave the manual mess behind.
Your AP team gets more than just a tool; they get an intuitive dashboard with a real-time digital record of every statement. From the moment it hits your inbox to the final approval, you’ll have total visibility. And if the Auditors need to visit, you can give them access and be confident all is in order.
Your AP team stops reconciling and starts resolving
Month-end statement reconciliation eating two or three days of your AP team's time. Every single month.
Know exactly where your cash stands
Duplicate payments and missed credits sitting undetected in your ledger, only spotted when a supplier calls.
Audit-ready, any time
Auditors asking for transaction records your team has to reconstruct manually from spreadsheets and email trails.
How Statement Reconciliation works
Supplier sends statement: Any format email, EDI, portal. No supplier change required.
1
Supplier sends statement: Any format email, EDI, portal. No supplier change required.
2
Open ECX captures and processes: Automatic extraction, zero manual input. Any volume, any format.
3
Auto-matching runs against ledger: Invoices, credits and payments matched automatically in real time.
4
Exceptions surfaced for your team: Only unmatched items flagged. Everything else reconciled.
"Our goal was to implement a solution that gives us confidence in the alignment between our ledger and our supplier ledger, and where discrepancies exist, we want a clear audit trail of actions and communications to reduce missing or duplicate invoices. What Open ECX have built helps us achieve this, and we'll see a huge amount of efficiency savings across our team."
Michelle Baxendale, Head of Finance Shared Services, NG Bailey
Days reduction in payment time
6
Supplier disruption during setup
0
Average weeks to go live
6
Key features of Open ECX Statement Reconciliation
Automate your statement reconciliation with these powerful features, and unlock a faster, more accurate P2P process:
Automated statement extraction and loading
Say goodbye to manual data entry. Open ECX automates the capture and processing of supplier statements, eliminating the need for manual sorting and data entry.
Effortless capture and matching
Data is correlated across multiple statements, eliminating time-consuming manual comparisons, driving accuracy and efficiency.
Streamlined discrepancy management
Identify and address unmatched items quickly and easily, resolving discrepancies faster.
Detailed audit trails
Maintain a comprehensive, SOX-compliant audit trail of all transactions, providing transparency and accountability.
Intuitive dashboards
Get a real-time overview of your supplier statement reconciliation progress with clear, actionable insights.
Track supplier performance
Identify trends and potential issues with supplier accuracy, fostering stronger relationships.
Your AP team deserves better than a spreadsheet
Book a 30-minute demo and see how Open ECX automates the reconciliation your team is currently doing by hand. Live in weeks, no supplier disruption.
