The best reconciliation is the one you never think about
Sound familiar? Statement reconciliation can eat two or three days of your AP team's time, every single month. A duplicate payment or a missed credit can sit undetected in your ledger until a supplier calls to point it out. And when auditors ask for transaction records, your team ends up reconstructing them by hand from spreadsheets and email trails.
At 3% margin, recovering a single £60k duplicate payment is the equivalent of landing £2 million of new business. That's what a clean reconciliation process protects, quietly, every month.
Month-end, without the marathon
Month-end statement reconciliation eating two or three days of your AP team's time. Every single month.
Catch it before it costs you
Duplicate payments and missed credits sitting undetected in your ledger, only spotted when a supplier calls.
Nothing to dig up, ever
Auditors asking for transaction records your team has to reconstruct manually from spreadsheets and email trails.
How statement reconciliation works
From statement to reconciled ledger in seconds, not spreadsheets.
1
The statement lands: any format, email, ledger or SFTP. No changes needed from your suppliers.
2
We do the hard yards: we extract every line automatically, whatever the volume or format.
3
We check it all stacks up: every invoice, credit and payment matched against your ledger automatically, in real time.
4
You're only looking at what matters: we flag the exceptions. Everything else is already reconciled.
Since implementing Open ECX's Statement Reconciliation, the time we've spent reconciling supplier statements has reduced significantly. What previously required three full days a week is now completed in half an hour.
Matthew Jarvis, IT Coordinator, Precon
Precon's reconciliation time, down from 3 days a week
30 min
Reduction in processing time expected at NMBS
50%
Active businesses on our network
17,000+
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.
