Tuesday 5th September, 2023
FISCAL Technologies has announced the launch of its upgraded automated statement reconciliation solution, providing reconciliation in just 7 seconds and enabling Accounts Payable teams to focus on recovery of overpayments and missing credits.
Manually reconciling statements is typically a time-consuming and manual process, with organisations often reconciling only a small subset of their suppliers, spending 95% of their time statement matching instead of dealing with exceptions. FISCAL’s statement reconciliation solution automates discrepancy discovery so Accounts Payable teams can get on with cash recovery, while the business enjoys ledger accuracy, allowing for more precise reports and forecasts. According to a Press Release.
David Griffiths, CEO at FISCAL Technologies, said “We have been protecting organisational spend since 2003 with market-leading software designed to identify and protect businesses from Procure-to-Pay risks. Accounts Payable teams rely on us to protect their spend. Now, we’re utilising that experience and our market-leading position to give them the tools to do in minutes what used to take hours, recovering valuable cash for their business, and boosting Accounts Payable efficiency.”
In a year-long customer trial of our new statement reconciliation platform, prior to making it available to a wider audience, the company reports that their AI-driven solution has resulted in an average recovery of £100,000 per customer.
Mid Cheshire Hospitals NHS Foundation Trust said, “We have found the automated statement reconciliation has eliminated the pain points in this process. AP resources have been freed up, supplier relationships have been improved, and supplier interactions have been reduced, highlighting errors before payments are made. This has improved Payment Practice Reporting and importantly, kept cash within the organisation.”