Bedrock Acquires Procoto to Revolutionize Procurement Processes and Enhance Enterprise Supplier Management Capabilities.
Vendor statement matching, or statement reconciliation, is the cornerstone of effective AP operations. The standard process compares a vendor’s financial statement with your ERP records to identify discrepancies in invoices, payments, or balances. Although it may seem like a simple routine task, finance leaders should be looking at this closely as accurate reconciliation is critical for cash flow management, risk mitigation, and supplier relationship integrity.
For more traditional organizations, statement reconciliation is performed manually. The manual method requires finance teams to read through vendor statements line by line. While familiar, this approach is labor intensive, error prone, and often slow. Even the most highly experienced teams can miss subtle discrepancies or delay detection of overpayments, underpayments, or misapplied credits. Because we are in an environment where speed and accuracy are prioritized more than ever, manual processes are increasingly insufficient when compared to the more tech savvy options.
Even the best AP teams face systemic limitations with manual reconciliation:
These challenges highlight why manual reconciliation, tried and true, cannot scale to meet the demands of modern finance operations.
Automated vendor statement matching takes the process from a reactive task to a proactive operation. Modern platforms, like Bedrock, ingest vendor statements, compare them against ERP records, and highlight discrepancies automatically. Key capabilities of our platform include:
By integrating a platform like Bedrock, AP teams can move from error correction to strategic oversight. Thus, enabling executives to focus on cash management, risk mitigation, and operational optimization.
Automation offers huge advantages over manual reconciliation:
These benefits go beyond operational efficiency, they allow finance leaders to use reconciliation as a strategic lever for financial performance.
Think about a mid sized organization with hundreds of vendors and thousands of monthly transactions. Without automation, reconciliation required multiple team members spending several days per month on the task, and sometimes uncovering errors only during monthly reviews. After implementing Bedrock’s automated statement matching, discrepancies were flagged in real time, reducing reconciliation time by over 70%, eliminating recurring duplicate payments, and enhancing financial visibility across the organization. This allowed the finance team to manage cash flow proactively, resolve disputes swiftly, and maintain strong supplier relationships. Wins all around.
So, we’ve established that vendor statement matching is more than a routine task. We look at it as a strategic lever to ensure operational integrity, cash flow accuracy, and supplier trust. Bedrock’s automated vendor statement matching solution elevates reconciliation from a labor intensive process to a precise and intelligence driven function to support executive level decision making.
If your team is still relying on manual reconciliation, the best time to explore an automated option was yesterday. The second best time is today. Reach out to us here; schedule a call.