Wednesday 18 February, 2015

Johnson Matthey, a sustainable technologies company with operations in over 30 countries, has selected Statement-Matching.com to automate the supplier statement reconciliation process for its UK business.

The move to the cloud-based system has enabled the Process Technologies division’s accounts payable team to process statements more efficiently. It has also reduced the number of paper documents handled, helping the company move towards its sustainability target of a paperless office.

Statements from the division's suppliers, most of which are PDF email attachments, are uploaded into Statement-Matching.com, along with open items extracted from SAP such as invoices that have not yet been posted or are on workflow or otherwise paid. Each invoice and credit note listed on a statement is checked automatically by Statement-Matching.com.

Any documents that are missing from the system or with which there is a discrepancy, such as the amount or the invoice number being incorrect, are flagged for further action. This has reduced the time taken to process these manually by accounts payable team.

Using Statement-Matching.com, the division now produces audit-friendly reports automatically, that save the accounts team further reporting time at the end of the financial year.

"We used to manually check that every invoice listed on each statement was correct. Most required no further action, but the process was somewhat time-consuming and did not add value to the business," explains Rita Westhorp, Accounts Payable and Expenses Supervisor at Johnson Matthey.

"Using Statement-Matching.com we are confident that our statement reconciliation is correct, without it requiring a labour intensive process. This frees up time for the accounts payable team, and is therefore a much more efficient way of working.  The focus on electronic statements is also a significant step in our business becoming a paperless office."

Daniel Kimpton, Co-founder and Business Manager at Statement-Matching.com says, "The accounts payable team were keen to use Statement-Matching.com because it removes the need for manual reconciliation, which is a time consuming and repetitive process."