The purchase order is an essential document of the purchase process for any business. Despite that, purchase orders and their processing often gets bogged down by delays, errors and manual inefficiencies. Perfecting the purchase order process is seen as time-taking and thus is often not prioritized by businesses. However, having an efficient purchase order process goes…

What is the Vendor Reconciliation Process in Accounts Payable Vendor reconciliation is a critical practice in accounts payable to ensure the completeness and accuracy of vendor payments. Before making payments to vendors, it"s essential to check that the vendor bills the company the correct amount. Accounts payable teams must reconcile payments regularly to avoid double-processing…

Did you know that processing an expense report for an overnight hotel stay can take up to 20 minutes and cost an average of $58? According to a GBTA report, out-of-pocket costs an employee has paid expense reports contains errors or missing information, costing an additional $52 and 18 minutes to correct each. Now consider…

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Each balance should match its corresponding entry in the general ledger for any source. Matching and validating entries would mean data consolidation across sub-ledgers, vendor invoices, bank statements, receipts, and account receivables to ensure timely…