What if your accounts payable team could reduce the time spent reconciling supplier statements by up to 80%? With 360-AP, that is what businesses can work towards.
For many finance departments, supplier statement reconciliation remains one of the most time-consuming tasks in the accounts payable process. Every month, teams spend hours matching invoices, investigating discrepancies, chasing missing documents and responding to supplier queries.
Despite advances in financial technology, many businesses still rely on spreadsheets, emails and manual processes. But there is a faster, smarter way.
The hidden cost of manual supplier statement reconciliation
Reconciling a supplier statement manually can take around 20–30 minutes as an illustrative planning assumption. More complicated statements can take considerably longer.
Using an average of 25 minutes per statement and a fully loaded labour cost of £30 per hour:
| Monthly statements | Manual hours | Monthly labour cost |
|---|---|---|
| 100 | 42 | £1,250 |
| 500 | 208 | £6,250 |
| 1,000 | 417 | £12,500 |
| 2,500 | 1,042 | £31,250 |
| 5,000 | 2,083 | £62,500 |
For 1,000 statements each month, that is approximately £150,000 per year in manual reconciliation labour before considering additional supplier queries, rework and audit preparation.
Why does reconciliation take so long?
Collecting supplier statements
Statements arrive in different formats and through different channels. Some suppliers do not send statements at all, so the AP team must request them.
Matching transactions
Invoices, payments and credit notes must be compared against the accounting system to identify differences.
Investigating discrepancies
Missing invoices, unallocated payments, incorrect amounts and outstanding credits all require attention.
Chasing suppliers
When information is missing, AP teams contact suppliers and follow up until issues are resolved.
Maintaining an audit trail
Reconciliation results and evidence need to be documented for finance controls and audits.
How 360-AP makes reconciliation faster
1. Automated statement capture
360-AP captures supplier statements and extracts the relevant information, reducing manual data entry. It can also help chase outstanding statements.
2. Intelligent transaction matching
The platform compares supplier transactions against accounting records, helping match invoices, credits and payments automatically.
3. Exception handling
360-AP identifies discrepancies so AP professionals can focus on transactions requiring investigation rather than manually checking every matching item.
4. Supplier communication
Automated requests for missing invoices and other documentation help reduce repeated chasing. A supplier portal can also help suppliers find answers themselves.
5. Audit visibility
A documented reconciliation history supports accountability, stronger financial controls and audit readiness.
What could an 80% reduction mean?
Consider a team processing 1,000 supplier statements a month. If automation reduces manual effort by 80%, the illustrative labour capacity released is substantial.
| Metric | Manual | With 360-AP |
|---|---|---|
| Monthly statements | 1,000 | 1,000 |
| AP labour hours | 417 | 83 |
| Monthly AP labour cost | £12,500 | £2,500 |
| Annual AP labour cost | £150,000 | £30,000 |
Illustrative model only. Assumes 25 minutes per statement, £30/hour fully loaded labour cost and an 80% reduction in manual effort. Actual results depend on statement complexity, transaction volumes, existing processes and implementation. Capacity released is not necessarily cash savings; software costs are excluded.
Month-end reconciliation should be a review, not a crisis
Finance teams are already managing payment runs, reporting, accruals and other month-end responsibilities. Leaving hundreds of reconciliations until the final few days creates unnecessary pressure.
360-AP supports reconciliation throughout the month. Statements can be captured, transactions matched and discrepancies identified earlier, leaving less routine work at month-end.
Benefits beyond time savings
Better financial visibility: Clearer supplier balances and outstanding discrepancies.
Lower duplicate-payment risk: Potential duplicates can be flagged for review.
Better supplier relationships: Faster information exchange and fewer repeated queries.
Scalability: Handle growing statement volumes without proportional growth in manual workload.
Audit readiness: Retain a documented reconciliation history.
More productive teams: Spend more time on exceptions and improvement, less on repetitive matching.
Why automate now?
Businesses need to improve efficiency and control costs while maintaining accurate financial records. Supplier statement reconciliation automation addresses a specific, measurable process with a clear opportunity for improvement.
Recons in hours, not days.
See how 360-AP can help your team automate statement capture, matching, exception handling and supplier communication. Ask about a free proof of concept using your own supplier data.