Supplier Statement reviews are an essential control for ensuring that supplier credits, overpayments or unallocated cash is being handled correctly and that your organisation is obtaining the full benefit of these transactions. However, complex organsations with large shared services or highly fragmented accounting centres typically do not have the resource to review supplier statements on a regular basis.
Etesius have the systems, people and processes to enable the ongoing audit of many tens of thousands of supplier statements and ensure that missed credits are booked, overpayments recovered.
Using an electronic file containing names and contact details of your suppliers, we will agree with you the suppliers to which requests for statements will be sent and the frequency of the review. The wording of these letters will also be agreed with you in advance and, where appropriate, will be in the language of the supplier’s country. We will aggregate multiple accounts that may be held for the same supplier and request only one statement, though the request may potentially cover a number of divisions within the supplier, which have separate accounts with you.
On receipt of supplier statements, we will then analyse them to ascertain that open credit items on the statements have been properly identified and accounted for.
We then prepare deduction notices which provide you with sufficient information to enable you to off-set open items not reflected in your APs system against future payments. For suppliers that you no longer trade with, we will obtain refunds on your behalf.