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Transforming Statement Reconciliation

AI-powered software that automates supplier statement reconciliation, transforming a tedious and resource-intensive task into a seamless, efficient workflow.

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Manual supplier statement reconciliation is inefficient and unscalable.

FlexTrap Supplier Statement Reconciliation Automates the Process

Eliminate the manual work of requesting, receiving, and processing statements with AI and advanced matching technology.

FlexTrap dashboard displaying supplier statement reconciliation on laptop and tablet.
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Automated Supplier Outreach

Scale your outreach. Send statement requests and follow-ups in real time. 

AI-Enabled Data Capture

Ensure accurate data capture. Our platform combines machine learning to adapt to statement formats over time with expert oversight to handle exceptions. 

Smart Statement Matching

Detect duplicate payments with intelligent statement matching technology and know when a statement is posted to the wrong vendor.

Streamlined Open Credits and Invoice Delivery

Auto-send copies of open supplier credits and invoices to your team for immediate processing.

Automated Supplier Communications

Keeps suppliers informed. Compile reconciliation details for all statement items, including payment status, due dates, missing items, and more.

Complete Visibility

Address the problem with black box transparency into supplier communications, statement copies, historical reconciliation details, and an audit trail of all work performed.

Automated Supplier Outreach

FlexTrap automatically sends statement requests and follow ups to suppliers and vendors. With reduced effort, you can scale your outreach.

Save Time, Expand Coverage

Spend minutes instead of days managing supplier statements. Increase the total number of suppliers reconciled.

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Optimize Supplier Outreach

Put requests and follow-ups on autopilot. FlexTrap tracks all outbound and inbound activities for effortless reporting.

AP team discussing duplicate payment error on supplier statement reconciliation.

Eliminate Manual Reconciliation

Use sophisticated matching logic to review statements against AP data. Let FlexTrap surface open items for review and action.

 

AP professional reviewing flagged invoice on payment error prevention software before submitting payment.

Expand Supplier Coverage

Broaden the scope of monthly supplier reviews with more time and less effort. FlexTrap keeps you informed of any open invoices or credits.

AP team working together to review FlexTrap open item report to finalize monthly supplier statement reconciliation.

Easily Identify Open Items

Make it easy for your team to see and close open items. FlexTrap provides custom reporting on open invoices and credits.

FlexTrap has a global presence yet is incredibly nimble. They’re skilled at making sense of the data and turning it into a story that’s not overwhelming and helps us make informed decisions.

Finance Director
Multinational Retailer

The Value Is in the Numbers

We combine our expertise with software to help clients
streamline their statement reconciliation process.

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90%

less time required to complete supplier statement reconciliations

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100%

coverage of suppliers reviewed

Icon of recovery and time savings.

50%

uplift in open credits captured

Experience the difference

Automate Supplier Reconciliation

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Statement Reconciliation FAQs

Are FlexTrap Statement Reconciliation processes entirely automated?

The outreach and matching processes are 100% automated. However, statements arrive in many different formats. Where possible, we automate the data capture. Otherwise, we have a team that scales to ensure accurate data capture. In either case, you don’t need to worry. Everything is handled for you automatically.

How does your solution ensure that statement data is captured accurately?

Statements are checked against known formats, and data is extracted automatically for cases where extractors are available. Other statements flow to a manual review queue where analysts carefully extract statement data.

We have a unique matching process for some of our key suppliers. Can you support that?

Yes. FlexTrap supports complex matching options and can be configured to match customer-specific use cases. We can also match to multiple data sets when required.

Do you handle multiple statement formats?

Yes. Statements come in several formats (Word, PDF, Excel, text, embedded email, etc.). FlexTrap is agnostic to the format and uses a combination of AI and human-in-the-loop to ensure data is captured appropriately.