Automated Statement Processing with SAP
The FIS statement monitor highlights differences between SAP and vendor statements balances. The SAP integrated application may also be used to process payment advice notes from customers.
FIS / edc (statement monitor) is an integrated SAP technology that reduces the level of manual work required when processing vendor statements or customer payment advice notes (remittances).
The automated vendor statement reconciliation process can be then be achieved in less time and more economically than with SAP alone.
Accounts teams can then focus only on the invoices discrepencies between the statement data and SAP invoice data.
Releases of the technology run with both SAP ECC 6 and SAP S/4HANA. The application is able to process both vendor statements and customer payment advice notes in a single SAP add-in technology.
The integrated software in normally paired with the FIS OCR reading technology. This key data reading application automates the process of manual data entry. Statements can be accepted via email attachments.
a) Vendor Statements
Vendor Statements usually take a lot of time to manually review. In most instances - all statements are compared with the vendor account balance on SAP.
The statement monitor is focused on identifying vendors with unequal reconciliation balances compared to SAP. The solution’s main advantages include:
- Accounts Payable team only view accounts with unequal balances
- Ability to identify specific invoices from vendors that could potentially not have been received or could have been misplaced
- Improving the efficiency of the accounts payable team - who now only review reconciliation exceptions identified by the statement monitor
- Statement data is automatically compared with the vendor balances in SAP on the date of the statement
For organisations who wish to make savings by automating the process of reviewing vendor statement balances.
The statement monitor filters exceptions - statements that do not reconcile against vendor balances in SAP on the date displayed on the statement.
An alternative to:
- Manually comparing all statements against SAP vendor records
- Spending time identifying which invoices from the statement are not in agreement with SAP
Technology highlights and key benefits:
- Automatic OCR reading of vendor reconciliation contents from an emailed attachment or scanned image
- Automatic comparison of data from the vendor data within SAP, filtering statements with non-zero balances
- Identifies invoices potentially in dispute or lost invoices
- Manual comparison of data now diminished - AP staff directed to reconciliations where assistance is required
- Vendor data from the document is compared with data in SAP in familiar a SAP GUI
b) Payment Advice Note Processing
FIS / edc (statement monitor) can also be utilised to increase the level of automation and decrease the level of manual tasks required when processing customer payment advice notes (remittance advice notes). Using the statement monitor, customer remittances can be matched and subtracted automatically from the outstanding invoices records in SAP ERP prior to the payment reconciliation's with the bank. Therefore the automated process creates savings and improves matching accuracy.
The payment advice note monitor is often implemented as an addition technology for FIS clients who already work with FIS / edc (invoice monitor).
Technology Highlights and key benefits include:
- Identifies invoices sent to customers that have not been received or acknowledged
- Improves the efficiency of the accounts receivable team - who now only review reconciliation exceptions
- Fewer manual comparisons of data required
- Customer data from the document is compared with data in SAP within a familiar SAP environment GUI and therefore easier and quicker to adopt