Automated Statement Processing with SAP 

FIS / edc (statement monitor) highlights data discrepancies between SAP data and partner statements in a single SAP integrated application

coins on a weighing scale balance

FIS / edc (statement monitor) is an integrated SAP ERP technology that significantly reduces the level of manual work required when processing vendor statements or customer payment advice notes (remittance advice notes). The reconciliation process can be then be achieved in less time and more economically than with SAP standard.

Releases of the technology run with both SAP ECC 6 or SAP S/4HANA. FIS / edc (statement monitor) is able to process both vendor statements and customer payment advice notes in a single SAP add-in application. The technology in normally paired with the FIS OCR invoice reading technology which automates the extraction of the key content from documents. The 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.

FIS / edc (statement monitor)  is largely focused on identifying vendors with unequal (monthly) reconciliation balances compared to SAP. The solution’s main advantages include:

  • Accounts Payable team only view accounts with unequal balances
  • Identifying invoices from vendors that could potentially not have been received or could have bene misplaced
  • Improving the efficiency of the accounts payable team - who now only review reconciliation exceptions identified by the monitor
  • Statement data is automatically compared with the vendor balances in SAP on the date of the statement

Summary

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 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