Product Innovation: Unleash the Power of Automated Statement Matching

Step into a brighter financial future with Basware's new Statement Matching solution! In the fast-paced world of finance, accuracy and efficiency are essential. Yet, many struggle with invoice and payment data visibility, leading to errors and inefficiencies. With our latest innovation, say goodbye to these challenges and embrace a new era of streamlined financial management. 

The evolution of statement reconciliation: from manual to automated 

Traditionally, Statement Matching has been labor-intensive, time-consuming, and error-prone, with up to 59% of a financial department’s resources allocated to managing this process. Manual reconciliation methods led to inefficiencies and missed opportunities. However, with the release of Basware's Statement Matching solution, a new era of efficiency and accuracy has arrived for Basware customers.  

Statement Matching automates the reconciliation of Excel, PDF, and paper statements, highlighting exceptions and resolving errors in real time. This proactive approach saves time and resources, minimizes costly mistakes, and strengthens supplier relationships. 

The benefits of Statement Matching 

For the office of the CFO, maintaining accurate ledgers is crucial for financial reporting and cash flow forecasting. Statement matching automates the reconciliation of supplier statements to identify discrepancies such as missing invoices and credits, duplicate payments, and mis-postings. This ensures ledgers are accurate and deliver more value to the P&L. We've identified 3 specific benefits that Statement Matching offers: 

Time and Cost Savings:

By automating reconciliation processes, Statement Matching saves invaluable time and resources, allowing finance departments to focus on strategic initiatives. 

Error Reduction:

Statement Matching identifies mis-postings, duplicates, and data entry errors, ensuring accurate supplier liabilities, minimizing financial risks, and boosting the bottom line. 

Enhanced Supplier Relations:

With comprehensive reporting and real-time visibility, Statement Matching strengthens supplier relationships by providing transparency and proactive communication. 

This translates into tangible value you can measure! 

The technology powering Statement Matching was acquired by Basware early this year and comes with a proven track record. Organizations who have implemented this solution have achieved the following results:
  • Reduce Over 90% of Manual Efforts 

  • Speed Up Reconciliation by 10x 

  • Identify Over $1M per $1B Spent in Missed Credits 

In conclusion, Statement Reconciliation is not just a tool—it's a catalyst for transformation, driving efficiency, accuracy, and trust in financial management. With Basware’s Statement Matching leading the way, the future of statement reconciliation is brighter than ever before. 

Next steps   

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Senior Specialist, Product Marketing Sayali is a product marketing professional who communicates and positions new acquisitions, insights, and procurement services portfolios in all global markets. As a senior product marketing specialist at Basware, Sayali is deeply committed to conveying the immense value that finance leaders can unlock through Basware solutions.
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