Vendor Statement Reconciliation FAQS

Vendor Statement Reconciliation FAQS

1.What is Vendor Reconciliation and in what way is it done?

Vendor reconciliation means statement showing difference of Company payable to vendor a/c balance & vendor outstandingbalance. It is reconcile from both account balance company and vendor. If there is any advance to vendor it will decreasethe balance from company payable amount.

2.How to Reconcile a Vendor Statement?

Reconciling your vendor statements permits you to confirm that there are no errors or incorrectness between what the vendors is charging you and the inventory, services or supplies you received. Statements naturally arrive around the same time each month. Reconciliation needs matching the statement's line items with your invoices. While there are a myriad of computer programs to help you with your business accounting needs, you can perform your reconciliations with no more than the statement, your invoices and a pen. If you use software, be sure to mark the included invoices paid in your computer when you finish.

3.Why Outsource Vendor Reconciliation services?

Outsourcing Vendor Reconciliation services is one of the superlative ways to reduce operational costs and increase operational effectiveness. And also outsourcing permits you to focus more on your core competency. As the vendor base increases it becomes progressively important to keep a track of all the vendors' accounts, and this eat into your time. The finest way to manage it is outsourcing.

4.What are the Benefits of Outsourcing?

Outsourcing is no more a niche concept with companies being faced with insistent need to cut operational costs and get access to global expertise. Organizations around the world-large, medium and small have recognized the importance of outsourcing as core functionality. The benefits of outsourcing are a plenty depending on the size of the organization.

5.What is Electronic Invoicing?

Electronic Invoicing (EI) is how we and our vendors are able to exchange invoice-related data via the Internet.