Yobapart

Statements Audit

Overview

Vendor Statement Reconciliation (VSR) is not just a compliance exercise—it’s a diagnostic tool that reveals the financial and operational health of an organization’s Source-to-Pay (S2P) ecosystem. Our proprietary VSR framework covers over 90% of active suppliers, enabling clients to recover open credits, resolve unapplied cash, and eliminate long-standing reconciliation gaps.

Audit Objectives

  • Achieve ≥90% supplier coverage across active and high-value vendors
  • Reconcile vendor statements with AP ledger to identify open credits, unapplied cash, and aged items
  • Uncover systemic gaps in the Source-to-Pay (S2P) process for Damage/return of goods
  • Ensure contract commercial terms has been followed by passing the benefits of Rebates, Discounts and Lumpsum pendings
  • Deliver actionable insights for control redesign and process improvement
  • Provide a health check of the AP function through forensic vendor-level analysis

Key Gaps Uncovered in S2P Process

Our audits consistently reveal structural and operational weaknesses:

  • Unaccounted Open Credits: Vendor-issued credit notes not recorded in AP books
  • Unapplied Cash: Payments made without invoice linkage due to poor remittance tracking
  • Long-Term Pending Credits: Aged credit balances ignored due to lack of reconciliation cadence
  • Duplicate Vendor Records: Fragmented vendor master leading to reconciliation errors
  • Contract Mismatches: Payments made outside agreed terms due to poor PO-invoice-contract alignment
  • Missing GRNs or POs: Incomplete documentation causing invoice rejection or delayed booking

Statement Reconciliation Analytics

We deploy advanced algorithms and reconciliation engines to:

  • Match Vendor Statement Line Items with AP ledger entries using fuzzy logic and multi-field matching
  • Flag Unmatched Transactions for root cause analysis (e.g., missing invoice, duplicate booking, incorrect vendor code)
  • Quantify Recoverable Amounts from open credits, unapplied cash, and duplicate payments
  • Generate Vendor Risk Scores based on reconciliation gaps, credit aging, and documentation quality
  • Benchmark Reconciliation Efficiency across supplier tiers and business units

Benefits Delivered

  • Process Efficiency: 50–60% reduction in reconciliation turnaround time
  • Compliance Strengthening: Improved audit trail and vendor documentation
  • Control Maturity: COSO-aligned control redesign for S2P process
  • Vendor Trust: Enhanced transparency and relationship with strategic suppliers

Organizational Health Check via Vendor Statement Audit

Vendor Statement Audit acts as a mirror to the organization’s financial discipline:

  • Reveals hidden liabilities and unclaimed assets
  • Highlights process bottlenecks and control gaps
  • Benchmarks AP maturity across business units
  • Enables CFOs and Controllers to take data-driven decisions for process redesign
  • Supports ERP optimization and automation roadmap

Why Partner With Us

Our VSR audits are designed for impact:

  • High Coverage: ≥90% supplier reconciliation within 8–12 weeks
  • Tech-Enabled: Proprietary reconciliation engines and dashboards
  • Cross-Functional Insights: Finance, procurement, and compliance alignment
  • Industry Expertise: Retail, manufacturing, logistics, and facility management
  • Actionable Outcomes: Recovery, redesign, and roadmap—all in one engagement