FIS / edc (Statement Monitor)
FIS / edc (Statement Monitor) is an integrated SAP ERP solution that significantly increases the level of automation and decreases the level of manual work required when processing vendor statements and/or customer payment advice notes (remittences). As a result of integrating the technology within an SAP environment – the recnciliation process can be executed in less time and more economically than with standard SAP. Releases of FIS / edc (Statement Monitor) run with SAP ECC 6 or SAP S/4HANA infrastructues. FIS / edc (Statement Monitor) is able to process both vendor statements and customer payment advice notes. The solution will require the OCR invoice reading technology, FIS / FCI for extrcting the key content from the document.
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 ERP.
The solution’s main advantages include:
• Accounts Payable team only view reconciliations with unequal balances
• Identifing invoices from vendors that could potentially not have been received or could be misplaced
• Improving the efficiency of the Accounts Payable team – who now only review reconciliation exceptions identified by the monitor
The solution normally works in parallel with the core FIS / edc solution for invoices, FIS / edc (invoice monitor).
Statement data is then automatically compared with the vendor balances in SAP ERP on the date of the statement.
For organisations who wish to make savings by automating the process of reviewing vendor statement balances sent to their AP department compared to the balances in SAP. The statement monitor filters exceptions – statements that do not reconcile completely against vendor balances in SAP ERP on date displayed on the statement.
An alternative to:
- Manually comparing all statements against SAP ERP vendor records.
- Spending time aiming to identify which lines match and which lines have errors.
Technology highlights and key benefits:
• Automatic reading of vendor reconciliation contents from an emailed attachment or scanned image
• Automatic comparison of data from the vendor and 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 – or remittance advice notes. Using th 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:
• Accounts Receivable team only review remittances with unequal balances
• Identifies invoices sent to customers that have not been received or acknowledged
• Improves the efficiency of the Accounts Receivable team – who now only reviewing reconciliation exceptions
• Manual comparison of data now diminished – Accounts Receivable team directed to remittances where assistance is required
• Customer data from the document is compared with data in SAP – within SAP environment GUI