As promised at the end of last week, I would give some details pertaining to the Vendor Reconciliation solution that I was asked to design using K2.
 

This again demonstrated the value of a great enabling tool like K2. It also clearly underlines my views on how K2 becomes the glue that connects solutions (referred to as dots). Solutions becomes more complex when connecting 2 or more dots, but it also increases the benefits exponentially.

Therefore, single dots add value, but more than one dot is a certain game changer.

From a timing point-of-view, I was asked on Friday, a specification approved on Tuesday and the solution ready for implementation on Friday. This demonstrates the agility of K2 and more importantly the value of the journey and the availability of dots to connect.

An overview of the Existing Process

A Creditor clerk receives a Vendor Statement, prints it out as well as the associated invoices. An XL recon gets prepared and the payments are created in the financial system. A payment pack consisting of all these documents are prepared and presented to management in order for a bank payment to be performed. The packs are then filed for later reference.

Existing Dots

K2 is responsible for creating the Order, creating the Payment of the Invoice and creating the Payment Batch in the financial system

Solution Overview

A K2 Vendor Reconciliation system allows the Creditor Clerk to select a Vendor from the Financial System, fetches the payment terms (settlement discounts). The clerk adds the electronic statement received by email and adds any reconciling items. K2 retrieves the invoices ready for payment, subtracts the reconciling items and calculates the nett payment based on the settlement discounts. The clerk submits the recon for approval and k2 automatically generates a payment schedule that corresponds to the financial system. There is now a single electronic document that reflects the statement recon, the list of approved invoices already in the financial system and the nett payment to be used for the payment. All of this is available for future reference online.

Benefits

• Reduction in Paper through electronic filing
• Streamlined process
• Remote work ready
• Less Resource intensive and huge time savings
• An instant summary of the outstanding Vendor Recons and % completion status for tracking

  
  Some screenshots of the Solution