Statement reconciliation
Supplier statements, done before you sit down.
Statements arrive in the first days of the month, in every format a supplier's finance system can produce, and someone ticks them off against the ledger by hand. It is the least skilled and most delayed task in a management accountant's month.
By hand
2 days
Across a multi-site group, at the start of the month
With Finio
1–2 hrs
Measured in a sandbox entity at live volume
How it runs
Statement in, differences out.
Supplier emails it in
Straight to your Finio address
Or finance uploads it
PDF, photo, whatever arrived
Matched against Xero
Line by line, in real time
Supplier statement
Your Xero
INV-884101
12 Jul · £412.30
INV-884101
12 Jul · £412.30
INV-884213
18 Jul · £229.78
INV-884213
18 Jul · £229.78
INV-884377
21 Jul · £288.40
INV-884377
21 Jul · £261.40
Amount differs
INV-884451
24 Jul · £152.19
Not in your Xero
CN-90177
28 Jul · −£21.60
Not on statement
What agreed
Payable
Agrees with the supplier, line for line
Every difference
Sent to the supplier
Copy invoice request — INV-884451
“We are reconciling your statement dated 31 July and one invoice on it has not reached us: INV-884451, £152.19. Could you send a copy?”
Held, and chased
Flagged rather than paid — until the copy comes back
The payment tracker
Updated in real time, as each statement reconciles
Nothing is paid that has not agreed — and nothing that has agreed waits to be noticed.
Try it on a real one
Reconcile one of your own statements, now.
Upload the supplier's statement, then the same supplier's account exported from Xero — PDF, CSV or Excel all work. Finio matches the two in front of you and drafts the chasing emails. Both files are processed in memory and never stored, and your email address is not kept either; two live runs, and the sample doesn't count.
Statement reconciliation
WaitingWe use it to follow up on your run — nothing else, and never shared.
What it does
It reads their statement and compares it to your ledger.
Not a summary comparison of balances — a line-by-line match, with the exceptions listed rather than the agreements.
- Invoices on their statement that never reached you — the usual cause of a supplier putting an account on stop
- Invoices you have posted that are not on their statement, which is where duplicate payments start
- Credit notes they have raised and not applied, and credit notes you are still owed
- Amounts that agree on the reference but not on the value, down to the line
The statement that never arrives
It chases the suppliers who did not send one.
You cannot reconcile a statement you never received, and the ones that go missing are rarely the tidy accounts.
Finio works out who owed you a statement from your own ledger — any supplier you posted a bill or a credit note to that month — so there is no list to keep up to date and a new supplier is chased the first month it bills you. On the day you pick, it emails the ones who have not sent one, and reminds them on a second day if they still have not.
The statements tab shows received against outstanding as it happens, so the question “who are we still waiting on” has an answer on the screen rather than in somebody’s memory. A statement landing closes its own chase; finance can also mark one received by hand.
Why it matters more in a group
One supplier, eight sites, eight statements.
A group buys from the same handful of suppliers at every site. That turns one reconciliation into eight, each with its own delivery pattern and its own credit notes, and all of them landing in the same three days. It is the single clearest reason a multi-site close runs later than a single-site one.
Because Finio already holds every line from every site, the comparison is against data it captured rather than data it has to go and find.