Automated Invoice Reconciliation

Financial Analyst

Data Analyst

Alteryx

Excel VBA

Microsoft Excel

Project Objectives and Achievements

Objective 1: Develop a comprehensive automated solution for invoice payment reconciliation.

Objective 2: Reduce manual effort and errors associated with invoice reconciliation.

Objective 3: Ensure timely communication and reporting.

Key Features of the Automated Solution

Data Extraction and Preparation Using Alteryx:

Developed Alteryx workflows to automatically extract invoice and payment data from multiple sources (e.g., ERP systems, accounting databases).

Implemented data cleansing and transformation steps within Alteryx to ensure data consistency and accuracy.

Used Alteryx’s data blending capabilities to combine data from various formats and sources into a unified dataset for reconciliation.

Automated Reconciliation with VBA:

Developed a VBA macro within Excel to perform the actual reconciliation process.

Automated matching of invoice data with corresponding payments based on predefined criteria (e.g., invoice number, date, amount).

Included logic for partial payments, duplicate invoices, and missing data to handle complex reconciliation scenarios.

Created a dynamic user interface in Excel for users to view, approve, or flag discrepancies as needed.

Email Integration for Communication and Alerts:

Automated email notifications using VBA and Outlook integration to send updates to stakeholders regarding reconciliation status.

Configured Alteryx to generate and send summary reports of reconciled invoices and outstanding discrepancies to relevant teams and vendors.

Implemented automated alerts for any issues detected during the reconciliation process, such as unmatched invoices or discrepancies exceeding predefined thresholds.

Performance Optimization and Error Handling:

Optimized Alteryx workflows and VBA code to improve processing speed and handle large datasets efficiently.

Built-in error handling and logging mechanisms to capture and report any issues encountered during data extraction, processing, or email transmission.

Ensured the system could handle peak loads and scale with increasing data volumes.

Reporting and Dashboard Creation:

Developed automated Excel-based dashboards to provide real-time insights into the reconciliation process.

Created visual reports to track key performance metrics, such as reconciliation accuracy, processing times, and outstanding discrepancies.

Enabled users to filter and drill down into specific invoices or payment records for detailed analysis.

Project Outcomes and Benefits

Increased Efficiency: The automation reduced the time required for invoice payment reconciliation by over 75%, freeing up staff for higher-value tasks.

Enhanced Accuracy: The automated solution reduced manual errors by approximately 85%, improving the reliability of financial records.

Improved Communication: Automated email notifications and reporting ensured timely communication with stakeholders, reducing delays in addressing discrepancies.

Cost Savings: The automation resulted in significant cost savings by reducing manual effort and improving process efficiency.