Discrepancies in financial settlements can cause a significant productivity hit in any industry. The integrity of financial statements is of paramount importance, as both internal and external stakeholders depend on this data for crucial management actions and investment choices.
For instance, in the supply chain, even automated procure-to-pay processes can stall when an invoice doesn’t match the related goods received documentation. Invoice discrepancies can arise due to multiple reasons, including basic factual errors, duplicate invoices, and late payments.
Such inconsistencies require manual handling by analysts, taking time and effort away from value-adding tasks like data analysis for process improvement.
This is where #dltledgers steps in with its blockchain-based solutions for invoice reconciliation and dispute resolution, offering a more efficient, secure, and transparent approach. At the core of its solutions is Proteus — #dltledgers’ low-code, blockchain-based, multi-party application development platform — that enables seamless digital transactions across the supply chain flow with full trust, visibility, and verifiability.
How #dltledgers Blockchain Solution Works for Invoice Reconciliation and Dispute Resolution
The driving force behind #dltledgers’s solutions is automation, enabled by smart contracts and a blockchain network that allows participants to send process data directly from their systems of record, granting visibility to selected participants while maintaining privacy. Business logic identifies discrepancies between data elements and documents, determining the root cause of disputes. Automated dispute resolution rules synthesize the discrepancy data to reach consensus, which, along with the applied rules, is made visible to all required participants. All data, discrepancies, and resulting decisions are stored within the blockchain distributed ledger, creating a comprehensive, immutable audit history.
Benefits of Blockchain for Invoice Reconciliation and Dispute Resolution
The benefits of blockchain for invoice reconciliation and dispute resolution are multifold, including:
- Faster dispute resolution
- Labor cost savings from reduced manual handling of disputes
- Lower risk of discrepancies not being properly reconciled
- Less cash reserves tied up waiting for dispute resolution
- Enhanced relationships with value chain partners, suppliers, and customers due to increased transparency
Beyond Invoice Reconciliation and Dispute Resolution
Going beyond invoice reconciliation and dispute resolution, #dltledgers’ Proteus platform offers a foundation for expanding into new functions and futureproofing financial operations. Using blockchain based solutions can revolutionize several aspects of financial operations including:
Contract Reconciliation: Blockchain can simplify contract reconciliation by providing a single source of truth, reducing discrepancies and misunderstandings.
AP/AR Automation: Blockchain can automate accounts payable and receivable processes, enhancing efficiency, and reducing errors and manual labor.
Fraud Detection and Auditing: Blockchain’s immutable nature aids in detecting fraudulent activities, while its transparency simplifies auditing, improving accuracy and efficiency.
Futureproof your Financial Operations with #dltledgers Blockchain Solutions
If your business is looking to accelerate dispute processing, reduce manual processes, or lower the cost of reserves held for dispute resolution, #dltledgers’ blockchain solution offers significant advantages. All of our blockchain solutions address privacy and compliance, can scale to handle high-volume workflows, and provide an immutable audit trail. Talk to us about how we can build a custom blockchain-based solution for your business.