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RE: Vendor Reconciliation - What Is It? Do You Need It?

in #money7 years ago

With crypto and 'smart contracts' we will no longer need reconciliation, a block-chain is constantly audited and is never incorrect. If we set the contract with the payment X days from delivery that will be executed on time and will never be missed.
The only issues this leaves open is delivery confirmation and the concept of quality checking, discrepancy on either point will require dispute resolution. IoT is a good solution for delivery confirmation, at least for physical goods in the form of RFID or similar, again location can be stored in block-chain so this discrepancy is avoidable. So then we just need a solution to quality disputes, this is really where you need a professional negotiator from perhaps the Procurement or Legal department, however disputed items should not be reconciled until they are resolved and it is agreed any partial or full amounts are payable.

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