Processing power of 100% monthly reconciliation
The software identifies payment discrepancies made in a quicker time frame
Improve your cash flow by ensuring you have credit notes owed to you
Assistance with your duty to report on payment practices
Improve supplier relationships by paying supplier on time
Communicate with your vendors directly through autorecs
Reconciliation of supplier statements. A phrase that strikes fear into accounts payable teams.
A time-consuming, confusing and lengthy process, reconciliation of supplier statements is an ongoing issue for AP teams, who have to deal with potentially hundreds of line items that are on SOA.
With supplier enquiries surrounding invoice payments being a regular occurrence and the lack of good communication and transparency between AP & AR, there can often be a breakdown in communication between the customer and the supplier, leading to late or no payment of invoices.
Traditional methods still require the manual process of reconciling supplier statements, which continues to stretch an AP team’s time, particularly when errors and missing items create a lengthy process to reconcile.
Understanding the struggles for AP teams, after 17 years of experience working within Accounts Payable, autorecs provides a fully automated supplier statement reconciliation process.
All located within an easy to use web-based portal, AP teams can highlight any discrepancies within the reconciliation process via the autorecs dashboard. This ensures that overpayments, incorrect payments or missing items are quickly highlighted and resolved, creating an efficient process from start to finish.
Payment errors and Fraud identified and recovered by Westgate Moore Audit team
Drives adherence to the Prompt Payment Code
Delivers Duty to Report Payment Practice reporting
Provides a full Audit trail for internal and external Auditors
Facilitates strong supplier relationships protecting your supply chain
WMA came in at a time when our AP section were at their busiest, so we were pleasantly surprised at how unintrusive the process they undertake is. Chris and his team do all the hard work and rarely need to bother the team. One thing that jumps out to me is their attention to detail and willingness to leave no stone unturned in investigating potential recoveries, and alongside their competitive fees, all of us in DPDgroup have been very happy with their work to date. On a people level Chris, Tom and the team have been great to work with.....feels like they have been part of our team for years and are very easy to speak with. From a recovery perspective, I have been very happy with the different types of recoveries they have found. All in all it has been a very positive experience and I would recommend WMA to anyone who was looking to undertake an AP Recovery audit.
The introduction of autorecs. software to Reconomy’s Finance Department has proven to be a massive timesaver in relation to our monthly supplier statements. For some of our biggest suppliers, monthly statements can regularly exceed 10,000 lines, each of which must be manually checked against invoices received and can take many hours to collate. With autorecs. this same process can be achieved in under 60 seconds, providing us with a full breakdown of matches, along with a list of any missing invoices, which we can then refer on to the supplier. It’s a fantastic piece of software and very cost effective. This is another great example of Reconomy seeking out and implementing digital technology to improve our efficiencies and productivity for the benefit of our customers and suppliers alike.