Save time, reduce enquiries from suppliers and most importantly keep your Auditors and Senior management happy with a reporting function that offers complete clarity on the AP function.
Missing credits can potentially be costing your business a lot of money.
From experience, missing credits make up to 60% of all our recoveries, sometimes equalling thousands of pounds of outstanding credit from suppliers.
A supplier matching exercise can highlight these missing credits. And, with the help of autorecs., you can quickly identify outstanding credit on supplier statements, sending them a push notification to highlight the missing payment.
autorecs. promotes a prompt payment practice. By analysing and reviewing contractual compliance, suppliers who regularly pay early will be rewarded with subsequent rebates, benefitting the supplier and finance teams respectively.
Human error and a hectic workload can lead to numerous mistakes in the supplier statement process for AP functions.
Everything from duplicate supplier names, addresses, codes and inactive accounts can lead to errors. Which is why autorecs. allows AP functions to download reports highlighting any discrepancies, streamlining the process and avoiding payment errors.
Recovery audits often highlight credit notes being paid as invoices.
The autorecs. portal highlights if the supplier has a record as a credit note, and that this will appear on an AP function’s purchase ledger as an invoice.
From here, finance teams can reclaim further revenue where a payment record has been created, where they should have used it as a credit against further remittance.
Overpayments and underpayments are very common in the world of accounts payable, and they often create additional admin work for busy AP functions and finance teams.
The benefits of autorecs. clear user-interface means AP functions and customers see the total amount of invoices in value, which highlights over or underpayments clearly for both parties.