It can be broken down into 3 key steps:
We will ask for 12 months worth of historical transactional data and all of the current open, unpaid items that have been posted on to your purchase ledger.
The autorecs. system will onboard all of your suppliers using the information that is contained in your supplier master file.
For those suppliers who do not respond to the information, the system will remind your suppliers every 2 weeks until they have been onboarded.
autorecs. reconciles the transactional data against the transactions that appear on the supplier statements your suppliers will upload to the autorecs. portal.
All of the transactions that have been accounted for can be marked as ‘matched’.
For those that appear on your supplier statements will be marked as missing and the system will automatically generate a push notification to your suppliers requesting the missing items to be uploaded.
There will of course naturally, due to human error, be some cases where exceptions appear in the form of information that has been entered onto the purchase ledger off supplier invoices may have been miskeyed. The system will recognise these as exceptions – suggesting the error type that has occurred.
autorecs. provides a suite of reports that appear here (link to the reporting suite page).
The autorecs. solution provides an instant report of each statement for both you and your opposing credit controllers.
So both ‘sides’ have exactly the same information available, improving the communication and relationship you have with your suppliers and most vitally, ensuring you suppliers get paid accurately, and on time.