autorek

Improving the Efficiency of Collections

By using AutoRek software to automate the reconciliation process you can reduce reconciliation times by 75% or more, freeing you and your staff to focus on delivering real business benefits to your company such as spotting potential bad debt early and identifying fraudulent activity.

Those working in asset finance are familiar with the reconciliation problems associated with managing high transaction volumes and complex payment profiles.  Factor in multiple operating locations, multiple bank accounts and the occasional foreign currency transaction and you have a reconciliation industry within your operation. If, like many of our clients were, you’re spending more time than you need to trying to manage highly complex reconciliation processes using Excel spreadsheets then AutoRek can help you.

Because of highly automated processes of collections and postings businesses tend to be geared to expect straight through processes.  Often the enormous effort in identifying and rejecting transactions which fail or default can cause huge logistical challenges over and above the initial financial impact.  AutoRek automatically flags breaks seen as failed collections, rejected direct debits and reports those to the individuals concerned in the rectification.  In this way the 'business' can immediately respond to each and every incident in a timely fashion as opposed to the conventional processes which accumulate these until a month end reconciliation is performed and signed off.  AutoRek never sleeps and in this way many backlogs are prevented.

More Leasing Sector Benefits

Of course minimising operational risk isn’t the only benefit that faster more accurate reconciliation can bring, AutoRek can help leasing companies to:

• Increase productivity – significantly reduce the reconciliation workload
• Optimise cash and asset management - shortening the reconciliation lifecycle means more up-to-date information enabling you to manage your assets more efficiently
• Reduce the compliance burden – with a transparent audit trail, making FSA compliance more easily achievable

Our Clients

Our clients in the financial services sector include; LBG Motor & Asset Finance, Lex, RCI Banque (Nissan & Renault Finance) and ING – for a full list please contact us