AutoRek is delighted to be working with Lease Portfolio Management. LPM Outsourcing was formed in 1988 to offer a complete back office administration service to organisations that offer instalment finance and equipment leasing and finance.
AutoRek welcomes Informa Plc as a new customer
AutoRek is delighted to be working with Informa Plc. Informa is the leading international provider of specialist information and services for the academic and scientific professional and commercial business comunities. Informa has over 150 offices in more than 43 countries and employs 8,500 staff around the world.
Carlson Wagonlit handles business travel management for a number of large UK organisations with a number of large public sector customers. Their business model relies on their ability to reconcile travel billings from airlines, hotels and train companies quickly so they can claim money back against their clients.
Carlson were finding this process time consuming while money was being automatically debited by suppliers.
AutoRek automatically reconciles these amounts being billed from the industry wide booking systems for airlines, hotels and train journeys to ensure that Carlson are only being billed for orders placed by their clients through Carlson's branches and that these orders have been billed to those clients.
Furthermore, because industry regulations require them to perform these checks quickly and register any disputes almost immediately, this is a business critical process that involves a lot of manual intervention. AutoRek is expected to dramatically improve the timeliness of billing, disputing of amounts billed and reduce the manpower involved in these processes.
Demica and API Software partnership
Demica and API Software sign new partnership agreement
Demica, marketing leading provider of working capital solutions, and API Software, authors of the acclaimed automated reconciliation software AutoRek, have established a joint partnership agreement enabling both companies to share product propositions across their respective customer and prospect audiences. The agreement responds to a growing demand for integrated trade services.
This commercial alliance reflects the convergence between solutions that improve the financial relationships of trading partners - through invoice management and financing - and those that automate transaction management and verification so that expert manual attention is focused only on handling complex ‘exceptions' or problem transactions.
Demica, whose technology and services support and manage all forms of invoice-based finance, has built a network of key partner organisations occupying adjacent and related spaces around its core markets of corporates, their banking partners, supply chain finance specialists and factoring companies. API Software similarly has a network of partner organisations.
Phillip Kerle, Chief Executive Officer of Demica, comments, "Whilst both Demica and API Software have extremely strong stand-alone propositions, we are collectively stronger and more compelling for corporates and their banks when we join up closely related financial processes and procedures.
AutoRek and Demica are both closely involved with accounts receivable and payable, the one automating essential reconciliation processes, the other
providing the means to use invoice debt as security for financing arrangements. The association between the two companies looks to be a logical and exciting one."
Gordon McHarg, Managing Director of API Software, adds "AutoRek is the reconciliation solution of choice of many of the leading financial institutions.
This partnership with Demica allows our customers, and Demica's , to benefit from a "best of breed" solution with a powerful ROI and risk reduction proposition"
About Demica Demica is a market leading provider of specialised working capital solutions providing consulting, advisory and technology services to a diverse range of multinational clients. Demica works with the world's leading banks, private equity sponsors and global corporations to implement innovative solutions to their invoice-based finance and supply chain finance requirements.
Demica's technology is used around the globe running invoice-based transactions on its Citadel® platform. Demica is a wholly owned subsidiary of the J.M. Huber Corporation, one of the largest privately held companies in the United States. Demica is based in London.
AutoRek has launched VanguARd - a new automated cash allocation tool. VanguARd reduces time spent on, and errors arising from, manually analysing remittances received and posting them to ledgers significantly improving the timeliness of cash applied to sales ledgers and the response to overdue receipts by credit control.
Issues with cash allocations
Cash allocation can be a timely process which can be hampered by poor quality remittance advices (either late or none) making sales ledger information weak and time consuming to interpret for robust and effective credit control.
How does VanguARdby AutoRek work?
As soon as data becomes available, often in bank systems overnight, VanguARd records direct receipts and matches them to paper or electronic remittance advices (when they arrive by email for example) even if they are not received on the same day. The data is then validated (e.g. invoice numbers and cash values) and applied to sales ledgers to match to unpaid invoices. At this point VanguARd will automatically acknowledge receipt to the client, raise queries on short payments, double payments or non-payments.
VanguARd will automatically produce accounting entries to write off currency differences as well as factoring and early settlement discounts. Full analysis of payment behaviours are retained for future pricing and credit limiting.
For more information on VanguARd or to arrange a free demo please contact
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or call 0845 603 3613.
