Director | Manager of Accounts Payable
As an AP Manager, you are concerned with ensuring payments are made on time, error free. With the amount of invoices that come through, it can be cumbersome to check every line item detail before payment is made. A reliable Expense Management partner should offer services that will manage your invoice from receipt to payment, while tracking the entire lifecycle of an invoice. During the Set up process, a Work flow should be created that is specific to your company’s financial reporting similar to RadiusPoint ‘s Work flow (Click here to see a sample timeline for a set up.) Having one software platform, like ExpenseLogic to fully manage each invoice will ensure payments are paid on time, error-free.
Frequently Asked Questions
Can the solution provide an Interface file, or will our AP team need to enter the account information into our accounting system?
RadiusPoint will create an Upload file that will interface with your current accounting software for proper allocation and to eliminate any keying of invoice information.
Who will be responsible to contact the vendor for a misapplied payment or disconnect notice?
RadiusPoint will take full responsibility for all invoices that are under the payment services to work with the vendor to correctly apply the payments and to resolve any disconnect notices.
Can the invoices be paid during this process or will we have to continue cutting checks?
RadiusPoint will take full responsibility of getting the invoices paid in a timely manner. In addition, RadiusPoint will create an Upload file that will interface with your current accounting software for proper allocation and to eliminate any keying of invoice information.
Who is responsible for contacting each vendor to redirect the invoices?
RadiusPoint will take full responsibility of notifying the vendor to redirect the paper invoices and to set up electronic invoices during the set up time period to get the invoices included in the solution management.
How quickly are the invoices processed?
RadiusPoint will process the invoices within a two day time period. This fast turnaround time will typically eliminate any late fee or disconnect service issues.
Will the solution identify past due invoices before Disconnects occur?
RadiusPoint works the Missing Bill report on a daily basis. ExpenseLogic has the Missing Bill report as a standard report that will allow our team to search for invoices that have not been received within a specific time period. The Missing Bill report feature also allows for tracking of the conversations with the vendors to retrieve the invoices and reminders if the invoice is not received and entered within a specific timeframe.
How can we view our invoice images?
There are multiple places within ExpenseLogic that you will be able to view your invoice information and the actual invoice image. In addition, an Image file can be provided weekly, if required.
How much time is going to be needed to interact with the solution provider’s team?
The goal is to drastically reduce the amount of time that your team has to interact with your vendors. Questions that occur on the invoices such as new services added would be questioned by RadiusPoint however many of these type of questions can be resolved by copying RadiusPoint on the orders to the vendors.
Is the RadiusPoint solution the right one for your company?
If you are ready to get started, click Request a Free Demonstration and let’s schedule a time to discuss your needs and challenges.
What are some of your Needs and Challenges?
Learn how the RadiusPoint Solution can assist you. Click Below to explore common needs and challenges.
Not enough personnel
How many invoices can your Accounts Payable team process each day? Do you have enough people on staff to get all vendor invoices paid on time to avoid disconnects and service interruptions?
In today’s tight labor market, ensuring that your invoices are paid on time can be a problematic issue. “Getting behind” should not be an option… Yet, this happens often when a large number of invoices come in to be processed and your AP department is understaffed.
Too many invoices to process on time
Examples of issues resolved for our clients:
- Eliminating paper invoices
- Eliminating late fees
- Breaking down invoice information for intelligent reporting
- Creation of Accrual files
Vendor contract management issues
Managing vendor contracts is the first step in ensuring that the rates promised during the sourcing and proposal process are actually delivered. Vendor contract management ensures your organization that any rate changes and discounts flow through to its bottom line.
In ExpenseLogic, our business intelligence SaaS platform, all vendor contracts can be digitalized for easy desktop retrieval. Contract rates are used to audit each line item on an invoice. ExpenseLogic can set a limit for any line-item detail identified, resulting in one of the most thorough, continuous audits in the industry.
Vendor contract management is simplified by ExpenseLogic’s Contract Management database. This database ties services, devices, and assets to a vendor contract, and gives management and AP staff a view of the actual contract document. Email notifications 90 and 60 days prior to the expiration date ensure that contract expiration dates won’t be missed.
Contract Management is easy with ExpenseLogic’s Contract Management database. The Contract Management database ties the service or devices and equipment with the contract and gives the capability to view the actual contract document. Email notification 90, 60 days prior to expiration ensures that your contract expirations won’t be missed.
Examples of credits/savings obtained for our clients
A financial services firm avoided $2,700 in monthly charges on a water invoice. ExpenseLogic identified the problem at the meter level: there was a leak at the location. The vendor agreed to recredit the difference with normal usage.
A salvage parts dealer had 800+ phone lines, not their long-distance plan: moving these lines to the correct plan resulted in $10K+ in monthly savings.
A nationwide retailer of eyewear (glasses and contact lenses) with 800 locations saved $203K+ through an optimization of their electric and gas service contracts in deregulated states.
A transportation company was charged $1.4MM in erroneous billing by their wireless carrier, under incorrect data plans. Credits were applied to the invoices and the plans were corrected.
AT&T recredited a client some $500K+ previously billed for contract rates overages.
A healthcare client obtained $52K+ in credits on phone lines the vendor had erroneously forgot canceling.
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Errors on invoices requiring an investigation
Billing errors are the scourge of an efficient organization, and most companies don’t have the time or personnel for auditing and reconcile every invoice. RadiusPoint’s invoice audits, error identification and reconciliation process generate savings of over 25% with no sales, no carrier, and no vendor changes required.
RadiusPoint’s business intelligence SaaS platform ExpenseLogic takes the guesswork out of auditing and reconciling invoices on a monthly basis. Limits are set for each line item for ExpenseLogic to audit against them on each invoice. This optimizes vendor accountability. Our billing invoice validation process is a proactive expense management approach and a proven method for saving money.
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Late fees charged by vendors
Unless their contract stipulates otherwise, vendors typically charge late fees on unpaid invoices. According to an article published in Business.com, “Most late fees are between $25 and $50… Some companies use a percentage of the invoice amount to calculate the late fee.”
When the Accounts Payable department of an organization is understaffed or faces a sharp increase in the number of invoices to process (which often happens in fast-growth scenarios), late payments become a daily event. The additional costs of late fees can become significant.
Moreover, tying up late fees to invoices in an accounting system generates extra operations and an increase in time wasted unproductively. Instead of focusing on tasks generating value, Accounts Payable is catching up with unnecessary re-work.
RadiusPoint’s Invoice Processing service tracks invoices along their entire lifecycle. Our process systematizes the workflow from receipt of vendors’ invoices to their on-time payment. As a result, late fees are eliminated, and the efficiency of the process precludes non-necessary operations. The Accounts Payable staff can spend their time on productive tasks, and the resulting savings flow all the way to the bottom line.
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Service disconnects
Service disconnects are costly. Not only do they entail spending time investigating past-due charges, but also calling vendors to tackle service reconnection, often with associated reconnection fees. Even more importantly, service interruptions are disruptive to normal business operations. The cost of an interruption in phone service can be staggering in terms of lost business opportunities. Avoiding service interruptions should be priority #1 for any Accounts Payable department.
Our Invoice Processing service tracks all invoices along their entire lifecycle. Our ExpenseLogic platform helps organizations with multiple locations manage the accuracy, processing, and payment of all telecom and utility bills.
Our services include inputting both paper and electronic invoices into ExpenseLogic, coding charges, creating exceptions reports, setting up approvals for payment, and interfacing our platform file outputs with the organization’s current financial systems.
Examples of issues resolved for our clients
- Eliminating paper invoices
- Eliminating late fees
- Breaking down invoice information for intelligent reporting
- Creation of Accrual files
Read More…
