When you run a business that requires you to purchase inventory, there are times when you may be owed a credit by a vendor. Supplier credits can often fall through the cracks and not show up as Accounts Payable recovery items that will cut your expenses, and it’s often too late to rely on a Post Payment Audit, which is usually completed long after the recovery amount should have been recognized. Fortunately, there’s a new AI assisted software available, which can alleviate this problem.
Utilize A Service That Makes Accounts Payable Recovery More Transparent
It’s important to collect every one of the credits that you are owed by suppliers as this aspect of your business can add up to millions of dollars if you are a large organization. By utilizing a managed service that keeps track of supplier returns and credits, your company will get paid the money you are owed. This type of service works with ERP systems that include SAP, Workday, Infor, Oracle Cloud and PeopleSoft, just to name a few.
Keep Track Of And Claim Credits From Your Suppliers
By utilizing this type of service and acting proactively, it can resolve your financial leakage and create improvement in your ROI. The service allows you to quickly spot your credits and make sure that they are received. This allows you to transfer those funds to other areas of your budget, which will only help improve your company’s profits.
The Service Streamlines The Returns Process And Receipt Of Credits
There’s a number of benefits in using the service, which include the following:
– Improves data accuracy
– Creates a standard return process
– Confirms that credits are taken and applied to the correct department
– Provides end-to-end transparency on what suppliers owe
– Eliminates the need for additional retraining of the returns process
– Returns can be managed by a central group
If you want to start receiving the credit you deserve, it just makes sense to utilize this service.
