The transition towards Accounts Payable Specialists

A decade ago, we started the transition towards a technological driven company with the focus on  Accounts Payable (AP) recovery. This targeted focus helped us gain the knowledge to become experts in this specific financial field. Together with our own developed Accounts Payable Recovery Analyzer (APRA) and a total of over 400 algorithms, we recover liquidity for all top leaders in their industry.

Why choose the Industry Leader SpendLab?

We help your organization with a service that is characterized by the approach on vendor level. Instead of your own analysis, or most competitors, we are not working on invoice level. We transform your data from different ERP systems, entities, currencies and fiscal years to information on vendor level. In this way, we don’t just check all invoices, we also check all the data in reference to each specific vendor. We are able to extract and transform data from 130 financial- and ERP systems through our technology platform.

Besides, years of experience gave us the knowledge to generate added value for each industry, defined on the typical findings that were found in all executed projects.

The way of working

SpendLab Recovery is a data-driven, full-service organization that thoroughly examines all facets of Accounts Payable data to discover and recover lost liquidity on a no cure, no pay basis with minimal effort for our clients. The whole process, from the data extraction to the recovery of liquidity will take about 21 weeks, and is done with a high level of expertise and a priority on the security of the retrieved and processed data. With our end-to-end service, we provide your company with an interactive platform in which the analyzed and validated information is updated and visually presented. In this way we provide you with valuable insights on the project any moment you want.

Interested in more information about us or our interactive platform? Fill in your email address.

Challenges within the AP process

The best-in-class AP processes operate at almost 100 percent efficiency. Although, payments are passing through a lot of steps before being completely processed, which leads to many possibilities for a flaw to occur. Due to this complexity a lot of challenges still exist. Experience taught us that an error occurs in 1 out of 1000 invoices with an average yield of €1 per analyzed invoice. When processing a lot of invoices this number keeps increasing and can result in a lot of missed liquidity. The challenges are seen in all aspects, from the complexity to keep all information about vendors up to date, to one-time disruptions, e.g. M&As or reorganizations, but also large personnel turnovers or decentralized processes affect the efficiency of the AP process.

All these challenges result in the following 5 main root causes responsible for the leakage of  liquidity out of your company:

  • Balance Reconciliation
  • VAT/Taxes
  • Open Accounts Payable
  • Double Payments
  • Overpayments

Our added value for your company

The found flaws are analyzed and recovered, which results in an improvement of liquidity, but more importantly increasing control, improving the process of the AP department and creating a solid basis for the future.

Do you want to know more about our services? Contact us.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on google
Google+
Older news
Recent

Contact

Send us a message and we will contact you

For questions about GDPR, please contact privacy@spendlab.com