Solutions ExplorerNavigate the Buying Journey
Understanding your company’s intricate needs for processing invoices and managing expenses is the first step in your buying journey. Being able to see the outcome before you select a solution will not only save you time, but will give you and your team the assurances that you are going down the right path, with the right partner.
Some of the time the Finance team will start the search for a solution when they feel that they need to create cost savings for the telecom, wireless and utility invoices. It is extremely important to get the Accounts Payable team involved at the onset of the search for the solution as their input will be needed to make this decision.
Some questions that the CFO/Finance team may have when looking at a solution:
Can the solution provide an Accrual file?
Yes, RadiusPoint can provide a monthly Accrual file based on your Accounting software’s specifications and your company’s unique financial reporting needs. The file specifications would be provided to RadiusPoint during the set up so that the Accrual file can be created. Then the Accrual file would be delivered on a monthly basis, dependent on your timing and requirements.
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.
Will the invoices be audited, how does this occur?
ExpenseLogic, RadiusPoint’s proprietary software will audit each invoice based on the Account number, the Service ID (phone, circuit or meter number) and then each charge for each Service ID. The auditing by line item detail is one of the most efficient methods that audits each charge, each month in an automated manner. RadiusPoint would then research each overage with the vendor and reconcile and resolve the over charge. In addition, the credits pending will be tracked through ExpenseLogic until the credit is received.
What savings can be achieved by utilizing the solution?
The Return on Investment that RadiusPoint achieves for our clients creates a true partnership. Over the past several years RadiusPoint has created a positive ROI for our clients, many achieving over 500% per quarter. The overages are caused by vendor over charges, contract errors and usage overages that are detected and corrected.
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.
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.