API Software has launched AutoRek, a new automatic reconciliation product for the housing sector.
With rented accommodation providers, cash for the property can be received with no remittance advice or differing from the remittance advice, which means that the cash allocations team has to call funders to investigate discrepancies. The remittance advice is then manually allocated to the sales ledger. Because the process is manual, it can result in duplication of effort and high balances of unallocated cash and high aged debts.
Cash is recorded by AutoRek and matched to electronic remittance advices. AutoRek sends queries direct to the client where cash amounts do not match expected values or wrong references are quoted. AutoRek immediately updates the sales ledger, usually using overnight batch processing. Clients can respond to the AutoRek query and have these handled at the start of each day. Credit control sees the actual debtor position faster and more accurately, resulting in improved productivity and better financial control.
