Are you still using manual processes and spreadsheets to create manual journals for the amortisation of prepaid expenses?
Do you or your team spend hours reconciling bills and recognition schedules?
Then maybe it’s time to reap the benefits of modern AI technology and cloud software solutions.
Free up your time and improve accuracy by leveraging software to automate your prepayments.
Cost recognition automation software
Cost recognition software can help reduce the burden of manual work when dealing with the complexity of cost recognition. It is designed to streamline and automate the management of prepayments. Prepayments, or prepaid expenses, are costs that are billed and paid in advance of goods or services being received. Managing these bills can be tedious and involve spreadsheets and processes which are prone to error.
Prepaid cost automation software can help by providing the following:
- automated data entry
- amortisation scheduling
- integration with accounting systems
- compliance with accounting standards
- real-time processing
- journal preparation
Types of cost recognition software
Specialist Cost Recognition Software: These are focused on the automation of accounting requirements but offer limited analytics and broader reporting capabilities. Some are specific to a single platform such as QuickBooks or Xero.
Cost Recognition Module of an ERP System: These provide a unified platform to manage all financial and operational processes but come with higher costs and complexity.
Multi-Purpose Automation Software: Software platforms that provide analytics and integration with multiple data sources, but with less cost and complexity than an ERP. These are ideal for small and medium-sized businesses.
ScaleXP: the best software for prepaid expense automation
ScaleXP offers a powerful solution for automating prepaid expenses, along with other really helpful tools for comprehensively automating the financial management of B2B businesses. Here are some benefits of using ScaleXP:
Text Recognition for Prepaid Costs: ScaleXP significantly saves time by using text recognition capabilities to automatically spread expenses paid in advance over appropriate periods.
Contract Management and Invoicing Integration: ScaleXP not only automates recognition of prepaid costs and deferred revenue, but supports accruals, invoicing, and other aspects of contract management and month end reporting.
Dashboards and Management Presentations: Visualise revenue alongside other business metrics in real time and export directly to PowerPoint management packs.
Revenue Forecasting: Combines CRM integration and automated revenue recognition to forecast sales directly from the CRM pipeline.
Automate your prepayments now
Automating prepaid expenses, the costs a business pays upfront for future goods or services, not only saves time but also enhances accuracy and ensures compliance with accounting standards. Leveraging a cost recognition automation platform such as ScaleXP, which seamlessly integrates with major acounting platforms, can significantly streamline your financial operations.
Interested in trying ScaleXP for free? Book a demo now to get access to your customised free trial right away.
