Automated prepayments
Save Time, Close Faster, Improve Accuracy.
Automate prepayment expense recognition for your team, automatically allocating costs to the relevant month, without the need for laborious spreadsheets. Prepaid expenses, lease payments, travel costs, and interest costs can be fully automated, streamlining your financial processes.
ScaleXP is a certified app partner for all leading accounting systems. See all accounting integrations.
Work smarter, not harder
ScaleXP is a state-of-the-art finance automation platform.
- All bills are imported directly from your accounting system.
- A sophisticated series of natural language algorithms read and process all of the text and data on each bill.
- Detailed expense schedules are prepared by supplier, by invoice or by general ledger account code.
Close the month 3 days faster
Accounting teams that use ScaleXP close the month up to 3 days faster, completely eliminating the need to track prepayments and expenses in spreadsheets.
- Deep links to the accounting system ensuring all bills, credit notes - even modifications, are processed.
- Supports multiple currency, using the same FX rates as your accounting system.
- Draft journals are prepared, ready for your review
Improve Accuracy
ScaleXP’s algorithms are highly accurate and able to allocate costs by day. Our clients use the technology to:
- Improve the accuracy of leasing charges, even across bills with 100s of line items
- Allocate IT server costs precisely by day.
- Recognise interest costs in the correct month.
- Improve the accuracy of marketing spend, ensuring that travel costs, conference or event spending is tracked precisely by month.
With ScaleXP you can
Always up to date
ScaleXP imports and processes bills daily, ensuring your prepaid expenses are always up to date. There is no need to worry about a colleague’s holiday or wonder when the prepayments spreadsheet was last updated.
Get started quickly
In two clicks, your accounting system is connected. The system will then go to work creating a prepayment schedule for you. The results are typically ready in about 15 minutes.
Always audit-ready
All costs recognised are in line with IFRS and GAAP. Easily troubleshoot by clicking a bill or line item to see the fine details. Quickly export to spreadsheets to share line by line cost allocation with auditors.
What our customers say
We are using ScaleXP to untangle a number of complexities in our business model. ScaleXP is giving us the agility we need to make business decisions in a more informed way and at a faster pace than we've even been able to before. The client support team has been exceptional in digging into our needs and ensuring the platform is delivering!.
Xero App Store Review Thanks to ScaleXP we're now producing more insights, faster and with greater accuracy. The system is intuitive, user friendly and constantly improving. The team made us successful with the product from the outset.Xero App Store Review Excellent system, the team are extremely knowledgeable and help set everything up. Super easy to use. Xero App Store Review We are using ScaleXP to untangle a number of complexities in our business model. ScaleXP is giving us the agility we need to make business decisions in a more informed way and at a faster pace than we've even been able to before. The client support team has been exceptional in digging into our needs and ensuring the platform is delivering!.Xero App Store Review Thanks to ScaleXP we're now producing more insights, faster and with greater accuracy. The system is intuitive, user friendly and constantly improving. The team made us successful with the product from the outset.
Xero App Store Review Excellent system, the team are extremely knowledgeable and help set everything up. Super easy to use. Xero App Store ReviewWho uses ScaleXP?
Create greater accountability with accurate cost allocation by month.
Close the month faster and ensure your financials are 100% accurate, even after multiple late adjustments.
Provide fully accurate financials each month, without tracking costs in spreadsheets.
Prepayments FAQs
Financial consolidation is the process of preparing a single set of accounts across multiple legal entities. For example, if a company has a trading subsidiary in the UK and one in the USA, the combined financials represent a consolidated view. These consolidated accounts are also called group accounts.
Please click on the link below for more detailed answers on consolidating your financials.
Prepayments FAQs
ScaleXP will take care of this for you. The system tracks each bill and each line within a bill. Any words which denote time period are detected by the system. Costs are then allocated by month and even by day.
Your prepayment schedule is easy to query, clicking through to specific bills and even lines within a bill.
Modifications to the bill are automatically detected using sophisticated tagging technology. Any modification is imported into ScaleXP and processed automatically.
Credit notes are handled in exactly the same way as bills, ensuring that all costs are spread without the need for spreadsheet tracking.
The system works across any currency. It stays in sync with your accounting system, using the same FX rates as your accounting system.