Prepayments

Fully automate expense recognition, spreading cost over exactly the right time without spreadsheet tracking.

How can I improve expense recognition?

ScaleXP is a sophisticated software platform which uses natural language algorithms to automate expense recognition.  

The system imports all bills, reading each line, assessing which should be recognised over more than one month. You are presented with a summary by account code or supplier, completely eliminating the need to track costs in spreadsheets. 

The system can recognise any date format including all words denoting contract length or service period. Modification of the original bill and all credit notes are also imported and automatically spread over the relevant period.

Streamline prepayments with Xero, QuickBooks or Sage

ScaleXP seamlessly integrates with Xero, Quickbooks, Sage and other accounting systems. The system  works across any currency or geography. Transactions are imported daily, or anytime you choose with the ‘sync now’ functionality.

Xero prepayments

QuickBooks Prepayments

Netvisor Prepayments

Sage Prepayments

Why is ScaleXP the best solution for prepayments?

ScaleXP creates the ability to have a real time view of revenue creating a host of benefits:

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Close faster

  • Month end close is faster with ScaleXP, as there is no need to wait for all bills before updating the prepaid expenses spreadsheet. 
  • By streamlining prepayments, as well as revenue recognition, ScaleXP clients save at least 2 days per month.
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Be audit ready

  • ScaleXP ensures all costs are recognised in line with accounting standards including IFRS 15, ASC 606. The system is fully transparent making it easy to click through to specific bills and even the lines within a bill.  
  • All data from the system can be exported to spreadsheets just in case you want share line by line allocation with the auditors.
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Easy setup process

  • All customers are on boarded over a 1 hour Zoom.
  • Zoom onboarding ensures that you get value from the system from day 1, without struggling to learn a new system, wondering when and if your data will be accurate.
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Always up to date

  • ScaleXP imports and processes bills daily, ensuring your expenses are always up to date. There is no need to worry about a colleagues holiday or wonder when the prepayments spreadsheet was last updated. 
  • ScaleXP automates and streamlines recognition of both invoices and bills.

Close faster and improve expense recognition accuracy with ScaleXP

Book a demo to learn more.

Prepayments FAQs

ScaleXP tracks each bill and each line within a bill. Any words which denote time period are detected by the system.  Costs are then allocated accordingly.

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 is stays in sync with your accounting system, using the same FX rates, removing the need to manually track FX gains and losses.

Yes absolutely. ScaleXP automates both revenue and cost recognition, ensuring you are always compliant with IFRS15 and ASC606.