Automate prepaid expenses
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 your accounting system
Seamlessly integrate with Xero, Quickbooks, Sage and other accounting systems.
As a certified app partner, the system has deep links into the accounting system allowing all bills and credit notes to be imported into ScaleXP. Modifications to the bill are automatically detected using sophisticated tagging technology and automatically processed.
The system works across any currency or geography and even provides multi currency consolidation.
Why ScaleXP is the best solution for prepayments
Close faster
Month end close is faster, 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 a critical 2 days per month during the month end close process.
Be audit ready
ScaleXP ensures all costs are recognised in line with accounting standards including IFRS 9. The system is fully transparent making it easy to click through to specific bills and even the lines within a bill.
All data can be exported to spreadsheets just in case you need to share line by line allocation with the auditors.
Easy setup process
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.
As if that is not enough, all customers are offered a zoom onboarding review to ensure 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.
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.
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, 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 IFRS 9, IFRS15 and ASC606. Learn more about our accrued income feature here.