Business-to-Business – Billing and Reconciliation Engine
- Traderoot reconciliation platform for managing reconciliation as a pre-phase or stand-alone function
- Financial and Accounts Payable workflows
- Supplier and buyer management
- Traderoot Back Office for clearing and settlement
Reduce costs, save time and reduce errors
Our solution assists in automating your debtor and creditor processes, which means you save money by making more effective use of your employees, allowing them to focus on more important tasks that drive your business forward.
Boosting the speed at which you can process your payables and receivables helps to optimise your business. Take advantage of huge savings from discounts on early settlements, whether directly with your creditors or through a third-party supply chain financier.
You also reduce errors in the billing process, because everything is reconciled according to exact billing data submitted to the system. Human error is greatly avoided, which means savings in time and money for your business. It also inherently reduces the risk of fraud.
Accredited buyers are company employees or outsourced supply chain financiers who provide a service to your business. Buyers are lodged in the system along with their mandates, VAT registration and financial instruments (credit cards, bank accounts, and so on). The Billing and Reconciliation Engine generates and sends tax invoices to the buyers based on predefined delivery rules.
Buyers can be easily added and updated in the system. They can view information over a web portal so that they are always up to date with the buying cycle and can review past transactions.
Suppliers provide you with the stock or services you need to successfully run your business. The Billing and Reconciliation Engine lodges them for settlement of account payable invoices, along with their bank accounts and merchant details. You can set up invoices to be paid automatically according to time-based rules defined in the system.
Supplier information can easily be added or updated. Like buyers, they have access to their transaction information on a web portal.
Traderoot Back Office
The Billing and Reconciliation Engine Back Office performs periodic calculations of the state of core accounts in terms of exposure and liability, per buyer, supplier, billing programme, financial organisation or creditor. It calculates interest, fees and commissions and aggregates to the general ledger. The Billing and Reconciliation Engine Back Office includes inline, end-of-day or slot period fee calculation using the Traderoot Treasury framework. Other standard features are:
- Fee and subscription collection
- Subscriber notifications by email or SMS
- Settlement between buyer, supplier and financial organisations
- Production and remittance of invoices and statement documents in signed PDF format
- Financial postings to financial general ledger systems such as SAP, AccPac, Oracle and Sage
- Automatic generation of financial documents (remittance advices, statements, settlement advices) and export into standard accounting packages
- Extraction and publication of MIS data to external data warehouses.
Real-time link between buyer and supplier
The Traderoot Billing and Reconciliation Engine is the ideal solution for corporate banking operators and large-scale retail corporates who need a trusted framework for procurement, remittance and transaction settlement.
Using a variety of external billing data, the Billing and Reconciliation Engine can reconcile, transfer funds, calculate fees, determine schedules for invoicing, collection and remittance, and ensure that all parties involved in the billing process automatically receive the relevant financial documents.
The Billing and Reconciliation Engine forms a perfect integration layer between ERP and payment systems. You can use it to automate all the account receivables and payables throughout your entire supply chain.
Traderoot Back Office Reports
The Billing and Reconciliation Engine Back Office provides standard and custom reports that include:
- Real-time liquidity exposure dashboards
- Liability vs. Exposure reports
- Customer enrolment reports
- Obligation, invoice status and liability reports
- Invoice and billing totals for the procurement organisation, buyers and suppliers over any period
- Customisable selection criteria and data presentation
The Billing and Reconciliation Engine Back Office also produces various MIS reports. Online reports available on a web portal allow the supplier and billing programme or scheme owner to view transactions as they happen. These reports include:
- Online searches for EFTs and obligation-based inventory
- Dispute handling using an interactive problem tracking system with billboard notifications
- Obligation trades with the attached financial documentation
- Procurement Organisation
- Invoice payable transactions
- Journals for creditor and supplier settlement
- Allocated vouchers and their redemption status
- Invoice receivable transactions
- Dated credit journals to be cleared
- Fulfilled settlement transactions
- Reduces cost, saves time and reduces errors
- Links buyer and supplier in real time or by batches
- Automates your entire billing process
- Reduces fraud and risk
- Preforms at a high level with reliability and security
- Manages multiple buyers and suppliers on a single platform
- Displays information in reports at a granular level
- Provides primary B2B financial processing platform