The developer of the Fetch Automated Accounts Payable system that fully integrates with MYOB Exo has been busy adding more and more features that clients have been asking for. Here’s the latest to be added to the application:
Automated Reconciliation of Supplier Statements
Accounts Payable teams have longed for paperless Supplier Statement reconciliation functionality to absorb the burden of this traditionally time-consuming, manual process. Fetch Statement checking, integrated to MYOB Exo was released earlier this year.
Here is the reaction from one of our clients: Kyla Taylor, Admin Coordinator at Hydralada:
We have been using Fetch’s statement reconciliation for the last two months and it is amazing! The time saving is huge and not only that it is very efficient. Once a statement has been reconciled/accepted it can be filed away so that you are only working with a short list of unreconciled statements. A far cry from the process we were doing before this!
What does Fetch Statements do?
Fetch checks all your Supplier invoices in MYOB Exo against the imported Supplier Statement in seconds and update Exo so that you know they have been checked and accepted.
Fetch Statements includes the following:
Instant reconciliation of Supplier Statements, checked against the invoices in Exo.
The ability to email Suppliers from within Fetch when querying invoices.
Recording Notes against Statements for future reference.
Update invoices to a Pay Status of Released if accepted.
The ability to view the pdf of the Statement within Fetch.
Indicate if any invoices that are on the Statement have been paid since the Statement was produced.
Highlight any keying errors for any manually entered invoices so they can be fixed before posting to the General Ledger.
Click the button below to watch a short (5 minute) video to see it in action - and let us know if you'd like more information on the Fetch Automated Accounts Payable system now with Statement Checking.
Flexible Accounts Payable Approval processes
The Fetch development team have been adding greater flexibility to the Approval functionality within their application so that Fetch Approvals now facilitates:
Cyber Security Feature
With new cyber threats appearing weekly, businesses need to remain alert.
One common form of cybercrime is where invoices being sent to you are intercepted and the bank account number changed from the supplier’s bank account to the cyber criminal’s account. It would be possible to believe the account change is correct and pay the amount owing to the cybercriminals.
Now within the Fetch system, If the bank account number you have in MYOB Exo doesn't match what is on the supplier invoice that is being processed by the system, you will be given an alert and instructions telling you what to do.
Will automating your Accounts Payable processes benefit your business? To find out more about Fetch, contact Dean today.