Focus on Overbillings

Improved Reporting: Transitioning from general "Discrepancies" to focusing on "Overbillings"

We are pleased to announce the implementation of changes to our reporting and dashboard system, with the goal of offering customers more precise and actionable insights. These updates are based on valuable feedback received from our customers and are designed to improve cash flow management.

Transition to 'Overbillings' and 'Underbillings'

One of the key changes we have made is to transition from using the general term "Discrepancies" to the more meaningful terms "Overbillings" and "Underbillings" in our reporting and dashboards. This change allows us to provide more accurate and targeted reporting, empowering customers to easily identify instances where you have been overbilled or underbilled.

Focus on Overbillings:  Benefits for Customers

Focusing on “Overbillings” brings several advantages to our customers and their businesses. Firstly, it improves the visibility of billing accuracy, ensuring you have a clearer understanding of your financial transactions.  While OpenEnvoy has already prevented payment of these invoices, this increased clarity enables you to take prompt action in managing, communicating and improving vendor relationships, leading to enhanced cash flow management. By identifying instances of overbilling or underbilling early on, you can avoid unnecessary costs and improve your overall financial performance.

Furthermore, the shift to "Overbillings" allows for more comprehensive analytics. Customers will have access to deeper insights into their billing data, enabling them to identify trends and patterns that were previously obscured. This enhanced analytical capability contributes to better vendor management, as customers can make more informed decisions when engaging with their vendors. By gaining a deeper understanding of billing patterns and trends, customers can negotiate more effectively, identify potential areas for cost savings, and strengthen their vendor relationships.

Conclusion

The transition from general "Discrepancies" to a focus on"Overbillings" in our reporting and dashboards marks a significant improvement in providing targeted and actionable insights to our customers. The change enables you to identify instances of overbilling more easily, prevent overbilling payments, and manage your cash flow more effectively. The enhanced reporting and deeper analytics empower customers to make informed decisions regarding vendor management, leading to improved financial performance.

We appreciate your continued support and we encourage you to reach out with any questions or concerns, as the team is always ready to assist.

Here are some additional details about the benefits of this change:

• Improved visibility of billing accuracy: The new reporting system provides a clear and concise overview of your billing data, making it easy to identify any billing errors. This helps you to stay on top of your finances and avoid unnecessary costs.
• Enhanced cash flow management: By identifying and immediately preventing inadvertent payment, you can improve your cash flow and avoid disruptions to your business operations. This can help you to meet your financial obligations on time and avoid late fees or penalties.
• More comprehensive analytics: The new reporting system provides deeper insights into your billing data, enabling you to identify trends and patterns that were previously obscured. This information can be used to improve your vendor management and negotiate more favorable terms with your suppliers.
• Better vendor management: By gaining a deeper understanding of your billing patterns and trends, you can make more informed decisions when engaging with your vendors. This can help you to negotiate more favorable terms, identify potential areas for cost savings, and strengthen your vendor relationships.

We believe this improvement brings significant benefits to our customers in a number of ways. We are committed to providing our customers with an continually evolving platform leading to ever improving performance for your organization.