Sending detailed remittance advice along with payments to your suppliers ensures clarity, fewer questions from suppliers, and a more efficient AP department.

Remittance details are sent after an invoice has been paid. It’s not mandatory but beneficial. Here’s why:

• Clean and detailed remittance advice clears up the confusion of complex transactions by offering payment documentation. This transparency helps both the AP department and the supplier to stay aligned and avoids you having to do the work of statement reconciliation because the supplier can’t figure out what invoices you paid
• When it comes to month end reporting or an audit, having a clear trail of remittance data offers a straightforward way to verify that payments have been made and correctly recorded
• When a supplier reports a missing payment, remittance advice helps pinpoint whether the payment is delayed in process or actually has been paid. For the AP department, it provides a way to prevent and clear up confusion

Even though you’re not required to send remittance advice to suppliers - it’s just smart business because:

• It builds trust with suppliers by proactively informing them with the details of payment
• It clears up any potential confusion about payments. Suppliers don’t need to reach out to confirm payment status, saving time for AP departments

Still handling remittance advice manually? That’s a headache you don’t need. Let Transcepta take over. We make sure remittance advice goes out quickly and accurately, cutting down on errors and exceptions and streamlining your AP process.

Want to see how easy payment remittance can be? Request a demo now.