FLEXTRAP | AP ASSURANCE PLATFORM
What is AP Assurance? Payment Error Prevention + Statement Reconciliation
FlexTrap is the lean AP Assurance platform that finance departments turn to when they need to catch payment errors, drive continuous improvement, and reduce the risk of financial leakage.
What is FlexTrap?
Two powerful modules that enable AP teams to reduce disruption, improve cash flow, and reclaim precious time.
Payment Accuracy Module
Reduce risk + support continuous improvement
Statement Monitoring + Reconciliation Module
Automate the identification + recovery of unclaimed credits
90%
more efficient than competitor tools.
When you combine FlexTrap’s built-in AI and ML algorithms with FlexTecs’ dedicated team of audit experts, you get continuous tuning that eliminates false positives and drives 90% more efficiency than comparable AP assurance tools on the market.
Payment Accuracy Module
Prevent payment errors.
Protect your investment in continuous improvement.
Whether you’re going through a system migration or just trying to improve an existing AP process, FlexTrap’s payment accuracy module continuously monitors your invoice data to proactively flag errors - before payments are processed.
Stop allowing AP errors to waste your time and money:
✓ Reduce or even eliminate the need for third-party recovery audits
✓ Update your financial controls with best-in-class error detection
✓ Improve efficiency within internal review processes by 90%
✓ Safeguard your cash flow amidst continuous improvement initiatives
Statement Monitoring + Reconciliation Module
Capture open credits and expand supplier coverage faster.
FlexTrap enables your AP team to streamline and automate account reconciliation so that you can capture MORE open credits and unclaimed value, faster (and without the need for 3rd party auditors).
See value delivered
within 1 week
FlexTrap delivers value within the first week following the data process.
Automate what you can. Streamline the rest:
✓ Unburden your teams with automated supplier outreach, statement matching, and statement reconciliation
✓ Spend less time searching for open credits and more time processing them
✓ Reduce friction from supplier statement requests
✓ Expand supplier coverage without expanding your workload
Learn more about FlexTrap’s Statement Monitoring + Reconciliation Module +
Safeguard against
margin erosion.
Transform your
AP department into
a profit center.
Automate manual, tedious tasks and processes so you can become more connected with the larger business.
Scale financial controls efficiently and effectively (without creating bottlenecks).
Bring issues to resolutions faster and get clarity around how to continuously improve AP processes.
Expand visibility into 100% of your supplier base and 100% of your payments.
Increase efficiency and effectiveness in your AP operations (without increasing your workload.)
01.
Tell us your goals and your pain points.
This will help us understand if FlexTrap is a fit for you AND how we can customize it to fit your needs.
How It Works
In 30 days or less, start turning your data into profit.
02.
See how FlexTrap will work in your company risk-free.
With a 30-minute demo or a free Proof of Concept, you can see how FlexTrap works in your environment (with no involvement from your IT department). We’ll show you the tangible efficiency gains with zero risk.
03.
Get up and running in 30 days or less.
Fast and frictionless onboarding with minimal IT time and training. Our team works alongside your team to continuously refine results and fine-tune to your environment.
Get 5x more ROI
FlexTrap enhances your AP controls, getting you 5x the ROI than with other AP tools alone.
90% more efficient
than competitor tools
Our AI and ML algorithms + dedicated team of audit experts continuously tune FlexTrap to eliminate false positives, making it 90% more efficient than other AP assurance tools.
Value delivered
within 1 week
FlexTrap delivers value within the first week following the data process.
Is your organization struggling with ERP systems that fail to identify and prevent duplicate payments to suppliers?
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Our client answered their initial sales outreach with a comment that we hear all of the time: “Our ERP system already prevents erroneous payments.” Still intrigued by the tool, they moved forward with a Proof of Concept (POC) in which FlexTrap investigated their real-world dataset for potential errors.
At the POC delivery, we were able to show actual duplicates that we discovered in their data through FlexTrap totaling over $400K, with a single erroneous payment reaching $60K. In that session alone, the total duplicate payments discovered were enough to cover the cost of FlexTrap for two years.
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Large duplicate payments can slip through the cracks of your ERP system for a variety of reasons:
Multiple Sources for Invoices: Organizations often receive invoices from various channels, including automated payment systems, manual spreadsheet uploads, system integrations, and manual data entry. Without robust cross-checking mechanisms in place, discrepancies and duplicate entries may appear.
Large Invoice Volumes: Frequent large payments and transactions are more difficult to monitor, which creates a greater risk for duplicate payments. This large outflow of money raises concerns for CFOs as they worry about the challenge of getting back any money sent out by mistake.
Wrong Vendor: Your ERP is programmed to flag exact matches in invoice details as a potential duplicate (Invoice number, value, supplier, date). If ANY of these fields are different, even by one character, the ERP will assume these are different invoices. Therefore, if one of the duplicated invoices is processed against the incorrect vendor, this will avoid the ERP flag and move to payment.
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FlexTrap’s advanced algorithms help you more accurately detect invoice errors that may have gone unnoticed or potentially have paid the wrong vendor due to system or human error.
Implementing effective AP payment monitoring systems is crucial for organizations to ensure suppliers are paid correctly and within terms, minimizing errors, enhancing processes, and improving payment visibility.
Explore how FlexTrap has helped REAL customers achieve this through payment accuracy optimization in our 7 Real Use-Cases of How FlexTrap Solved Real Problems Case Study +
The transaction data used in FlexTrap is stripped of any value to hackers. Even still, we make your data security a priority. It is processed and managed in our secure, private cloud.
Read our Privacy Policy here +