Release v2.51 - New Features & Fixes

Modified on Thu, 25 Apr 2024 at 02:16 PM

Release Date: 04.16.2024

TABLE OF CONTENTS

Key New Feature Launches

Purchase order matching

Module: Accounts Payables >> Area: Invoice automation >> Deliverable: PO Matching

  • Use case: Accounts Payable teams utilize Purchase Orders (POs) as a means to regulate expenditures and oversee inventory management. It's crucial for teams to compare invoices with both the purchase order and receipt. This ensures accuracy regarding the items ordered, their quantities, and the corresponding rates applied.

  • Summary of update: Centime takes the pain out of PO-based invoice processing, by automatically linking incoming and comparing invoices with purchase orders and receipts, flagging any mismatches, and enabling AP managers to easily connect with other stakeholders to resolve these mismatches. This significantly reduces the time taken to process each PO-Invoice while enforcing proper controls and reducing risk.

Positive pay

Module: Accounts Payables >> Area: Payments automation >> Product theme: Payment automation >> Deliverable: Positive Pay

  • Use case: Positive Pay is engineered to streamline and enhance the security of the finance team's management of payables through checks. Centime's automated generation and delivery of check issue files significantly reduce the workload and mitigate the risk associated with processing fraudulent checks.

  • Summary of updateCentime provides two options for Positive Pay implementation:

    • Automatic File Transfer via SFTP: If your bank supports it, Centime will seamlessly deliver the check issue file directly to your bank's server.

    • Manual Delivery: Regardless of your bank's capabilities, you can opt for manual delivery of your customized file for communication.Learn more: Knowledge base 

Invoice delivery 

Module: Accounts Receivable >> Area: Customer & Invoice tabs  >> Product theme: Collaboration and issue resolution >> Deliverable: Invoice delivery

  • Use Case: Centralize all collections communication within Centime, establishing a unified communication channel from invoice delivery to payment collection.

  • Update Summary: Centime will automatically dispatch both new and revised invoices to specified contacts.

  • Learn more: Knowledge base 


Feature Enhancements

Supplier portal enhancements

Module: Accounts Payables >> Area: Payments automation >> Product theme: Streamlining Supplier Management & Optimizing AP payments >> Deliverable: Supplier portal enhancements

  • Use Case: The supplier portal empowers vendors to self-manage their payment details, facilitating AP users in transitioning more vendors to electronic payments.

  • Update Summary:

    • Increase Payment Detail Collection Success: Centime will automatically send reminders to users who have not finalized their details after 5 and 10 days post-update. Users can manual resend the request & modify the email address at any time. 

    • Drive Automation: When suppliers updated payment settings in the Supplier Portal, clients needed to manually review and approve these details. Moving forward, clients will have the option to set global preferences for Check, ACH, and Credit Card payment methods, enabling automatic acceptance of payment settings provided by suppliers.

  • Learn more: Knowledge base 

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