A client of ours had a problem: Their bill paying process was disorganized and spread out across mulitple systems, and created a mess of paperwork all over the place.  Worst of all, they had no way of knowing if the medical bills they were paying matched up with actual claims. The PayRec Application is the solution - it is a web based tool that allows a company to Pay and Reconcile invoices. It provides an easy to use front end to an accounts payable back end.

Provides the ability to

• Enter & Track Invoices
• Review & Approve Invoices
• Initiate Payment with Accounts Payable System
• Reconcile Invoices Against Claims

Access Controls
Access to PayRec is restricted to an authorized set of users who are assigned to different groups. The users can be assigned to different roles allowing them to enter, approve or administer the application. The system provides security that separates user roles so that a single user cannot enter, initiate and reconcile payments.

Detail Oriented
Detailed invoice information broken down by line items can be entered into the system. Invoices then go through a strict review and approval processes in which different users sign off on the payment.

After approval, the invoice is then sent to the company’s accounts payable system, such as Oracle AP, for payment. After the accounts payable system makes the payment, confirmation is then sent to back PayRec.

Verification
For company divisions such as benefits, invoices can then be reconciled against claim detail information that the benefits vendors provide in an excel or text file format. This file can then be loaded into PayRec and invoices can be reconciled automatically to the corresponding claims.