SaveNet digitizes and automates the invoice finance processes for SACCOs and lenders, reducing costs and enhancing risk control. It does this by combining open accounting technology with sophisticated shadow ledger capability. The new solution, which is available on the lauded SaveNet platform, promises to save accounting officers up to four hours per client each month by eliminating the hassle of month-end reconciliations altogether.

“Although invoice financing can be a lifesaver for cash flow, it has been hampered by lengthy manual procedures that are more demanding for firms and difficult for lenders to oversee than term loans and overdrafts.” Said Muhumuza Gilbert, Head of Sales at tricsoft technologies.

“We have directly addressed these problems with SaveNet. With our recently released solution, creditors can now view a full sales ledger that consistently matches their clients’ records and have secure, direct access to real-time data from the accounting systems of their clients. This relieves clients of the laborious task of manually submitting invoices as well as the time-consuming month-end reconciliations.”

Key benefits of SaveNet include:

• Get rid of month-end reconciliations, saving each client up to four hours a month, automated synchronization of the lender’s and their clients’ views of the sales ledger, doing away with the necessity for manual disapprovals and month-end reconciliations.

• Total oversight without any hassle, complete control without requiring physical involvement. SaveNet combines the day-to-day ease of invoice discounting with the risk controls often associated with factoring, by offering rapid access to real-time financial data from clients’ accounting packages.

• Advanced Shadow Ledger technology provides extensive visibility at the invoice and debtor level, resulting in increased clientele and improved risk management. Precise sales ledgers provide enhanced reporting, an abundance of analysis, and precise, prompt risk control on a large scale.

• Better client experience: Provides clients with a clear picture of their financing position via the SaveNet Client Portal, eliminating the need for laborious month-end reconciliations and manual uploads.

SaveNet is poised to revolutionize invoice finance with capabilities including live data access, automatic rejection calculations, and easy interaction with a variety of third-party applications for improved reporting and risk management.