Accruals, Claims, Terms
Financial Management
Promax provides Finance with visibility into predicted expenses by promotion, customer and product enabling insightful profit reporting. Promax provides the latest budgets and plans through a single data instance. Claims, which may arrive many weeks later, can be quickly and easily settled using Promax with direct alignment between the promotions and the claims. Promax provides visibility of accruals, paid claims and disputed claims. Settlement is quick and accurate and can be interfaced to the ERP or vice versa. The modern, open database architecture and reporting capability in Promax makes tracking and reporting the financial status of funds related to promotional plans an easy and simple process.
Claims and Accruals
Promax Claims & Accruals functionality significantly increases the efficiency of matching claims for payment with promotions — ensuring that all payments are reconciled for the amounts you want, for the activities you have agreed to fund. Spurious claims are immediately identified. Promax closes the loop between planning and settlement, ensuring that only claims referring to authorised promotions can be paid, and that unauthorised claims are identified. Eliminating unauthorised claims payments adds substantially to the bottom line.
Sophisticated functionality in Promax provides the ability to:
- utilise a single point of data entry, with the option to process claims in Promax and interface to ERP, or vice versa
- process complex multi-promotion claims
- track any number of claims against a promotion whether these are for co-op, rebates, case deals, or all three — the system will estimate and track the outstanding liability until the promotion is completed
- record off-invoice amounts either by entering them manually, just as claims would be, or by importing data automatically to ‘process’ the off-invoice quantities
- indicate which promotions should be closed using age analysis
- generate a range of reports to track the progress of each promotion, and report accruals by promotion, Account to total Accruals – as well as both Open Item and Current Period reports
- report on accruals of deferred promotional expenses, and interface to ERP systems
- store instances of the promotional plan, accruals and claims for post month-end analysis
- maintain detailed history for every claim and provide audit trails for claim history by Account
Closed Loop Reconciliation
At the end of the promotional cycle, Promax closes the loop by providing comprehensive expense reporting, including the ability to report total promotions planned, partly claimed and fully completed against any time period.
Detailed results of completed promotions can be evaluated both by item and to any level of summary. Companies can identify both the cost of promotions as well as their effectiveness. The system draws on ex-factory sales data to determine costs, and scan data to determine consumer incremental sales.
Promax provides full P&L analysis and full visibility of accruals, paid claims and disputed claims. The modern, open database architecture and reporting capability in Promax makes tracking and reporting the financial status of funds related to promotional plans an easy and simple process.
Deductions & Payments
The accuracy with which Promax tracks claims and payments while promotions are being implemented makes it easy to reconcile, with confidence, the deductions and payments associated with individual campaigns, customers or as a parameter of overall trade spend.
Promax allows operational and executive management to gain a clear understanding of the net impact of trade spend on the business. This, in turn, strengthens subsequent planning cycles, ensuring that promotion planning includes activities that generate optimal bottom-line results.
The ability to include accruals of deferred claims ensures that the reconciliation is an accurate reflection of actual results and that the numbers will not be compromised by claims submitted after period end. This is an important consideration for companies who publish quarterly results and annual reports.
Promax closes the loop by providing full account history and audit trails. It also stores versions of the promotions plan, accruals and claims for retrospective analysis.
