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Virtual Card Platforms







    Overview

    Gone are the days when businesses regularly used checks in their transactions. In fact, checks are no longer convenient in the current digital world. The current economic climate requires businesses to embrace technology instead. If your business relies on outdated systems and manual checks, consider shifting to virtual cards for accounts payable.

    In this digital payment solution, a 16-digit, randomly-generated card number is created for each vendor transaction between payer and payee. It modernizes the conventional processes, increasing accuracy and saving time. Many accounting teams prefer virtual cards because they’re convenient, highly secure, and cost-effective. Also, vendors that take traditional credit cards often accept this form of electronic payment.

    After receiving an initial AP spend document, the analysis identifies which vendors and suppliers are presently not being paid with a card, but that may be acceptors of card payments or that accept virtual card payments from other businesses.

    By increasing the amount of spend being paid in this manner, we will improve AP efficiency, reduce AP costs, better manage cash flow, and increase the “ROS” (Return on Spend) to the organization.

    Our Process

    consult

    Consult

    Access 16 cost-saving solutions spanning 4 subcategories (Utilities, Contract Services, Financial Services, and Commercial Real Estate). There is often one, or more, areas in which we can aid our clients.

    audit

    Audit

    Util Auditors deploys proprietary knowledge, methods, and superior technology to thoroughly analyze invoices and services for errors, anomalies, and inefficiency in billing. Clients can login to track the progress of each audit, at each location, in “real time” using our Client Portal.

    advise

    Advise

    An interim report of findings can be downloaded at any time during the audit process through your uView™ Dashbard. A formal report of our audit recommendations is provided by Util Auditors on every audit project.

    deliver

    Deliver

    Where some audit firms simply make recommendations, Util Auditors will assist you to implement the cost savings and obtain the refunds that we identify. We will act as your project lead, completing paperwork and compiling claim documents for your review that are required to realize the benefit of what we propose.

    achieve

    Achieve

    As a contingency-based service we only invoice for cost savings and refunds if, and after, the client realizes them.

    Visually Track Your Cost Savings With Our Proprietary Client Portal.

    uView makes it easy to effectively assess your audit in real time, view detailed savings and analysis reports, approve/ decline recommendations and communicate with your live auditor.

    uView dashboard laptop

    Relevant Insights

    Services You Can Trust

    At Util Auditors, we are passionate about serving our clients, increasing operating efficiency and cutting costs. We treat each client the same to identify cost saving opportunities, and provide the absolute best solutions. It is this consistency and commitment that allows us to continuously exceed the expectations of our clients.

    We have provided cost reduction services as well as utility refunds to over 275 clients including Fortune 100 and 500 companies.

    All Services

    See Our COVID-19 Cost Containment Resources

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