RESEARCH TRIANGLE PARK, NC — The Management Information Systems Group, Inc. (MISG) and Custom Technology Solutions LLC. (CTS) have announced an agreement to jointly provide a new financial settlement tool for the automotive aftermarket. Pro Settlement enables warehouse distributors and retailers to automate the process of reconciling invoices to purchase orders and eliminate manual activities.
Distributors and retailers typically utilize extensive manual activities to audit, track and manage the settlement process, driving significant costs throughout the purchase-to-payment business cycle. Pro Settlement eliminates these costs by leveraging two core competencies: MISG’s document management and delivery service and CTS’ analytical software applications for financial settlement.
MISG will provide account management, document delivery, network management and customer support. CTS will provide remote processing services, data storage and security, and application maintenance.
“Our experience indicates that much of the distributor base in the light vehicle and heavy duty aftermarket cannot quickly reconcile, audit and manage the financial settlement process, which results in lost time, errors and higher costs,” said Nadeem Mazhar, CEO of CTS. “Pro Settlement provides a way to not only lower internal labor costs but also provides clarity to the entire procurement cycle, while enhancing cash management and audit capabilities.”
Specific features of Pro Settlement include the ability to manage and track purchasing dollars from PO to invoice by vendor; audit and reconcile all purchases, payments and accounts payables; analyze the purchase/payment cycle by supplier, purchase order and SKU; and automatically track billing and costing discrepancies.
Documents used to fuel Pro Settlement are transacted over Internet-based networks, and analysis and reporting applications are managed in a secure hosted server environment. The ASP-based solution eliminates the need for companies to purchase, maintain, upgrade and support expensive software packages. Pro Settlement, including its EDI document delivery network, data analysis and reporting capabilities will be continuously updated as technology advances without the need for users to worry about upgrades, software versions or implementation.
“Our partnership with CTS creates a unique solution for distributors and retailers to manage an area of their businesses that is critical but to this point has remained a manually intensive process,” said Earl Losey, vice president of sales for MISG. “To help users gain efficiencies, we will position Pro Settlement as an affordable, cost-effective solution.”
Custom Technology Solutions is a Texas-based LLC providing information technology and data warehousing solutions to the automotive aftermarket.
