Chris Hutchins (Profectus Group)
Compliance and recovery solutions service provider Profectus Group is bringing Xelix's accounts payable and auditing solutions to the A/NZ region.
The exclusive reseller agreement means Profectus will resell Xelix's software, which sits beside existing finance systems acting as an intelligence layer to automate processes, spot payment risks and deliver meaningful insights.
Profectus historically helped clients at the enterprise level, as auditing took a significant amount of time and resources, CEO Chris Hutchins said. The agreement ensured it could broaden its market scope to businesses of all sizes and in any sector.
“The ROI for us and our clients was only realised when working with large-scale and complex businesses," Hutchins said. "But issues of financial erosion are not limited to the big end of town; small and medium-sized businesses face the same issues of overcharging or under-claiming."
For Xelix, the partnership delivered a unique avenue to Profectus' existing client base which included a “big four” bank, BP, Officeworks, David Jones, Temple & Webster, Barbeques Galore, Chemist Warehouse and about 20 per cent of the ASX 100, among others.
Xelix uses artificial intelligence and pattern-based detection to identify hidden threats and errors in transactional and master data, while minimising false positives. Its statement reconciliation module also automates the process of reconciling supplier statements, boosting account team productivity.
The platform would also help clients identify transactional irregularities – such as overcharging from suppliers or instances of non-claims on rebates – both historically and in real-time. From there, clients could claim to recoup those costs from their suppliers or vendors.
“The Xelix offering ensures not only can we help our clients identify discrepancies faster, but it will help them automate the process and free them to do more high-value work,” Hutchins said.
Profectus recently shifted its headquarters from its St Kilda to the heart of Melbourne’s CBD, a move it said would support future growth of its employee base.
Xelix CEO Paul Roiter said the partnership made perfect sense given Profectus' reputation for working closely with businesses across A/NZ, almost as an extension of the finance and accounts payable teams.
"Our agreement ensures mid-market organisations as well as large-scale enterprises can now make the most of our complimentary expertise," he said.
