Reminds vendors and collects accruals automatically.
Brightflag reminds vendors to submit accruals so you don’t have to. Vendors receive multiple notifications leading up to the close of each accrual period, and submit their unbilled estimates directly in Brightflag’s secure portal, eliminating the need for back and forth in emails and spreadsheets.
Review, adjust, and approve vendor accruals with ease.
Once an accrual is received, it can go through an optional review step. This is particularly helpful for corporate legal departments that want to apply their own level of scrutiny to unbilled estimates before sharing them with finance, which helps to avoid material over- or under-accruals.
Send accruals to finance automatically.
Accruals can be sent to finance automatically on a set schedule, eliminating manual work and strengthening the monthly close process. Accruals can be sent via email, SFTP, or API. Of course, legal ops and finance can always run a report on unbilled estimates on demand, too.
Compare prior accruals to actual billed amounts.
Brightflag provides an out-of-the-box report comparing prior accruals to actual billed amounts, so that legal ops and finance can partner with vendors to improve the accuracy of their unbilled estimates. This report is particularly valuable as part of a vendor quarterly business review.
Maintain SOX compliance with confidence.
Brightflag includes all the features your finance and internal audit teams require to maintain compliance with the Sarbanes–Oxley Act (SOX). Brightflag’s independent SOC 1 Type II audit report and related documentation is available to interested parties through Brightflag’s Trust Portal.
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