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Monday, 07 November 2022 10:55

Profectus Group brings Xelix to Australia

By
Profectus Group CEO Chris Hutchins Profectus Group CEO Chris Hutchins

Compliance and recovery services provider Profectus Group has signed an agreement to bring accounts payable and auditing solutions Xelix to Australia.

Under the agreement, Profectus will resell Xelix’s solutions in the region.

The Xelix software sits alongside existing finance systems, acting as an intelligence layer to automate processes, spot payment risks, and deliver meaningful insights.

It deploys artificial intelligence (AI) and pattern-based detection to identify hidden threats and errors in transactional and master data while minimising false positives.

Its statement reconciliation module automates the process of reconciling supplier statements.

Xelix help clients automate reconciliations and identify transactional irregularities—such as overcharging from suppliers or instances of non-claims on rebates—both historically and in real-time.

Clients can 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,” said CEO Profectus Group CEO Chris Hutchins.

“This level of real-time analysis augments our deep expertise on compliance, and we anticipate that the Xelix solution will enable Profectus to identify more issues for businesses across the region than ever before.”

Enterprise level compliance and audit expertise now available to mid-market
The agreement ensures Profectus can also broaden its market scope to assist businesses of all sizes and across any sector for the first time.

“We’ve historically helped clients at the enterprise level, as auditing takes significant amount of time and resources to undertake,” said Hutchins. “The ROI for us and our clients was only realised when working with large-scale and complex businesses.

“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. Xelix’s real-time analysis of transactions means the audit side is no longer as intensive and it ensures that we can deliver the same level of analysis and expertise normally reserved for big businesses to mid-tier organisations, which to date have been underserved on this front.”

Agreement fosters expansion for both companies
In addition to this agreement, Profectus is also transferring its headquarters from its St Kilda office to Melbourne’s CBD—a move that will support the expansion of the company’s employee base with growth in the mid-market space expected as a result of Xelix’s agreement.

Meanwhile, the agreement facilitates the arrival of the Xelix platform in Australia.

Its partnership with Profectus delivers the company a unique avenue to an existing client base which includes a “Big Four” bank, BP, Officeworks, David Jones, Temple & Webster, Barbeques Galore, Chemist Warehouse and about 20% of the ASX 100, among many others.

“Profectus has a great reputation of working closely with its clients as a compliance and recovery insider, almost an extension of the finance and AP teams for many businesses across ANZ,” said Xelix CEO Paul Roiter. “It made perfect sense to partner with them and help their clients and future ones to avail of a world-leading technology that will help Profectus focus on key compliance issues that their expertise is best-positioned to deliver. Our agreement ensures mid-market organisations as well as large-scale enterprises can now make the most of our complimentary expertise.”

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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