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GRAND RAPIDS, Michigan., June 28, 2021 / PRNewswire / – Today, PM360 introduced CLIR Financials, its invoice automation software that offers a new way forward for TV media financial operations. CLIR Financials is uniquely designed to solve invoice header issues, one of the most persistent sources of challenges that media finance and buying groups have faced for years.
When stations bill agencies for completed campaigns, agency purchasing and fundraising teams must approve or dispute each invoice they receive. This requires analyzing every detail of the invoice – starting with the most basic information such as the brand and product being advertised, and the specific campaign the invoice applies to. This master data and others like it are usually entered in the first field of the invoice: the invoice header.
Due to inevitable human errors, agencies often receive invoice headers with inaccurate or missing information. It’s up to the agencies – who have more in-house experience with each invoice than the salespeople – to find the exact information and correct header issues. In practice, this means that agency teams constantly have to sort and cross countless station files to find the right data and complete each header. The process is further hampered by the challenges of shuttling these details between teams and departments, and wastes a myriad of hours each year at media and agency finance groups.
So far, no truly effective solution to the problem has emerged. While EDI has automated similar billing issues in the past, EDI is built around shared standards and header information has never been included in industry standard billing guidelines. television. Instead, agencies need to hire high-priced invoice processing companies to help manage the ensuing workload.
Today, PM360’s CLIR Financials provides the automation long needed to solve these billing issues. To do this, CLIR Financials relies on another PM360 CLIR product already in use by agencies: CLIR Flight, which agencies use to manage delivery data – the same information they cross with erroneous invoice headers. or empty. CLIR Financials scans the agency mailing logs recorded in CLIR Flight, identifies the correct information and transfers this data into the invoices themselves. As a result, agencies can immediately have the complete and accurate header information they need, even if they receive inaccurate or incomplete invoice headers from partner stations.
Meanwhile, since the PM360 CLIR products are compatible with all major industry data transmission formats, agencies can use CLIR Financials to directly transfer station invoices to the agency’s media management systems. This frees up agency teams from the considerable work they normally face entering the invoices they receive into the system.
These billing benefits are in addition to those already offered by CLIR Flight. CLIR Flight identifies and alerts buyers and sellers of in-flight campaign discrepancies, and the verifiable chat tools team they use to change what needs to be fixed, long before the corresponding invoices are issued. This considerably reduces the number of divergent invoices, often to zero.
Larry shiels, SVP, Buy-Side Solutions, PM360, explained why CLIR Financials is a solution whose time has come. “Managing invoices is one of the most basic tasks involved in running a business, and yet, for too long, it has been a tangle of complications for media companies buying television,†observed Shiels. “CLIR Financials dramatically simplifies the process, improving the efficiency of multimedia bill payments and helping agencies recoup time and resources lost due to header errors, incomplete or incorrect data all these years. . ”
About PremiumMedia360
PremiumMedia360 helps media companies and sellers buy, sell and partner more effectively, empowering them to take control of the data that drives their interactions. Its reporting and collaboration tools dramatically reduce the time and resources required to understand where campaigns are at, from ordering to invoicing, and prepare media companies to operate in new formats and standards such as TIP. The result: broadcast recordings stop being bottlenecks and begin to be the source of business information they should be. Learn more at www.PremiumMedia360.com.
Contact:
Abe mezrich
[email protected]
SOURCE PremiumMedia360
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www.premiummedia360.com
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