Automatic or explicit receipting ensures streamlining and control. Scanned invoice registration eliminates time-consuming, error prone manual invoice entry. The introduction of a 3-way matching fits the process for all types of goods and services. Administrator-defined tolerances and exception-orientated matching facilitates pragmatic processes. Furthermore, workflow guides Accounts Payable and the originator through appropriate resolutions.
This purchase invoice entry and registration allows for all invoices to be sent directly to finance, there is no flow of paper invoices around the organisation. The individual department no longer need to code up invoices, so there is the elimination of transcription and transposition errors in the coding.
There is a time saving for the departments that can avoid the need for manual invoice approval processes and the finance team benefit from no longer chasing confirmation of receipt and approval for payment. The speeding up of the invoice receipt, registration and payment cycle means that, generally, suppliers can be paid on time and perhaps early settlement discounts taken as a result.
Auto-generation of payment release streamlines supplier payments. Part-payments and retentions maintain complete control over payment. Status updates made from your financial system retains complete transaction history.