Invoice Approvals and Matching
Purchasing module facilitates the creation, maintenance, and analysis of purchasing activities within your organization, such as the management of suppliers, and the procurement of goods and services. The module creates customized approval rules providing the ability to hasten approvals and order placement for the timely receipt of inventory stock. Purchase management streamlines the purchasing and inventory control process of an organisation for greater efficiency and lower costs.
For companies involved in sales and distribution, it’s a helpful tool in generating automated sales invoice and request for quotation. Requisitions will be properly managed and queued so no customer is left behind. Should there be price variances or any irregularities or inconsistencies in pricing, all you need is to run it through the system. Generation of reports according to the company’s needs and requirement is also possible to achieve. Whether it’s your spending versus time, spending versus supplier or spending per product, reports can be generated easily and conveniently.
Reduce time spent on most tasks related to a purchase
Easy Access to History with a Digital Archive
Easily find previous orders, retrieve information about how much has been ordered from a vendor over a period, retrieve reports on orders related to a budget, etc.
Ensures Good Data Quality
Ensures that correct Purchase Order number is assigned, and that all purchaser use the same Purchase Order data
Simplify internal Approval
Have a complete overview of which purchase orders are for approval and with whom
Get all the relevant information in one place
Improved Data Security
Decide who should have access to view, change, approve data in the purchasing system
Real-Time Budget Control
Get full control by having a “live” picture of how much is committed on a budget at any time
Less People Dependent than with Manual Processes
With a system in place you are no longer dependent on the internal IT expert or knowing what is sent from the mailbox to the individual
The system monitors what they can purchase and how much they can spend – there are business rules and terms of engagement that the system will enforce. A purchase requisition is simply a tool to roll out to your wider user community that easily enables raw data capture.
The requestor completes a simple web-based form and hits Submit. The data then begins obeying a set of pre-defined rules set by your workflow – we can help you set them up. The bottom line is it should be seamless, transparent and effortless for all the people in the chain.
Surprisingly, many companies simply don’t use purchase orders. We believe this is a fundamental error in business practice. The lack of using purchase orders allow opportunities for misunderstandings to take place between buyer and seller.
A Purchase Order document allows for easier auditability, traceability and most importantly accountability. Furthermore, we have internal systems in place with our platform that empower buyers to trace any errors on their POs to the suppliers before the suppliers are aware of such errors. This allows the Approvers to only approve valid requests that they know are within budget.
Our receiving module for goods/services is a formal receiving process that is fundamental to any eProcurement tool.
The receiving module enables your originator to log both receipt and acceptance of the items or services they ordered.
In the system, you can automatically accept items and/or services at the book-in stage.
Invoice Approval and Matching
One key feature in the Purchasing Module is the 3-way matching. It is easy to manage, keep track of the timelines and above all have reports and alerts that keep all stakeholders informed about payment schedules and status as it integrates with our Finance Module.
The end result is an accurate data that can then be fed into our Financial Module for the vendor’s check run.
Our process of Invoice Matching ensures the smoothness of handling provider bills and corresponding payments.