It can be cumbersome ensuring that vendors get paid promptly and accurately with a high volume of invoices flowing into a company daily. An accounts payable clerk needs to find and review all of the related documentation for an invoice. This may include an initial requisition, a purchase order, and packing slips. The issue is complicated when a supplier sends you a billing statement for several purchase orders. Some may contain full shipments and others partial shipments. All of which make it very difficult to organize and track. A Workflow solution can streamline and organize the process.
As invoices and statements enter Workflow, system work checks for related documents. The requisitions, purchase orders, and packing slips are matched as supporting documentation. The accounts payable clerk has all the necessary documentation to make a payment decision.
The clerk is alerted to documentation that is incomplete or missing. A task can be executed to pay the invoice in full or issue a partial payment. A full payment decision can be designed to trigger payment from the company's accounting system. If a partial payment is issued, a notification can be sent to the vendor. The notification tells the vendor that a partial payment is in order and invites them to login to the company's Web Server. Vendors can then participate in Workflow. They have access to areas and documents that you allow them access. They can review all the documentation and dispute or approve the partial pay. By involving the vendor directly in the payment process resolution, you can eliminate the need to send information back and forth.
The resolution and payment of invoices is both quick and accurate for you and your vendors.