An additional benefit of the solution is that IMS reduces the possibility of duplicates being paid, the system includes validation that picks up possible duplicates and alerts the AP team. This will reduce the estimated Â£80ꯠ per year that was previously being spent on duplicate invoices. Summary of key benefits : Increased control _ Increased efficiency _ Reduction in AP headcount by 4 people _ Elimination of manual data entry _ Reduction in lost invoices _ Elimination of duplicate invoices _ Reduction in time spent locating and chasing invoices.
Electronic invoices encourage organizations to discontinue the use of paper invoices, replacing them with a digital version of an electronically_generated tax document, which has the same legal validity as the traditional version and preserves a faithful record of all commercial transactions. In this way, the entire billing process can be administered electronically. However, it is important to remember that amount of Value Added Tax must be included on every Invoice.
One of the key strengths of the automated invoice processing operation is the tight integration between their finance system and IMS. This is based on a transfer of Shared Reference Data that happens nightly that ensures each system contains the most up to date information e.g. PO numbers, GL codes and new vendors. The outcome of automation _ The new invoice processing solution has considerably automated the AP department, this is resulting in an increase in control over the process. At the end of each month, the ERP system produces an AP Log report that lists all the invoices that are with the business users. It is expected that the slicker and faster process will lead to a considerable reduction in the number of items on this log.