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Exceptional Invoice Review Procedures

004 Invoice Review Procedures Template Ic Purchase Order Approval Exceptional
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Invoice Review Procedures

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 £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.

Another outcome is an increase in efficiency; the AP department can instantly find an invoice without having to waste time chasing the business users. With approximately 70% of the invoices now matching the PO immediately, a considerable amount of invoices only require scanning, after which the process is entirely automated. This efficiency has directly resulted in a reduction in the number of people required in the Accounts Payable department; before the system was installed the team consisted of 13 people and there have been reductions in headcount, as the AP manager substantiates: "The IMS system has increased efficiency in our Accounts Payable department to such an extent that on full implementation we expect to reduce our headcount by 4."

Integrated retrieval _ Invoices can be retrieved from IMS at any stage, the full audit trail and a history of the workflow determines exactly where in the process each invoice is. It is also possible to retrieve invoices directly from their ERP system due to the integration with IMS. The full audit trail is vital as they have to comply with Sarbanes Oxley legislation. The IMS solution is used to assist in this compliance, with the audit trail providing a complete history of the lifecycle of each document.

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Invoice Review Procedures

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