Optimisation of financial accounting: automatic validation
Bring out even more: utilize intelligent automation
Once invoice receipt, digitization and data acquisition are assured to the same quality and at very attractive unit costs, the next issue in the process can then be addressed.
Often the purely formal validation of transmitted invoice data presents the next opportunity to exploit untapped potential for optimization. If after entry into the ERP system this still requires visual inspection by the finance department, checking for completeness and back-checking with the associated order data, this can result not just in a loss of valuable time. Even classical processing errors typically occur on a day to day basis.
This is a status of affairs which in the worst case can regularly lead to non-utilization of prompt-payment discounts, erroneous bank transfers or even the payment of image-damaging penalties for late payment.
Upstream, formal validation creates ”space” for more important things
The solution: An immediate, formal validation of the extracted invoice data by the outsourcing service, expanded if needed to include a system with simple automation rules where incorrect records are encountered.
In this way incomplete or incorrect supplier invoices can be identified before they are handed over to the finance department, and returned if necessary to the supplier with a request for correction.
This would mean significantly fewer important resources being tied up in the finance department which could otherwise be utilized much more effectively, purposefully and profitably. Find out more about our accounts payable solution!
B B2017-01-12T14:18:14+00:00december 21st, 2016|Tips & tricks|Kommentarer inaktiverade för Optimisation of financial accounting: automatic validation