Administrative Cost Savings through Invoice Verifications

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By incorporating strategic invoice verifications into the accounting process, an organization can significantly reduce the cost to process transactions and eliminate man-hours dedicated to invoice dispute and resolution. This paper discusses various types of automated invoice verification process, their purpose and the advantages stemming from a strategically implemented electronic payment program.

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Administrative Cost Savings through Invoice Verification

The cost of doing business. ,[object Object],[object Object],[object Object],1 http://www.unece.org/press/pr2007/07trade_p02e.htm 2 Gartner industry estimate. 2003. http://www.gartner.com/press_releases/pr24june2003e.html

Transaction data defined. ,[object Object]

The tiered approach. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Invoice compliance: Level I. ,[object Object]

Invoice compliance: Level II. ,[object Object]

Invoice compliance: Level III ,[object Object]

Invoice compliance. ,[object Object],[object Object],[object Object],[object Object]

Invoice compliance: complete. ,[object Object],[object Object],[object Object],[object Object]

Invoice compliance: valid. ,[object Object],[object Object],[object Object],[object Object]

Invoice compliance: accurate. ,[object Object],[object Object],[object Object],[object Object]

Bill duplicate filters. ,[object Object],[object Object],[object Object],[object Object],3 Association for Financial Professionals. Electronic Payments Survey. 2008. pg 3, 12.

Product-price verifications. ,[object Object],[object Object],[object Object],[object Object]

Product-price verifications: Contract price verification. ,[object Object]

Product-price verifications : Product-price tolerances. ,[object Object],[object Object]

Product-price verifications: Merchant-product verification. ,[object Object]

Cost savings that cannot be taken for granted. ,[object Object]

Multi Service. Innovation Where it Matters. ,[object Object],[object Object]

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: By incorporating strategic invoice verifications into the accounting process, an organization can significantly reduce the cost to process transactions and eliminate man-hours dedicated to invoice dispute and resolution. This paper discusses various types of automated invoice verification process, their purpose and the advantages stemming from a strategically implemented electronic payment program.

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