Alignment of receipts, invoices, purchase orders, and bank statements, is very critical for accounts payables, supply chain, and vendor management. Most organizations have significant spend on goods and services from external vendors, making accurate invoice reconciliations and on-time vendor payments very important.
Enventure provides invoice reconciliation services which are lean and strong on process and driven by systems, to ratify vendor invoices to ensure your payments are in-line with receipts and complies with all PO terms and conditions. There are several invoice discrepancies that may exist in invoices, and the commercial and cost impact of these issues may be significant. Some of the common flags raised during invoice reconciliation relate to:
Reconciling invoices is often a tedious and time-consuming process but is always worth the effort considering the cost implications. One of the main challenges with invoice reconciliations is the fact that all the key terms such as payment terms, penalties for bad quality/delayed delivery, percentage of discounts, etc. vary from vendor to vendor. A well-defined process and system for invoice reconciliations will help organizations to avoid any discrepancies in invoice payments.
Our invoice reconciliation services are proven to deliver significant direct savings, reduce process cycle time, reduce operating overheads and improve vendor relations.