Efficient procurement and invoicing with enhanced transparency
Efficient management of invoices is crucial for procurement processes, and EffiGO’s digitization solution can assist organizations in optimizing invoice management, resulting in significantly improved efficiency and accuracy.
Revamp Your Legacy Invoice Processes With Automated Invoice Solution
Large-scale invoice processing can be a major drain on time and resources, particularly for organizations receiving hundreds of monthly invoices. In traditional accounts payable departments, a significant amount of time is spent on the manual entry of invoice data into a central accounting system, increasing the likelihood of human error and the possibility of misplacing or forgetting paper invoices.
Streamline complex invoice procedures to minimize approval delays, foster supplier transparency, and prevent disputes. Utilize digital invoicing to instantly communicate with buyers and focus on building robust supplier relationships.
Effortlessly Manage Invoices and Boost Procurement Performance
Non-PO invoicing
- Create an Invoice without PO for one-time services, such as consulting fees, or for emergency purchases where there isn’t enough time to generate a PO.
Invoice and receipt matching
- 3 way matching of invoices to purchase orders and receipts
- Single invoice for multiple receipts
Invoice taxation and WHT
- Compute taxes and capture WHT(with holding tax) against the invoice
Configurable indexing and processing workflows
- Option for either suppliers or buyers to create invoices
- Provision to configuring Indexing of the invoices and the workflows needed for management of invoices from various regions/offices.
Supplier payment transparency
- Empower suppliers to view the status of their invoices and payments
Efficient Invoice Management For
Optimized Performance
Various Invoicing Options are Available
- PO-based
- Direct/Non-PO invoices
- Advance invoices
- Service Invoices
- Import invoices
Supplier Collaboration
- Provision for suppliers to create invoices
- Visibility to the supplier of the invoicing process
Auditing and Payment Ease
- Three-Way Matching between GRN, ASN, and Invoices
- Instant invoice acknowledgments to the supplier
Highlighting Customer Success Stories
FAQs
What is invoice management and why is it important for procurement?
Invoice management is the process of receiving, reviewing, and paying invoices from suppliers. It involves verifying that the goods or services listed on the invoice were actually received or rendered, and that the prices and quantities match the corresponding purchase order or agreement. Invoice management is important for procurement because it helps organizations to ensure that they are paying the correct amount for the goods and services they receive, and that they are not overpaying or paying for items they did not receive. It also helps to improve the efficiency and accuracy of the procurement process.
Can the system handle different types of invoices, such as PO-based or non-PO-based invoices?
Our solution can handle different types of invoices, such as PO-based, non-PO-based, direct, advance, in-bound, import, and services invoices, all from a single platform. This feature makes it easier for organizations to manage their invoices, regardless of the type of invoice they receive.
Can I customize my invoice templates and fields to suit my specific requirements?
We can configure indexing and processing workflows as per your needs, which means that you can customize your invoice templates and fields to suit your specific requirements. This feature reduces errors and improves accuracy in the invoicing process.
Can the system enable me to match invoices against purchase orders or receipts?
The system can automate the process of matching invoices against purchase orders and receipts, which can improve the accuracy and efficiency of the invoice reconciliation process. This feature is called the Three-Way Matching between GRN, ASN, and Invoices.
Can I set up approval workflows for invoices?
We can easily configure and set up approval workflows for invoices. The configurable indexing and processing workflows feature enables you to create customized approval workflows based on your organization’s specific requirements. This feature can help to ensure that invoices are approved and processed quickly and efficiently.
Can the system handle exceptions or discrepancies in invoice matching?
You can easily handle exceptions or discrepancies in invoice matching. The procurement digitization solution is designed to identify and flag any discrepancies or exceptions in the invoicing process, allowing for quick resolution of any issues that may arise.
Can the system integrate with my ERP or accounting system to automate the payment process and update financial records in real-time?
We have the capability to integrate with your ERP or accounting system to automate the payment process and update financial records in real-time. This feature streamlines the payment process and improves the accuracy of financial records.
