Beating Fraudsters at Their Game: Insights on How Procurement Solutions Help to Curb Fraud (Published May 30th, 2019: MWUG Spring Newsletter) Fraud cases are on the rise. Today, many businesses fall prey to fraudsters, thanks to technological loopholes. Fraud has adverse effects on an enterprise regardless of the size. Among the main outcomes of fraud…
Replace manual, paper-based processes and spreadsheets
iVoucher™ is a cloud supplier invoice reconciliation solution. ISS Group is an authorized reseller of iVoucher which was developed by Easy Access, Inc. iVoucher™ automates the invoice reconciliation process for both PO and non-PO invoices and provides functionality including OCR invoice import and capture, invoice pairing and matching with PO’s/receipts, invoice approval routing, and ERP A/P voucher creation.
How Our Clients have Utilized the iVoucher Invoice Reconciliation Solution to Improve Business Efficiency
iVoucher Features and Benefits Include:
- The ability to scan and view invoices
- Data is automatically imported into your AP system
- Automatic reconciliation of supplier invoices with PO’s and receipts
- Non-matched invoices are sent through the approval process
- Eliminate late payment fees
- Reduce administrative cost and time
- Obtain better visibility and audit-ability of the supplier invoices
- Take advantage of supplier discounts
With iVoucher Companies Achieve Savings Through Four Key Factors
Eliminate manual data entry and need to hire more staff
More Visibility. Centralized Platform
Provide AP with visibility to see all invoices in approval process
Elimination of Paper Forms
Touchless Invoice Processing
Auditability and Accountability
Have the ability to track issues associated with each “problem” invoice
Key Product Features
Automate AP & Lower Transaction Costs
Get control over the entire invoice handling process with innovative, efficient and cost-effective invoice automation
Significantly reduce time and cost of your organizations AP personnel – We do the heavy lifting…!
Real-time integration with QAD SE & EE means data is automatically imported into your AP system
Data capture – using OCR providing the ability to scan and view invoices
Data is automatically imported into your AP system
Automatic reconciliation of supplier invoices with PO’s and receipts
Non-matched invoices are sent through the approval process
E-Invoicing for A/P
Process both PO and non-PO Invoices into QAD A/P Vouchers
Workflow Functionality for Dispute Resolution
Take advantage of supplier discounts
Tools for searching, coding and approving invoices
Eliminate late payment fees
Reduce administrative cost and time
Obtain better visibility and audit-ability of the supplier invoices
Streamline and Improve Supplier Invoice Processing.
Reduce Errors and Take Advantage of Supplier Discounts.
Supplier Invoice Reconciliation Efficiency
Supplier Relationship Improvement
When you have sound and efficient supplier relationships, you get the supplies and services that you need quickly and at the lowest cost.
Key factors for improving Supplier Relationships include:
- Pay invoices in a timely manner. Many suppliers will offer discounts if you can provide faster payment. By having better pricing and faster turnaround, you can also start to speed up the quote-to-cash process. Some of the savings that you acquire from suppliers can also be passed to your clients. This will allow you to turn more quotes into cash, having a direct impact on your bottom line.
- Create channels for consistent communication. Communication is the key to any healthy relationship, and it’s a good point to keep this in mind when dealing with suppliers. Communication will create transparency on both sides of the channel and prevent hiccups or missteps, like incorrect inventory count or missing purchase orders. Having the right tools in place that allow both internal and external teams to quickly communicate and share documents and other information will help facilitate a more transparent, even-sided conversation.
- Dish out blame evenly. Pointing fingers during a dispute is instinctual, but it’s important to distribute blame on all sides. An easy way to ruin a relationship with a supplier is to place all the blame on their processes when things go awry. When communication isn’t clear and dilemmas occur, it’s important to look at the situation from both sides of the transaction critically. Opening the floor to a conversation around the issue and realizing that both sides are likely at fault shows respect, translating to a better relationship and smoother future processes.
- Create transparency through technology. Trust is critical for a constructive buyer-supplier relationship, and the best way to build trust is to establish transparency. By using a fully integrated procure-to-pay system, procurement is able to access real-time information that they would typically have to request from their supplier. This also saves time, as procurement no longer has to try to contact a supplier by phone or email. By simply logging into a platform, they can get what they need right then and there. Technology also simplifies basic tasks like ordering more supplies and renewing contracts. Digitizing key processes like these eliminates the chance of error and creates a satisfactory transaction system for both parties.
ISS Group offers an integrated set of solutions called Supplier Relationship Improvement (SRI). Our on-premise or cloud based solutions digitize your business processes providing your organization with the right tools for global process standardization, practicing consistent communication, responsibility and patience and reduction in the process cycle time allowing buy-side organizations to create more effective relationships with their suppliers and well-run operations.
Learn More About Supplier Invoice Reconciliation with iVoucher
ERP systems play a vital role in the enhancement of a business’s back office functions related to technology, human resources, marketing, manufacturing, finances, and much more. Many companies are realizing that the functionality of these processes can be further enriched by integrating their ERP software with automated (processes and systems largely operated by technology) solutions…
Many businesses strive to maintain good relationships with customers, however unfortunately forget their supplier relationships. They neglect suppliers and do not bother to establish good relations with them. Suppliers are a fundamental part of your enterprise that you should not overlook. Developing a great supplier relationship is a crucial part of business survival and success.…