How can I streamline and automate my invoice reconciliation?

Many companies are striving to improve their efficiency and accuracy, especially when it comes to managing supplier invoices. An automated control process off the invoice is a key to improving the entire supplier flow. Here we go through the different parts of the process.

What are the benefits of automating invoice reconciliation?

Automating the invoice reconciliation saves time and frees up valuable working time that can be used for other tasks. It also means reducing workload as the manual review and correction of invoices is drastically reduced. With an automated process, security is created in that only correct invoices are handled, which gives the company a reliable overview.

In addition to getting more time, less workload and higher security, communication with your suppliers is also improved, which in turn leads to more effective collaboration.

How does an automated invoice reconciliation work?

Automated invoice reconciliation is a process that handles all types of digital invoices, regardless of whether they come via EDI, supplier portal or scanning system.

Here are some key features:

• Only approved invoices
  Only invoices that have passed reconciliation are approved and entered in the business system.
• Errors are filtered out
  Incorrect invoices are identified and stopped within the business system.
• Early identified deviations
  Deviations in invoices are detected early and the invoices are automatically sent back to the supplier.

How does automated invoice reconciliation improve data quality and supplier relationships?

Automated invoice reconciliation also allows data to be collected to identify improvement actions. By analyzing the invoices, companies can, among other things, update basic data, for example price lists that are not correct. You also gain insight into recurring errors or deviations with suppliers and can create a better dialogue with them based on statistics and information.

Are there custom dashboards and reports?

Yes, there are custom dashboards and reports tailored to your company’s needs and desires. This provides ongoing updates and insights, as well as reports at set times or on demand.

Summary

By implementing a system solution with automated invoice reconciliation, companies can manage their invoice flow, reduce the control load and ensure high quality of internal processes.

Contact us

Do you want to know more about PipeChain’s system solution with automated invoice control and validation? Or do you have more questions about how PipeChain can help you? Contact us directly at sales@pipechain.com.

Read more about our system solution here: pipechain.com/order-based-collaboration

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