GEP SMART is designed and built to manage the full procurement process — from source to payment. Often, the final part of that end-to-end process is overlooked — payment.
Invoice payments are actioned by the accounts payable (AP) team, and ensuring that invoices are presented to your AP team in a fit state for processing and payment is a vital part of the procure-to-pay process. GEP SMART’s procure-to-pay solutions features intelligent, multi-way invoice matching capabilities. Requisition, purchase order, receipt and invoice are all in the same place and any variation in the invoice, from what is expected, can create an exception. But exceptions mean overhead for the AP team and delays in payment. Regular investigations into invoices can quickly overload the finance team.
The invoice management software lets your buyers resolve most of the issues that might cause an invoice exception. Price changes, quantity changes and other such exceptions can be managed through change-invoice and change-order processes, before the invoice even reaches your accounts payable team. You can specify the tolerance for variance, based on price, quantity and other key parameters, before anything is flagged off as an exception. This ensures that all the invoices that arrive for payment with AP have been scrutinized and correctly matched. And for those occasions when an invoice is submitted without an order, or on paper, or via email, GEP SMART can handle them all.