Invoice Reconciliation

OrderWare's Invoice Reconciliation Solution provides distributed and decentralized businesses with the ability to reconcile invoices automatically. This reduces errors, improves cash flow and streamlines transaction processing. This solution allows the capture of multiple document types, including order, ASN, order receipts and invoices and automatically reconciles these documents based on defined reconciliation rules. Quantity, product and price variances are detected, highlighted and managed. Key functional areas of the solution are:

• Receipt of vendor invoices
• Multiple transaction types for 3 and 4 way matching
• Configurable reconciliation process
• Matching logic and rules
• Variance alerts and reports
• Invoice approval and self billing
• Linkage to procurement systems
• Document integration
• Settlement

CEO’s and CFO’s face the need for ongoing process improvements in the Invoice Reconciliation process.   OrderWare’s Invoice Reconciliation solution delivers:

• Productivity growth - business growth on a constant resource base
• Support for multiple document formats - need to handle paper, B2B, EDI and other formats for vendor submission of invoices
• Performance Monitoring  – implementation of common KPIs to manage the workload and performance of the finance function
• Standard Service Levels – compliance and audit pressure for standardization of services amongst divisions in the handling of authorization to pay and submission for payment
• Compliance – automation, standardization and traceability of acceptance and payment procedures for invoices
• Simplified payables during mergers & acquisitions - the flexibility of system and processes allow businesses to adapt to changes in organizational structure
• Leveraged Growth - through the ability to expand supplier base without expanding the workload for finance staff
• Cost minimization – Invoice reconciliation can reduce over payment, duplicate payments, and penalties for incorrect or late payment
• Improved Cashflow - Improving the management of cash flow and tighter integration of purchasing and payments processes
• Enable eBusiness – allowing business partners to accept documents electronically and turnaround for payment within hours of acceptance.

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