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Traditionally, procurement used to be a pursuit that focused on cost-savings above all else. However, with the rise of digital technologies and the promise of better efficiencies, this front of businesses is experiencing a shift.
Organizations today are exploring systematized and transparent processes that enable end-to-end visibility in procure-to-pay. This makes it possible to support organizational goals and achieve desired outcomes on better timelines.
Let’s explore the three critical aspects of mastering payment and reconciliation:
Accurate, timely invoice recording is the foundation of the entire P2P process.
Invoices document the products or services delivered, itemize prices, taxes, discounts, and any outstanding payments. They also detail payment methods, such as credit cards or checks, and provide key data like amounts paid and taxes levied.
Automating invoice retrieval can significantly streamline this step. Automated reconciliation software quickly extracts relevant payment details, eliminating the need for manual labor.
For a customized solution, no-code platforms like Hubler allow you to develop software that consolidates payment and tax data across all invoices, making it easier to compile reports by date, payment amount, or other custom parameters.
Overall, make sure you implement a system that ensures consistent tracking and organization of all invoices. This will help you avoid missing or misplacing important documentation, which can cause payment delays or inaccuracies.
Payment matching is the process of matching the invoices against POs and GRNs. Again, it is an operational chore, especially when dealing with hndreds of invoices from vendors and all of the documents live in different repos. To eliminate this inefficiency, use software that automatically matches invoices with POs and GRNs.
The software must automatically verify and highlight mismatches and incomplete orders. Any flagged invoices can then be manually verified and paid out.
Reconciliation of tax is the process of comparing two sets of taxation details for the same goods or services with the actual purchase and sale details. This exercise helps you claim your input tax credit accurately and eliminates omissions or errors in taxation.
Taxation is a complicated process involving tracking goods and services' movement through various vendors, service providers, etc. It is, therefore, important to consider implementing automated solutions to track applicable taxes, offsets, and the accurate amount of input tax credits.
Automated calculations for tax reconciliation help you avoid duplicity when filing taxes, saving you money. They also help you identify leakages with input taxes when invoices are missing.
Bonus Tip: Build stronger vendor relationships by using tools that allow easy communication and information sharing. This helps quickly resolve any issues, speed up invoice approvals, and keep deliveries on track.
Procure-to-pay processes involve many manual tasks, such as data entry, tallying, cross-checking, and verifications. Given the sheer volume of requisitions and tax details that organizations generate every day, consider automation to ease the repetitive tasks in this process and accelerate operations.
With Hubler’s no-code platform, you can configure your business rules in our ready-to-use, flexible procure-to-pay software using drag-and-drop functionality. Unlock the full potential of procurement operations with no-code automation
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