Digital transformation in the field of Accounts Payable has been tough to carry out, given that invoice operations are inherently complex and place a lot of dependency on human effort. As with any other technology, this is just another hill to climb in the right direction. Reducing the burden on manual labour, minimising errors, identifying fraudulent claims and avoiding duplicate/missed invoice payments are some of the advantages of automated invoicing. Studies suggest that up to 60% of invoices do not match the final quotations, which leads to further delays in payments. The time has come to automate and digitise your freight invoice processing and profit from it. Automated freight invoice processing Automated freight invoice processing involves matching invoices with the original quotation and sending them for payment with zero human help. Automated systems instantly notify the vendor in case of any discrepancies found in the invoices, saving a significant amount of time as a manual follow up is not required. GoComet’s innovative software solution – The invoice reconciliation module, makes it possible to auto-approve invoices, reject duplicate invoices and improve the auditing process. It provides a unified dashboard where the vendors can upload their invoices, and from there on, the entire process is automated. The module guarantees accurate matching with the help of Optical Character Recognition (OCR) technology. The adoption of a smart solution hence helps streamline existing processes and maximise the efficiency of operations. Why is it essential to move away from manual invoice matching? Not only is invoice matching a painful process but also a tedious one. It is document-intensive and takes up a lot of manual resources to get the work done. In a traditional scenario, invoice processing involves the following steps: While Accounts Payable (AP) teams handle invoice processing, there are times when invoices are sent...
Freight Invoicing
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May 22, 2018This is your Auditor speaking, happy Friday to you. “Of the total 3600 shipments sent last year, please explain why in 2796 cases, export vendors with lowest quotes were ignored to give export orders to vendors who quoted higher prices. Please explain what kind of negotiations were done with the vendors for these 2796 shipment orders and disclose if any of the vendors who received the orders were known to you in a personal capacity. Please send your response with copies of relevant documents by Sunday evening, so the same can be attended to on Monday morning.” Now, who loves an audit? Except for Auditors of course. In an import/export business where for each inquiry one needs to deal with multiple vendors, maintain multiple rate sheets, comparisons sheets of actual versus contracted rates, compile approval documents, reports and whatnot, this work is such a hassle that generally people are not able to maintain cent percent accuracy. Then at the time of audits, revisiting the past matrix of sheets and notes requires a mammoth investment of time and money both from the team and auditors. Time can be as high as 250 man-hours annually. And as usual, despite all the digging, Auditor would ask for the details that couldn’t be found. These folks for sure have a sixth sense. But there’s one more set of professionals who don’t mind audits. Ones who use GoComet to manage their logistics process. Audits are a piece of cake for them. Or let’s say “peace” of cake. So why GoComet users aren’t perturbed by audit? Here’s why: Your biggest audit worries would come from selecting a vendor whose quote wasn’t the lowest. Naturally, everyone wants to know why you overlooked a better rate and opted to do business with an expensive supplier. If you’re using GoComet, every time you selected a...
