Efficient Accounts Payable with Bottom-Line Savings, Greater Control & Transparency
Challenges
- Duplication of invoices.
- Different modes of receiving and tracking invoices globally.
- Understanding taxes of different countries and allocating accordingly.
- Exceptions to consider while coding the invoices and expenses.
Solutions
- Implementation of mailbox ticketing system to centralize all vendor inquiries.
- Country-wise Scanning & indexing of invoices, approvals, and application of respective tax regimes.
- Established payment integration across operating bank accounts.
- In-depth auditing of the invoices, time, and expense reports.
- Implemented methods to prevent duplication.
Results
- Eliminated paperwork.
- Centralized the process for scanning and indexing global invoices.
- Reduced payment processing time by 50%.
- Streamlined ticketing types and formulated SLA process.