FAQs Invoice Management Invoice Management What are some of the features that characterize great invoice processing capabilities?
What are some of the features that characterize great invoice processing capabilities?
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- Friday, 21 November 2008
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Answer
A good invoice management solution will support all facets of bill management including the receipt, auditing, allocation, approval, payment, and tracking of billing. Here are a number of “must haves” you should look for:
- The ability to track all fixed, mobile, and data spend activity at the contract, location, and inventory levels.
- Standard interfaces to accounts payable (AP) and general ledger (GL)
- A standard, consolidated view of communications expenditures, no matter which carrier
- Support for multiple bill capture methods (CD, EDI, etc.).
- Standard reporting capabilities as well as the ability to configure your own reports comparing contracts, inventory, carriers, etc.
- “Closed loop” bill tracking—the ability to track a particular invoice through each and every processing stage, including any dispute tracking that might occur.
- Multi-level security function capabilities.
- Reconcile invoices – Processing invoices through automation reduces both the time and cost of getting the work done. It reduces staffing requirements and usually leads to a reduction or elimination of late fees, accurate assurance tests and the resolution of discrepancies.
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