Invoice Payment Workflow

What is an Invoice payment workflow?

Invoice payment workflow is a multistep process. Every organisation can have a unique process-flow for invoice approval and payment. Before a Vendor Invoice can be approved for payment it is essential that

  • The invoice is checked for its validity and accuracy
  • The invoice value is justified as per the MSL (minimum service level) agreement
  • The supplier has adhered to all the legal, regulatory and audit compliances and contract terms
  • All deductions or penalties and accrued deductions and accounted for
  • The approval from all associated departments are received

Why do you need an automated Invoice payment workflow?

Implementing an automated invoice payment workflow offers numerous advantages compared to manual, paper-based processes. Here are some key reasons why your organization should opt for automated invoice payment workflows:

  • Efficiency and faster processing times
  • Accuracy and consistency
  • Adherence to company policy, contract terms, regulatory, legal and audit compliances
  • Timely payments, transparency, automated messaging improves vendor relationships

An automated invoice payment workflow enhances efficiency, reduces errors, lowers costs, and provides better control and visibility over the entire payment process.

Features of Invoice payment workflow.

Our Invoice payment workflow Module is a structured and automated process designed to manage and streamline the approval of invoices submitted by contractors, suppliers, or vendors. This system is implemented by organizations to ensure that invoices are processed efficiently, accurately, and in compliance with established policies, approvals and procedures.

The Module has the following salient features

Invoice Creation and Submission

The application automatically creates Monthly or Periodic invoices based on the dynamic logic and predefined calculation methods. It automatically calculates all the charges, taxes, MSL (minimum service level) penalties as per the template pre-defined by you.

Provides a centralized platform for contractors or suppliers to submit their invoices.

Can support both electronic (e.g., online forms, email submissions) and physical (mailed or delivered) invoices.

Workflow Automation

A workflow for the invoice approval process can be defined within the application based on factors such as department, or project or as per your standard operating process (SOP).

The approvers can verify the accuracy, completeness, legality and compliances before approving the payment of the invoice. They can view and validate the invoices against the supporting documentation, such as purchase orders or contracts attached with transaction.

All the stakeholders receive automated notifications at various stages of the approval process about statutes and exceptions that require attention.

Compliance Management

The application enforces compliance with organizational policies, contractual agreement, legal requirements, and industry regulations. It helps you meet auditing and regulatory standards. The application ensures that only valid and approved invoices are processed for payment.

No dues certification by the vendor

At the end of the payment process, the system automatically flags off the invoice as paid and generates a no-due certificate on behalf of the vendor, unless the vendor raises an objection within a stipulated time.