Workflow Workflow, sometimes referred to as Business Process Management (BPM), in the accounts payable world, is the required tasks needed to approve a payment to a vendor or creditor based on a predetermined set of rules. These rules can range from highly complex to fairly simplistic depending on the nature of the AP process. These […]
Vendor Onboarding Vendor onboarding, or supplier onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company. A vendor onboarding or supplier onboarding solution should offer functionality […]
Data Capture Is the process of “capturing” and converting information from documents (paper or electronic) into a form that can be handled electronically, and preferably with little or no human intervention. In an Accounts Payable (AP) environment this information is extracted from invoices of varying formats and file types so the invoices can be processed […]
Invoice Matching Invoice matching is the comparing and linking of a supplier invoice with the underlying data on which the cost is based, such as a contract or purchase order (PO). Usually companies will perform a 2 or 3 way match. A two way match compares the invoice amount to the corresponding PO. If the amounts […]
PO Flip A PO Flip, is essentially a conversion of a purchase order into an invoice. Usually done electronically or through an automated solution such as a Vendor Portal or Supplier Portal. In a PO Flip scenario the vendor would enter a PO number into a web form and the the buying company’s systems would […]
VENDOR SELF SERVICE Vendor Self Service is a benefit of Vendor Portals and Supplier Portals. Vendor Self-Service Portals allow a vendor to provide and access information without intervention from the buying company. This data may be necessary for vendor onboarding, compliance or payment or may be the results of payment status or payment dispute inquiries. […]