Submitted by: Submitted by aria
Views: 249
Words: 675
Pages: 3
Category: Business and Industry
Date Submitted: 05/08/2013 08:21 PM
Q1. What is Invoice Management ERP Solutions?
SAP ERP system use The SAPĀ® Invoice Management application by OpenText, which helps user manage invoice processing, meet critical payment and compliance deadlines, and avoid risks related to inaccurate business information (2013, p. 2). The solutions of invoice management have eight parts. Firstly, streamline AP operations, which means it to help users simplify invoice management processes throughout organization. Stakeholders involved in any invoice problem can quickly and efficiently access invoice information, such as relevant PO number, status of the invoice payment, and more. The software automatically routes invoices to the right person for resolution, approval, and payment. Secondly, reduce costs while enhancing productivity. It can help company significantly reduce manual processing and boost productivity. Automated processing features replace traditional multistep. It means once the invoice information is entered, users can assess it automatically anywhere along the process lifecycle. Thirdly, improve visibility is users gain real-time visibility into invoice status. It means the software provide links to supporting documentation related to purchase orders and goods receipt. Fourthly, control financial processes. The software gives users powerful functionality to control AP processing and help ensure that the right information reaches the right person at the right time. Fifthly, improve cash flow, which means users can streamline workflows, initiate reminders, and shorten the payment cycle. Users can have more cash on hand to improve cash flow. Sixthly, deliver accurate, on-time financial reporting. The software give users automatic access to the AP information needed to populate essential management reports. Seventhly, help ensure timely compliance, all the company must adhere to numerous regional, national, and international regulations. The companies need a rigorous process in place that ensures...