Invoice Management

This module reconciles assets and orders against invoices and reports any discrepancies. In addition this module will provide a workflow for approval of invoices that will be configured to meet your business processes. 

 

The module will consider the last month’s expenditure when processing invoices and notify the appropriate user of any substantial difference. This will be further analysed by the Data Analyst to provide evidence of billing errors in order support rebate claims with the appropriate network provider.

 

The Data Analyst can, where agreed, communicate directly with the network provider to bring all billing errors to resolution utilising the tracking of errors available through the Dispute Management module.

 

Also included within this module is the ability to allocate costs throughout your organisation via a number of different options. Further, all savings identified through the use of Veropath can be tracked and monitored, giving visibility of saving area, forecasted saving value and actual saving value.

 

In addition, the module will provide early indication where a saving area will potentially shortfall the forecasted spend level within a 12 month period. The Data Analyst and Consultant will then work with you to initially understand the reasons for the potential shortfall and agree an appropriate course of action to ensure savings are achieved.

Invoice Management enables you to:
  • Bill check and validate invoices against orders and contracted tariffs
  • Allocate costs and forecast spend by cost centre, operating company, group, division, location or project
  • Centralise management of multiple network providers
  • Produce accurate financial reporting – actual vs. budget vs. projected
The Veropath platform’s Invoice Management ability allows you to control areas such as approval rights, user access and invoice review – as well as preventing human error, thanks to total data integrity. You now have reliable and accurate data which you can touch, feel and understand, rather than just seeing a final figure on an invoice! 

Benefits

  • Ensures bills are accurate prior to payment, removing the need to claw back overpayments
  • Improves governance through transparency whilst also making budget holders accountable
  • Focuses cost reduction effort on high value areas and improves budget management
  • Demonstrates the success of cost reduction activities
  • Removes the need for manual analysis, reducing manpower costs and improving accuracy