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Goods receipt and invoice receipt clearance

Würth Business Services handles the non-core financial operations to support the Finance Teams of companies within the Würth Group. Our Team ensures that companies maintain error-free and detailed accounting records, settle payments on a timely basis, carry out effective vendor management, and speed up the accounting processes. We handle different processes under the Accounts Payable and Accounts Receivable portfolio.

Among different processes we handle under the Accounts Payable portfolio, Goods Receipt and Invoice Receipt Clearance is one of them. In this process, our team compares the goods receipt with the invoice receipt to ensure that there are no discrepancies. Sometimes, there are missing goods or the information about some goods is not mentioned in the invoice receipts sent by vendors. This service ensures that both goods receipt and invoice receipts are in line with each other for providing clearance.

Work Flow
Benefits
Transition

Work Flow

WORK FLOW OF THE PROCESS

  • 01. Analyze

    Analyze the goods receipt and invoice receipt for the specific vendor

  • 02. Determine

    Determine the missing invoices and post them

  • 03. Clear

    Clear the differences if there are any

Benefits

Value-added

BENEFITS OF OUR CUSTOMERS

☞ Keep the accounting process error-fre

☞ Track the goods purchased from suppliers

☞ Maintain a strong relationship with suppliers with timely payments

Transition

TIME TAKEN FOR TRANSITION

Step 1

Analysis of requirements – 1 Week

Step 2

Documentation – 1-2 Weeks

Step 3

Create framework – 1 Week

Step 4

Step-by-step implementation – 2 Weeks

Step 5

Transfer – 1 Week

For more assistance in understanding the transition process, kindly get in touch with us at contact-wbs@wuerth-industrie.com

Case study:

Ensuring Alignment between Goods Receipt and Invoice Receipt for Smooth Operations


Introduction:

In the realm of procurement and finance, ensuring that goods receipt and invoice receipt align is crucial for accurate financial transactions and supply chain management. Our customer, Würth Industry of Canada Ltd., recognized the need for transferring the Goods Receipt and Invoice Receipt Clearance process to manually compare goods receipts with invoice receipts to identify and resolve discrepancies. This meticulous process guarantees that both records correspond accurately, facilitating clearance.

Problem:

Our customer invested a huge number of hours in ensuring details between goods receipt and invoice receipt match and give clearance. There were potential discrepancies such as missing goods or incomplete information in invoice receipts from vendors. These discrepancies caused delays in financial transactions, hindered accurate accounting, and impacted vendor relationships. This inefficiency jeopardized our customer's ability to maintain smooth procurement and financial operations

Solution:

Recognizing the need to enhance the Goods Receipt and Invoice Receipt Clearance process, we adopted a systematic approach to improve accuracy and efficiency for Würth Industry of Canada Ltd. Our key solutions included:

1. Meticulous Comparison: We initiated a manual process to meticulously compare goods receipts with invoice receipts. This involved line-by-line verification of quantities, item descriptions, and pricing.

2. Resolution Coordination: Despite manual processing, we established a dedicated team to identify and resolve discrepancies. The coordination with both vendors and our customer ensured timely resolution.

3. Vendor Collaboration: We emphasized on proactive collaboration with vendors to prevent discrepancies whenever possible. This included open communication and alignment on goods receipt and invoice receipt processes.

Results:

The changes implemented in the Goods Receipt and Invoice Receipt Clearance process led to significant improvements in accuracy, efficiency, and vendor relationships. The key results included:

1. Accuracy Improvement: By implementing meticulous comparison and resolution coordination, we achieved a reduction in discrepancies. This enhanced financial accuracy and streamlined operations.

2. Efficient Discrepancy Resolution: Despite manual processes, discrepancy resolution time was reduced. Vendors appreciated the collaborative approach to resolving issues.

3. Vendor Trust and Collaboration: Effective communication and collaboration with vendors resulted in an increase in vendor satisfaction and strengthened vendor relationships.

4. Time Saving: Our approach led to significant time savings per month. We saved nearly 25 hours for our customer in a month. This saved time can be utilized for executing different core operations.

Conclusion:

By transferring the Goods Receipt and Invoice Receipt Clearance process, our customer ensured the alignment between good and invoice receipts for accurate financial transactions and supply chain management. By implementing meticulous comparison, responsive discrepancy resolution, and proactive vendor collaboration, we successfully improved accuracy, efficiency, and vendor satisfaction. The results highlight the value of a well-executed Goods Receipt and Invoice Receipt Clearance process in maintaining effective financial practices and delivering operational excellence.

Transfer the Goods Receipt and Invoice Receipt Clearance process.