Purchasing
Sales Operations
Product Article Master
Logistics
Finance
- Accounts Payable
- Invoice verification & posting invoices
- Making payments to vendors & queries
- Goods receipt and invoice receipt clearance
- Analyze vendor open line items
- Overhead cost invoices
- MIRO Posting
- Accounts Recievables
- Scheduling a dunning run
- Settling customer payments & queries
- Self-billing of customer’s invoice
- Bank reconciliation
- Customer Invoice Clearance
- Sales Order Booking
- Daily Credit Run
- Releasing Green Orders
Market Research
Invoice verification & posting invoices
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, Invoice Verification & Posting Invoices is one of them. In this process, we verify the invoices sent by vendors and upload them in SAP system upon successful verification. We compare different details such as delivery date, bank details, price, purchase order number, item number, and others mentioned in vendor invoices with the details mentioned in the goods receipt.
Work Flow
WORK FLOW OF THE PROCESS
01. Receive
Receive purchase order (PO) and non-PO invoices
02. Verify
Verify invoices
03. Compare
Compare the goods receipt and the invoice receipt
04. Post
Post invoices in SAP following the successful verification
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Keep the track of inventory
☞ Schedule payment runs
☞ Ensure a seamless accounting process
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
Case study:
Streamlining Invoice Verification and Posting for Enhanced Financial Control
Introduction:
Efficient Invoice Verification and Posting is essential for efficient financial management and vendor relationships. Our customer, Wurth Industrial US, Inc., recognized the need for the Invoice Verification & Posting process to post the correct invoices into the SAP system and save time. This meticulous process involves comparing various details, including delivery date, bank details, price, purchase order number, and item number, with information from goods receipts to ensure accuracy.
Problem:
Our customer encountered challenges in effectively verifying and posting vendor invoices manually. The customer needed to invest a considerable number of man-hours to verify and post invoices. There were possibilities of potential errors in invoice verification, delays in invoice processing, and difficulties in maintaining transparent financial records. These inefficiencies hindered the ability to control costs, manage vendor relationships, and ensure timely payments.
Solution:
Recognizing the need to enhance the Invoice Verification & Posting Invoices process, we adopted a systematic approach to improve accuracy and efficiency. Our key solutions included:
1. Detailed Invoice Verification: We initiated a manual process to meticulously verify vendor invoices. This involved a line-by-line comparison of details such as delivery dates, bank details, prices, purchase order numbers, and item numbers with corresponding information from goods receipts.
2. SAP System Integration: Upon successful verification, invoices were manually uploaded into the SAP system. This step ensured that accurate financial records were maintained for future reference. If there were any discrepancies in invoices, we collaborated with the customer to solve them.
Results:
The changes implemented in the Invoice Verification & Posting Invoices process led to significant improvements in accuracy, efficiency, and vendor relationships for Wurth Industrial US, Inc. The key results included:
1. Reduced Errors: By employing detailed verification and assisted data matching, we achieved a considerable reduction in invoice errors. This improved financial accuracy and minimized potential disputes with vendors.
2. Efficient Invoice Processing: Despite the manual nature of the process, invoice processing time was reduced. This allowed for more timely payments to vendors and improved cash flow management.
3. Enhanced Vendor Relations: The meticulous verification process positively impacted vendor relationships, resulting in an increase in vendor satisfaction and collaboration.
4. Time Saving: Our approach led to significant time savings per month. We saved nearly 541 hours for our customer in a month. This saved time can be utilized for executing different core operations.
Conclusion:
By transferring the Invoice Verification and Posting Invoice process, our customer ensured efficient financial management and strengthened vendor relationships. By implementing detailed verification, assisted data matching, and SAP system integration, we successfully improved accuracy, efficiency, and vendor relations. The results highlight the value of a well-executed Invoice Verification & Posting Invoices process in maintaining effective financial practices and delivering financial control.