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
MIRO Posting
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, MIRO Posting is one of them. MIRO stands for Material Invoice Verification. In this process, the purchase order (PO) for materials from supplier are received. These invoices for materials are verified with the data in the Enterprise Resource Planning (ERP) system. Once the data matches, the invoices are posted in the system.
Work Flow
WORK FLOW OF THE PROCESS
01. Receive
Receive purchase order (PO) and non-PO invoices from vendors in the ERP system
02. Verify
Verify the invoices in the system by crosschecking the details
03. Compare
Compare the goods receipt and the invoice receipt
04. Post
Post invoices in the ERP system after successful comparison
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Make timely payments of vendor invoices
☞ Avail accurate invoices posted in ERP system
☞ Keep the accurate track of inventory
☞ Ensure smooth accounting processes
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:
Enhancing MIRO Posting Process for Streamlined Invoice Processing
Introduction:
Accurate and timely processing of invoices is crucial for maintaining financial integrity and efficient business operations. Our customer, Würth Industry of Canada Ltd., recognized the need to make timely payment of vendor invoices. This case study explores the manual MIRO (Material Invoice Receipt) Posting process, in which our dedicated team receives purchase order (PO) and non-PO invoices from vendors in the ERP system, verifies the invoices by crosschecking details, compares goods receipt and invoice receipt and posts invoices in the ERP system. This meticulous process aims to streamline invoice processing without the involvement of automation.
Problem:
Our customer faced challenges in effectively processing invoices manually through the MIRO Posting process. The customer needed to invest a considerable number of man-hours to execute the process. Furthermore, it led to potential errors in data entry, delays in invoice verification and difficulties in maintaining accurate financial records. These inefficiencies hindered the company's ability to process invoices swiftly, match them accurately with goods receipts and provide real-time insights into financial transactions. This impacted financial reporting accuracy and strained vendor relationships.
Solution:
Recognizing the need to enhance their MIRO Posting process, we adopted a systematic approach to improve accuracy and order processing efficiency. Our key solutions included:
1. Meticulous Invoice Verification: We initiated a manual process to receive PO and non-PO invoices from vendors in the ERP system and verify the invoices meticulously by crosschecking details.
2. Goods Receipt and Invoice Receipt Comparison: Despite manual processing, our dedicated team compared goods receipt and invoice receipt details, ensuring accurate matching before proceeding with invoice posting.
3. Invoice Posting: We actively posted invoices in the ERP system, ensuring that the details were accurately reflected in the financial records after successful comparison.
Results:
The changes implemented in the MIRO Posting process led to significant improvements in invoice processing efficiency, accuracy, and vendor relations for Würth Industry of Canada Ltd. The key results included:
1. Invoice Processing Efficiency: By implementing meticulous invoice verification and goods receipt/invoice receipt comparison, we reduced processing time considerably, ensuring swift and accurate financial transactions.
2. Data Accuracy Improvement: Despite manual processes, data accuracy improved, reducing errors in financial records and enhancing financial reporting precision.
3. Enhanced Vendor Relations: Efficient processing and accurate financial transactions 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 99 hours for our customer in a month. This saved time can be utilized for executing different core operations.
Conclusion:
By transferring the MIRO Posting process, our customer ensured streamlined invoice processing and enhanced vendor relations. By implementing meticulous invoice verification, goods receipt/invoice receipt comparison, and proactive invoice posting, the company successfully improved invoice processing efficiency and vendor satisfaction. The results highlight the value of a well-executed MIRO Posting process in maintaining effective financial operations and delivering financial accuracy.