Watch Technology Taking Care of the Bills

By CIOReview | Monday, June 17, 2019

FREMONT, CA: Finance groups often search for effectual ways to audit and approve invoice-based payout to improve the accounts payable and procurement procedures with the help of technology. In order to avoid paying duplicate invoices, overlooking conformity issues, receiving mistaken rates from suppliers, or not having saving opportunities, there are few methods to stick to.

The Audit Comes First: Auditing after the payment or invoices are collected can be a burden after a long time because usually, the finance teams can find it challenging to keep track of the needful if given a break leading to ignorance of deceitful expenditure. Getting hold of the errors can be meaningless after a prominent loss; therefore, it is essential to audit prior the payments.

Read the Contract Carefully: It is always wise to go through the contract terms carefully before taking any decisions alongside the procurement team should also spend time to research about the company or vendor so that negotiating contract terms becomes easier and productive. To stay away from mishaps, the company needs to understand the payment term violations and ensure that the vendors adhere to the mutually agreed terms. Furthermore, the company can send account receivable invoices to the vendors or another party in case of any delayed payment, making clear about the certain reimbursement timeframe.

Pay Only Once: Human beings are prone to making mistakes, so it is not impossible to pay the same bill twice. To avoid the inconvenience of paying the similar bill more than once the manager needs to cross-check every item in invoice payments, purchasing cards, and expense settlement can be handed over to AI-powered auditing tools. The tools can dig out and recognize various descriptions in and around payment terms along with detecting copies and flag suspicious deceptive activities in invoices as high-risk objects.

AI-Driven Audit: The machines might be overloaded with thousands of invoices every day, in that case, examining faulty receipts or vendor impersonations can be tough. With the help of AI-driven invoice auditing tools, the company can make sure that every invoice is being accepted for the correct amount, being paid to the right vendor, and go with the negotiated contract terms.