Module Overview
In many organizations, the process of approving supplier invoices for payment is one of the most time-consuming and error-prone steps of the procurement cycle.
With SpendMap's Invoice Approval Module, supplier invoices can be approved quickly and easily, and then optionally exported to your Accounting or ERP System for payment processing.
The Invoice Approval Module will help you increase control over payments, reduce data entry and document management costs, and accelerate the invoice approval process by days.
NEW: AI-Powered "No-Touch" invoice approval - let the AI do the work, so you only have to deal with the exceptions.
Does this replace my Accounts Payable System?
SpendMap's Invoice Approval Module compliments but does not replace your Accounts Payable System. SpendMap does not process payments to your suppliers, nor does it post Invoices throughout your Accounting or ERP system (e.g. to update the General Ledger). It does, however, simplify the process of approving invoices and, once approved in SpendMap, the invoice transactions can be sent electronically to your Accounts Payable system for payment processing, with no duplicate data entry.
Entering invoices in SpendMap (rather than directly into your Accounting or ERP system) has a number of benefits, including a significant reduction in data entry for each invoice. Since all of the Purchase Order and receipt information is already in SpendMap, most of the data entry fields will be filled in for you (e.g. dollar amounts, account codes, payment terms, taxes, etc.) so entering invoices is primarily a function of data verification and is therefore very fast and efficient.
Better yet, with SpendMap's optional AI Invoice Approval, manual data entry/human effort can be eliminated altogether for most invoices.
Another important benefit is automatic updating of the PO information in SpendMap. Since the information on supplier invoices may not be exactly the same as on the original PO (e.g. pricing, taxes, payment terms, etc.), the use of the Invoice Approval Module will mean more accurate reporting in SpendMap (e.g. spend history, charges against budgets, etc.).
Finally, by entering invoices in SpendMap rather than into your A/P system, you can take advantage of SpendMap’s Invoice Discrepancy approval features, to easily route invoices for approval when they don’t match the PO, a feature that is typically not available in most Accounting or ERP systems.
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Key Features
•Two and three-way invoice matching for fast and easy approval of Purchase Order related invoices.
•Optional AI Invoice Approval - let the AI do the work, so you only have to deal with the exceptions.
•Support for non-PO invoices for things like rent, utilities, etc.
•Invoice discrepancy approval with user-definable tolerances, when invoice doesn't match PO.
•Attach scanned invoices.
•Split-charge invoices to multiple account codes.
•Ability to cancel/reverse an invoice once posted.
•Export approved invoices to your Accounting or ERP system for payment processing.
•Detailed reporting, including Accrual and Invoice Aging reports.
