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The need

The purchase invoice passes through multiple stages during its lifecycle from verification with PO, recording of the entry, reconciliation with GRN and ultimate payment of invoice. The technological intervention at each of these stages can not only increase the accuracy and efficiency but also reduce the cost associated with the process.

The benefits of recording purchases based on source document

  • The invoice details are captured accurately from the source document, thereby eliminating the scope of discrepancies
  • The authenticity and the contents of the invoices can be verified by comparing with the PO and GRN
  • Increases transparency in the process at all stages
  • The account payable workflow can be automated and payments to vendors can be made in due course after ensuring all supporting documents are centrally available for verification and approved
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