What is meant by supplier invoicing?
Supplier invoicing, or supplier billing, refers to the process of invoicing and paying for supplier services by a company. This typically involves the entire payment cycle, from invoice capture and verification to approval and actual payment to the supplier.
Typical functions of software in the supplier invoicing domain include:
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Invoice Capture:
- Capturing incoming invoices in electronic form.
- Automatically extracting relevant information from the invoices.
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Verification and Approval:
- Reviewing invoices for accuracy and compliance with contract terms.
- Workflow for approval of invoices by authorized personnel.
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Payment Management:
- Managing payment deadlines and terms.
- Automatic generation of payment orders.
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Account Reconciliation:
- Reconciling payments with the corresponding invoices.
- Ensuring accuracy in financial records.
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Reporting:
- Generating reports on open items, expenses, and performance statistics.
- Providing transparency and tracking of financial obligations to suppliers.
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