In this Knowledge Nugget, we will look into using Automation to Drive Best-Practice Management of PO and Non-PO Invoices. Matching a purchase order (PO) to an invoice is a longstanding accounts payable (AP) best practice for processing invoices and ensuring compliance. Yet most organizations also have some portion of spend that does not involve POs, making effective processing of non-PO invoices crucial as well.
By automating invoice processing, organizations can effectively implement a wide array of best-practice strategies that transform the efficiency of AP operations—enabling them to compress PO and non-PO invoice processing from months or weeks to days or hours, eliminate exceptions that require manual resolution, remove virtually all non-PO manual touch points, and expand the capture of early payment discounts to every invoice.
Look for Part 2 exploring Paper vs. E-Invoicing: The Impact on Working Capital.