Efficient document and invoice management are crucial for smooth and error-free procurement operations. The PRISM Procurement Solution offers a comprehensive Document and Invoice Management module that helps organizations automate and streamline their financial processes. By digitizing invoices, automating 3-way matching, and providing a centralized document repository, PRISM enhances accuracy and efficiency, ensuring that procurement teams can focus on strategic tasks without the burden of manual documentation.
Digital Invoice Processing
With Digital Invoice Processing, PRISM eliminates the need for manual handling of invoices. Vendors can submit their invoices digitally, which are then automatically processed and matched against corresponding purchase orders and goods receipts. This reduces human error, improves processing times, and provides a faster and more reliable payment cycle. Digital invoicing also promotes sustainability by reducing paper use and supporting a greener business environment.
Automated Invoice Matching (3-Way Match)
PRISM’s Automated Invoice Matching system uses a 3-way matching process to verify the accuracy of invoices. The system cross-checks the purchase order, goods receipt note, and invoice to ensure that all data aligns. This automation significantly reduces discrepancies and fraud, while improving financial accuracy. It also streamlines approvals, preventing delays in vendor payments and maintaining positive supplier relationships.
Document Storage and Retrieval
Keeping all procurement documents secure and accessible is vital. PRISM offers a Document Storage and Retrieval system where all related documents—including invoices, contracts, purchase orders, and RFQs—are stored in a centralized, cloud-based repository. This makes it easy for users to search, access, and retrieve any document at any time, ensuring compliance with record-keeping regulations and enabling quick reference during audits.To explore how PRISM Procurement Solution can transform your document and invoice management, contact us at 9318395277 or visit PRISM Procurement.
