Our client is part of a larger federation of consulting companies that use the same enterprise resource planning (ERP) technology, including a unique accounts payable PDF invoice naming convention rubric required under their joint agreement.
The goal of this ERP system was to be able to help member companies by collecting and analyzing data for business intelligence, as well as to create controls and transactional efficiency by coding invoices using the exact naming conventions as dictated by accounts payable policies. This was very taxing on our client, which sought to find a solution that was accurate and less time consuming. In doing so, the client wanted to:
Minimize clerical data entry • Create up-front controls • Minimize physical paper • Create clear and easily traceable audit trails • Minimize clerical data entry • Increase transactional efficiency • Be able to verify invoice data.
Coding invoices is one of those functions that does not receive sufficient attention. But handled inefficiently and inconsistently, it leads to duplicate payments and opens the door to fraud. Consider the company IBM. Its name could be coded:
• International Business Machines
• IBM, Inc.
It is conceivable to see how two competent accounts payable team members AP specialists could code the company name in any one of several ways, none of which would be inaccurate, but would allow for the opportunity to create duplicate payments.
We created a system in which clients would run a web-based automation that had a dynamic dropdown vendor list to rename the PDF for submission into the ERP’s accounting system.
Not only did this eliminate the duplication of accounts payable invoices, our custom PDF naming system saved time for team members by minimizing data entry and respective errors using dropdown menus to ensure naming convention compliance.