It has been recently reported that around 15% of supplier invoices are inaccurate, which highlights the costly risk of not reconciling invoices with terms negotiated on supplier contracts.
However, the manual reconciliation of invoices against contracts can prove to be a very challenging and time-consuming task. Is your Accounts department team aware of what they are paying for when invoices land on the desk?
In most organisations the person who maintains the contract isn’t always the same person who checks the invoices, they could be unaware of any discounts or additional costs that may have incurred and therefore to ensure that all savings are made all parties must be aware of the invoice costs and not just produce an estimate.
Generally, most contract information is stored in non-central locations, with none or limited access by all necessary parties; this adds to the failure to obtain the correct information in order to consolidate invoices.
With Framework’s quick on-line verification, you can easily check a received invoice against the forecasted spend amount, ensuring that invoices are accurate prior to payment and they are based on what you contractually agreed:
The quick search facility allows Accounts to easily search using minimal and varying criteria, including wildcards.
The main contract screen then provides a summary of the contract and various links.
By clicking "Invoice Forecasts", the amount and date of each forecasted cost / invoice due is displayed correct to what your contract states.