Invoice matching with purchase orders and delivery notes takes lots of human effort, and in some cases leads to human errors
Invoice data entry to downstream ERP systems is effort-intensive, also error-prone
Capitalization, accrual and amortization tasks are tedious and manual. These are very often not accurate
Invoices have missing taxes, or tax computations are incorrect
Invoices are duplicates and partial or do not match with purchase order and delivery note
Lack of financial control in the absence of prediction of expenses, KPI monitoring, cash-outflow optimization, discount-based cash outflow savings
Too much back & forth between finance managers (clerks) and employees due to claims not being supported by proofs
The repeat claims, wrong claims, and delayed claims result in overspending by the company
The delayed claims processing (often 1-2 months) due to errors and mismatches with policy result in employee dissatisfaction
The employees lose bills and have to spend lots of time filing claim forms, adding attachments, reading policy and following up against their claims
Undesired cost on finance human resources doing mundane tasks of claims processing
The claims are beyond prescribed limits and require human validation
Slip-through of wrong claims or over claims is high in the absence of robust fraud detection techniques
Higher DSO days due to delayed invoice generation or lack of customer follow-ups
More discrepancies or customer disputes due to defective product/service being invoiced, duplicate invoicing or POs not matching with the invoices
Lack of coordination between sales, finance, and customer success teams on DSO tracking & customer follow-ups results in bad debts and higher DSOs
General ledger updates on invoice generation, payment receipts, refunds and reconciliations are manual and time-consuming
Escalation management of higher DSOs or non-payments is inefficient
Report generation actions are all manual and dependent on skilled technical people
Defining and implementing invoice tracking policy with milestones-based timely communications to customers is either ad-hoc or does not exist
Invoicing based on various contract terms and company payment norms is time-consuming and frequently leads to delays or errors
Processing refunds is delayed and results in customer dissatisfaction