Electronic invoice presentment and payment (EIPP) is becoming a minimum requirement for business. Despite pressure from both suppliers and customers to migrate toward electronic invoice presentment and payment, many firms remain reluctant to make the move. Our advice: Get on with it. Companies with EIPP implementations already in place have found enormous benefits that lead to competitive advantage.
Puridiom provides a flexible, secure and resilient Electronic Invoice Presentment and Payment (EIPP) solution. Puridiom automates the entire purchase-to-pay cycle to improve efficiencies, lower costs and provide greater control over the financial supply chain. Buyers using Puridiom’s EIPP are able to process invoices more efficiently, save money by not paying erroneously billed items and services, and take advantage of discounts not previously available.
Puridiom’s EIPP portal allows suppliers to electronically send their invoices via XML or by some other electronic format; or enter the invoice online for PO and non-PO transactions. Once the EIPP portal receives the invoice, an auto-matching/reconciliation and validation process is performed to determine if all key information is present to make payment. If so, approved invoice voucher information is electronically sent into your accounting system based on integration approaches described earlier. If there is missing data, such as account information, or discrepancies in the matching process, the invoice will be automatically routed for approval based on installation-defined routing rules. Even if everything matches and all validations pass, the installation-defined routing rules may require the invoice be approved by at least the end-user. Once the invoice is approved, invoice voucher data will be passed on into your accounting system to make the payment.
