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Settlement is a crucial step in the procurement process. 8Manage SRM provides a secure cloud environment with the highest transparency and visibility into the settlement workflow. Immediate access to procurement budget information helps you detect inconsistencies and potential fraud before they become significant problems.
With 8Manage SRM you can perform three-way matching between the delivery-and-acceptance document, supplier Invoice, and PO/Contract to check if you have received the order correctly and if there aren’t any discrepancies. Once three-way matching is complete, the invoice is approved and forwarded to payment processing.
8Manage SRM allows you to pay one or multiple approved invoices to the supplier. After your payment request is approved, your finance department will be notified to issue the payment.
After the payment process, you make a record of it for bookkeeping and auditing. All appropriate documents right from purchase requests to payment are stored in the 8Manage SRM system.
Traceability and Auditability
8Manage SRMallows a simple and cost-effective way for a business to investigate its transactions and invoices presented by its suppliers. You can use 8Manage SRM to examine invoice integrity prior to paying a supplier. 8Manage SRM provides valuable information on the status of an invoice and signals a warning when receivables are disputed or goods are undelivered.