Accounts Payable

Accounts Payable

In every company vendor Invoice has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoice. In the entire process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.

For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.

• Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.

• Forward Invoice to respective department or departments for approval as per the approval hierarchy.

• Inform invoice related discrepancies to vendor and seek clarification.

• Forward vendor clarification and resolve query with concerned department.

• Ask vendor to re-submit the discrepant invoice.

• Forward approved invoice to finance department for cheque preparation / online transfer.

• Inform vendor about payment schedule.

• Monitor turnaround time for payment as per SLA.

• Keep record of correspondence with vendors.

• MIS reporting at regular intervals.