Invoice Processing

Reduce cost, errors and paper

Managing money with a paper-based process results in errors and inconsistencies. Improve the accuracy of all of your accounts' payable activities, saving time and money.

Meet Your Challenges

  • Eliminate erroneous pricing with 100% line checking against contract price.
  • Gain accurate visibility of invoice commitment.
  • Eliminate re-keying and errors with automated integration with your accounts package.
  • Trade electronically with smaller or low-volume suppliers thanks to PDF invoicing.
  • Get the real story behind your data with clever analytics.
  • Eliminate paper which causes delays to the purchasing process and are prone to error or information loss.

Automate your invoice processing for 100% accuracy, 100% transparency and zero unnecessary cost. Our mobile invoice management solution significantly reduces the error and cost of processing through automated 3-way checking and matching of inbound statements/bills/accounts against electronic purchase orders and goods received notes.

Key Benefits

  • Accounts payable overhead is significantly reduced.
  • Staff can focus on driving further efficiencies with no more unnecessary admin burdens.
  • Invoice volumes are decreased.
  • Errors caused by rekeying data are eliminated through mobile goods receiving.
  • A totally paperless work environment, without the costs of document filing, storage, postage and paper, is created.

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Features

Goods Receiving

The Problem
It's not easy to manage multiple deliveries for a single order. At the same time accepting deliveries of goods where quantity and price variance exceeds the customer-defined threshold is all too easy. Managing this on paper leads to errors, overpayments and operational inefficiencies.

Our Solution
With our fully mobile solution, these issues are in your past. A simple receiving app makes it easy to log orders wherever and whenever the delivery takes place. Features include automated cost allocation for freight and taxes, landed cost functionality and the ability to choose from direct charge or perpetual inventory. Payment can be made with card, cheque, cash or via accounts payable. Shipments can be easily palletised by ordering outlet. And smart analytics covering vendor performance and shorts reporting make it easy to see the full picture.

Mobile goods receiving

Invoice Matching

The Problem
Making sure that invoices tally perfectly with purchase orders and goods received notes is a time-consuming and manual process, with a considerable margin for human error.

Our Solution
Automating the whole process eliminates human error and materially reduces the AP headcount. 100% line checking against contract price eliminates erroneous pricing. Smart reporting and invoice automation give accurate visibility of your invoice commitment. And automated credit note management, and full integration with your accounts software makes re-keying and errors a thing of the past. Our solution auto-generates a goods-delivered-not-invoiced accrual and reverse it when the invoice is matched.

Paper-Free Invoicing

The Problem
Hospitality operators typically buy from a range of suppliers including niche or smaller trading partners. These suppliers often do not have the infrastructure in place to trade electronically. Combining manual processes with electronic trading leads to confusion and errors.

Our Solution
PPaper-free invoicing gives you a single process regardless of the size of order, supplier or what you’re buying. All your supplier needs to be able to do is print their invoices to PDF and email to you, and it’s converted to an e-invoice structure without the need for Optical Character Recognition (OCR) which is prone to errors. Aside from being more environmentally friendly, you get a more accurate process with less administration.

Finance Integration

The Problem
No matter how slick the invoice matching process, duplications and errors are a constant risk if the invoice process does not integrate deeply and fully into your accounting software.

Our Solution
With our invoice automation, matched invoices are sent to accounts automatically and seamlessly, regardless whether they arrived via EDI feed, a scan or direct entry into the system. Our solution makes the whole process simple and accurate. Spend is controlled and visible at all times - in real time.

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Editions

Fourth’s Purchase-to-Pay and Inventory solutions are available in four Editions designed to meet the level of control you want, to deliver immediate ROI and provide scale as your business grows.

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Invoice Processing blog posts for you

Increasing restaurant profits through optimised purchasing

Written by: Andrew Levey

With restaurants facing increasing labour spend, food prices and business rates, it’s no surprise that operators are looking at ways they can to reduce their costs. Here we take a look at the purchasing process, and how technology can help automate and gain control.

How to increase your restaurant’s profitability

Written by: Andrew Levey

With increasing pressures from rising food and labour costs and more competition for customers, running your restaurant profitably can be a real challenge. You therefore need to examine ways that you can increase efficiency, increase sales and reduce costs. But where do you start?
Neither our staff nor our customers could conceive of going back to the old manual system. The partnerships we have developed with customers has helped fuel our growth. We would not be able to do the level of business we do now without Fourth’s Purchase-to-pay,

Not only does it cost us far less to use than it saves us, the convenience of it is also a selling point to our customers when it comes to contract negotiations or winning new business. It’s firmly part of our tender process.

Richard Calder IT Director

The simplicity of the Fourth systems is a real plus - it just works, and … and we have been able to raise the skill level of the finance team. Manual entry is virtually eliminated, so we can now invest in better qualified people doing analysis rather than processing – and that adds real value.

Gareth Harrison Joint MD

Specs

All you need to run Fourth’s products is a device with an internet browser. Yup, that’s it.