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.

The Challenges

  • Pricing mistakes mean you pay the wrong amount, because it’s impractical to check every line on every invoice.
  • You don’t know what your invoice commitment is.
  • You waste time re-keying data – and errors creep in.
  • Smaller or low-volume suppliers are wedded to unwieldly traditional processes.
  • You’ve got lots of data but you don’t know what it means.
  • Paper-based systems cause delays, mistakes and a lack of information.

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

  • Lower accounts payable overhead.
  • Staff can focus on efficiency rather than unnecessary admin.
  • Fewer invoices.
  • Mobile goods receiving eliminates errors caused by rekeying data.
  • Paperless work environment, without the costs of document filing, storage, postage and paper.

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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 inefficiency.

Our Solution
With our fully mobile solution, these issues are in the 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 manual process, with considerable margin for 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 let you see your true invoice commitment. And automated credit note management and full integration with your accounts software make re-keying and errors a thing of the past. Our solution automatically generates a goods-delivered-not-invoiced accrual and reverses it when the invoice is matched.

Paper-Free Invoicing

The Problem
Hospitality operators typically buy from a range of suppliers including niche and smaller traders. These suppliers often don’t have infrastructure in place to trade electronically. Combining manual processes with electronic trading leads to confusion and errors.

Our Solution
Paper-free invoicing gives you a single process regardless of the size of order, supplier or what you’re buying. Your supplier just needs to print their invoices to PDF and email to you, and they’re converted to an e-invoice structure without the need for error-prone Optical Character Recognition (OCR). 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 it doesn’t integrate completely 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 always visible – in real time.

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Editions

Choose one of four Editions of our purchase-to-pay and Inventory solution, depending on how much control you want.

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Invoice Processing blog posts for you

Mobilise your purchase-to-pay and inventory

Written by: Stewart Maranello

Mobile technology can help you eliminate paper from your purchase-to-pay and inventory processes, which reduces errors and administration. Take a look at how goods receiving and inventory counting can be improved with mobile solutions.

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.
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.