InsideOmegaInvoice Verification
The Invoice Verification module is a tool used to ensure that all invoices are correct before they are approved for payment in the Corporate A/P system, both in terms of values and coding. The module helps avoid incorrect payments and allows the project team to flag discrepancies at an early stage in the process and thereby be proactive with regard to any disagreements or outstanding issues.
In order to ensure that the project is delivered at expected cost, it is essential that the project manager and the project controls team have full overview of all costs charged to the project and that the information is coded consistently with the project estimates.
The Invoice Verification Module enables the cost personnel to view all cost charged to the project – even if it has not been circulated through the Finance Department. It also provides reconciliation reports and the capability to easily reconcile processed invoices with imported invoices/charges. In addition, it provides the ability to verify information on incoming invoices against various key controls.
The system allows you to build standardised checklists for your project team to use when verifying invoices. The invoiced amounts will be compared to the committed values on the corresponding contract. This ensures that invoices undergo a rigorous check before being paid, avoids incorrect payments and allows the project team to flag disagreements and work with the vendor to resolve outstanding issues.
Easy-to-use drilldown reports can show all the invoice details for your common coding structures – in addition to contracts and vendors. By using these reports you can actually drill down to the actual, physical invoice.
Key features
- Allows full tracking of all invoices
- Code cost details on numerous coding structures
- Integrate with Corporate AP System
- Use Invoice Approval Processes
- Powerful reports
- E-mail alerts