The invoice processing software Domino Printing had in place was outdated, invoices were taking hours to process, and the system was no longer being supported by the provider. This, coupled with old in-house servers that needed replacing meant they needed an improved invoice processing platform.
Schroders had a previous invoicing system that no longer met their business needs and had also decided to upgrade their on-premise ERP from Oracle E-Business Suite to Oracle ERP Cloud (Fusion) globally.
Schroders required a global solution that validated invoices in accordance with complex localised processes and systems.
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Eight ways your accounts payable team can communicate with suppliers
Change is hard. When implementing new technology, whether it’s Oracle ERP Cloud, EBusiness Suite or something else, you have to remember that, even if it is going to enhance the way people do their job, careful consideration needs to be given to how that change is going to be implemented.
What is ‘Source to Settle’?
Having a competitive edge is crucial right now. Many businesses are looking at procurement to gain efficiencies. If a business has large amounts of cash clogging up their accounts payable and inefficient invoicing processes and software, systems like ‘Procure to Pay’ (P2P) and ‘Source to Settle’ (S2S) can bring about notable gains.
No PO No Pay Policy – the key benefits and challenges
“No PO No Pay” is a simple concept: If an invoice is received from a supplier with No PO associated with it, the invoice will not get paid. The overriding objective is to improve efficiencies in your business procurement processes – making it easier to track expenditure through the purchase order history.