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Invoice copy for Procurement

welcome to the procurement life today we're exploring the details of invoice Management in procurement let's begin invoice Management in procurement involves handling supplier invoices from receipt to payment this process includes verifying invoices against purchase orders and goods received obtaining necessary approvals processing payments maintaining records for future reference and resolving any discrepancies effective invoice management ensures timely and accurate payments supports Financial accuracy and strength and supplier relationships now let's walk through the standard steps of invoice processing in procurement step one invoice receipt the process begins when suppliers send invoices to the buyer typically via email electronic data interchange or directly into a procurement system step two invoice data capture next the invoice details are captured into the procurement system this can be done manually or through automated data capture tools step three three-way matching the invoice is then matched against the corresponding purchase order and goods receipt note to ensure consistency in quantities prices and terms step four invoice verification the procurement team verifies the invoice details checking for any discrepancies or errors this includes validating supplier information invoice amounts and compliance with contractual terms step five approval workflow the invoice is routed through the organization's approval hierarchy relevant stakeholders review and approve the invoice based on pred defined approval limits and policies step six dispute resolution if there are any discrepancies or issues they are communicated to the supplier for resolution this may involve adjusting the invoice or providing additional documentation step seven payment scheduling once approved the invoice is scheduled for payment ing to the agreed upon payment terms such as net 30 or net 60 step8 Payment Processing the finance team then processes the payment through the designated payment method such as electronic funds transfer check or wire transfer step nine recordkeeping all relevant documents including the invoice purchase order goods receipt note and approval records are archived for audit purposes and future reference step 10 reporting and Analysis finally reports are generated on invoice status payment performance and any outstanding payables these reports support Financial Planning and decision-making by following these steps organizations can ensure accurate Timely and efficient invoice processing contributing to smooth procurement operations and strong supplier relationships thank you for watching if you found this video helpful please like it and subscribe to our channel the procurement life for more insights [Music]