Power of PAYBOX®
The PAYBOX® AP e-invoicing platform includes powerful workflow management capabilities that provide organizations with all of the tools and reporting capabilities to improve critical processes such as invoice approval, exceptions management and dispute inquiries.
PAYBOX's workflow management capabilities make financial processes significantly faster, cheaper, more accurate and more agile. These capabilities also help ensure that invoices get to the right people, at the right time.
PAYBOX's workflow capabilities streamline three-way matching and similar compliance requirements by supporting the routing and management of exceptions. Our solution accepts routing criteria or Level of Authority (LOA) information from third-party systems such as PeopleSoft. Updating the LOA dynamically guarantees that discrepancies are routed to the correct party as rapidly as possible.
In the case of non-PO invoices, documents are routed to a designated party who reviews and either accepts or rejects the invoices. In this scenario, PAYBOX's workflow management solution supports a wide range of approval criteria — on top of its LOA function — to ensure proper routing.
We apply this same robust workflow functionality to tasks such as dispute inquiries.
Leveraging best practices for shared services financial process workflow, all business rules are entered into the PAYBOX® workflow solution using a simple graphical user interface tool, providing a straightforward business rules tracking and verification process.
Key Workflow Management Features:
- Invoice review, approval and payment workflows
- Ability to attach compliance documents such as POs and agreements
- Configurable workflow notifications
- Role-based workflow configurations
- Compliance with PO-based invoice acceptance criteria such as three-way matching
- Automatic routing of non-compliant invoices for resolution
- Dynamically adjusts workflow routing based upon a change in the Level of Authority (LOA)
- Accepts LOA information directly from third-party systems such as PeopleSoft
- Provides detailed reporting on all workflow processes
- Supports financial auditing and regulatory guidelines, such as Sarbanes-Oxley
- Graphical user interface for specifying business rules and validation
Workflow Management Benefits:
- Reduces transaction costs
- Frees staff to focus on core activities
- Limits access to sensitive documents
- Reduces the chances of lost or misplaced documents
- Accelerates processing turnaround
- Helps ensure consistent business practices
- Helps ensure PO and contract compliance
- Helps ensure operator accountability and regulatory compliance
- Increases trading partner satisfaction
- More sophisticated financial operations capabilities than generic ECM solutions