How would you rate your vendor invoice management?

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Are your employees clear on how to handle invoices? Does your accounts payable (AP) team spend too much time checking and correcting data and matching errors? Have you ever paid a vendor before receipt of goods, paid them twice, or paid them late?

If you answered yes to any of these, you need a strong(er) vendor invoice policy.

Any vendor invoice policy should provide the basics:

1. Clarify every aspect of invoice submission, approval, and documentation
2. Who is responsible for what
3. Company expectations and policy, and
4. What the consequences for noncompliance.

This may sound like a lot of effort, but the experts at SAP Concur are here to help. Check out our free vendor invoice policy template, which includes tips on creating a solid policy as well sample language that can be edited to align with your company’s specific needs.

Read on to learn:

1. How a strong vendor invoice policy can deliver efficiencies and support spend compliance for your business
2. Best practice process & tips for getting started
3. A customisable template which explains and provides simple language for the basic components recommended for any vender invoice policy
4. Why the process of writing or updating your business invoice policy is also an opportunity to consider what supporting processes or technology can be streamlined

 

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