A strong supply chain consisting of reliable sourcing partners accelerates the growth of successful enterprises. To build successful supplier relationships, each enterprise ensures to make fast payments for vendor invoices received. The vendor invoice can be divided primarily into PO invoices(having reference Purchase Order) and Non-PO Invoice(Vendor generated without any PO reference). To reduce average receipt-to-invoice cycle time, Accounts Payable teams use different digital tools such as ERP, A/P automation tools, and lately even ServiceNow to replicate invoice approval workflow. In this presentation, we will learn the difference between PO & Non-PO invoices, and understand the best practices to implement a successful invoice approval workflow process using the ServiceNow platform.
2. â23% of companies shared that non-PO invoice processing is one of their biggest pain areas. The remaining are still
figuring a way out to process PO-based invoices faster, as a part of their digital transformation.â
The accounts payable function need to ensure fast and accurate payments for each supplier
invoices received. The Invoice Approval Process is different for each invoice type.
When automating accounts payable it is critical to understand the difference between PO and
Non PO invoice.
The supplier invoice can be divided primarily into :
1. PO invoices(having reference Purchase Order)
2. Non-PO Invoice(Vendor generated without any PO reference).
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INTRODUCTION
6. 6
Best Practices: Processing of PO Invoices
Responsibility of the
Preparer and Approver
to ensure that
transactions they submit
are correct and
compliant.
Read all warnings and
errors for each transaction
before submission.
Series of quality
assurance checks help
maintain accurate
data of purchase
orders to reduce errors