Before we get into the meat and potatoes, let’s take a look at the value that Vendor Invoice Management (VIM) provides.
OpenText’s VIM gives users the ability to approve invoices before they are created in the SAP database. This approval system is simple and allows for high amounts of customization with a multi-level approval approach. It is available for both PO and Non-PO based invoices. Multi-level approvals are supported by Non-PO natively. PO invoices however, only have one step approvals but are capable of multi-level approvals with the right customization. Approvals can be delayed by first sending it to VIM’s AP Processor. The approval process ends when the invoice is posted, deleted, or rejected.
Below are some key roles involved with the invoice approval process:
Sounds obvious right?
Well, when implementing any new technology, it gives organizations the opportunity to review and optimize business efficiencies. Don’t invest in new technology and run your business as usual.
This is a trap that many fall into which results in poor adoption and fails to leverage the anticipated as well as the expected value of the product.
When considering and embarking on VIM solutions, it is important that good disciplines and best practices are adopted.
Take this as an opportunity to streamline your business process.
But here’s the thing:
Reviewing your business invoice approval process is important. Understanding and implementing an efficient workflow is key.
Organizations need to identify the roles required and the workflow for approvals:
The first step is to enter the invoice, whether that be through email, paper (Optical Character Recognition), or fax.
As soon as the invoice is entered by an end user, the invoice goes into the FIN system.
Once it enters the system, a workflow is created and you will be able to see that the invoice gets posted.
After the invoice is posted inside the system, the Accounts Payable team will be allowed to process the information.
Invoice routing and processing is highly configurable. Invoices can be held and routed dependent on approval hierarchy and invoice type. This automation allows for accurate, efficient processing of invoices that reduces payment time and labor efforts.
For non-PO invoices VIM leverages the Chart of Authority. It allows for the setup of approvals that may differ from PO generated invoices. For example, the requester may also be the user that enters the data.
OpenText provides an easily digestible piece of content that outlines ways to allow for more productivity with your VIM setup.
Auritas is geared with the data and content experts to help you at any phase of your project. If you have an SAP system and are interested in learning more about VIM, upgrading VIM, or how VIM can align with your roadmap, please contact us.
We welcome all questions and comments! So if you have anything specific that you’re wondering about you can also drop us a comment below.
If you’d like to view our on-demand webinar about VIM, click here.
Whether you are implementing Vendor Invoice Management (VIM) or are an existing customer, it is important to get the best value out of your investment.