Invoice Management

Invoice Management is a core component of the Veroxos solution, delivering assurance that invoices are fully audited and processed efficiently.

The main benefits of using Veroxos for invoice management include:

• Cost Saving - identification of invoice errors, resulting in vendor disputes and credit notes
• Automated Allocations - easily recharge business units for their use of the invoiced services
• Spend Visibility - the solution breaks down your granular spend by service, employee and site
• Compliance - ensures vendors are compliant with the agreed terms
• IT Lifecycle - link Veroxos orders to your invoice data to validate moves, adds and changes

Invoice Treatment Process

Every invoice goes through the Veroxos treatment process. This process has been developed over many years and refined to ensure every charge is scrutinised and the invoice is processed efficiently to ensure on-time vendor payment.

The following section of the article outlines how each part of the process operates.

Data Entry

Veroxos is vendor-agnostic and integrates with your vendor ecosystem. The solution uses various methods to import invoice data including EDI, bots and manual entry.

The ingested data includes the breakdown of charges by service (recurring, variable, taxes, equipment and other) and the usage reporting.

Veroxos also stores a PDF image of the original vendor invoice that can be passed via the AP process for completeness.

Cost Allocation & Coding

Veroxos stores a master inventory of the account services including the employee or site detail that owns each service. This inventory is coded with the financial properties to allow for easy processing and AP automation.

Each organization accounts for costs differently and Veroxos supports bespoke configuration to ensure the files are coded appropriately.

Common properties include cost center, GL code, company code, department code and country code but Veroxos offers custom fields to build out a suitable structure.

During the configuration of Veroxos, your account team will work closely with your AP team to ensure the required data is in the solution and is maintainable through a regular data feed.

Cost Validation & Dispute Management

The cost validation treatment process audits all charges against your vendor agreements. The charges are coded into the Veroxos solution and each service within the inventory is coded with the anticipated cost.

Each account and the associated services are loaded into the Veroxos inventory including key information such as the bill cycle date. The task management module stores this information and triggers the data entry for the given invoice account.

Once the data is imported, Veroxos analyses the charges and compares the invoiced costs to the coded costs. Any disparities are flagged to the Veroxos team and disputes are raised with vendors whereby the reason is unknown.

Rule Based Analysis

The solution supports the ability to create specific rules for data analysis.

For example, mobile data usage analysis. If a user's plan cost is compliant but their data consumption has increased by 300%, as an organization administrator you may want to be notified of this increase.

These rules can be configured at an account level and are invaluable for spotting changes in service consumption and key trends.

Identify Savings

Every invoice undergoes detailed analysis to identify possible savings. Each saving opportunity is stored in the Veroxos Saving Tracker and the progress of delivering the saving is managed within this view.

To learn more about how Veroxos delivers and manages savings, see the help article 'Savings Tracker '.

Feature Verification

Certain technology services have optional features, Veroxos verifies the enabled features on each service to ensure compliance with company policy.

For example, features on mobile devices include: Data Tethering, MMS, SMS, Voicemail, Data Roaming etc.

This check ensures the feature policy is enforced for your organization.

AP Processing

Following the audit, the invoice is then submitted for payment. We recommend leveraging the AP feed automation for invoice processing to ensure maximum efficiency and faster payment.

To learn more about Accounts Payable features in Veroxos, view the help article 'AP Feed Management'

Payment Feedback

This optional feature allows for a feedback look from your AP tool, updating Veroxos once the invoice has been paid.

We recommend implementing a feedback process that notifies the Veroxos solution when an invoice has been paid or payment has been scheduled.

During AP integration scoping, your account team will share best practices and work with you to implement a feedback process.

The feedback data is displayed for each invoice and can include useful data including payment date, transaction ID, SAP reference, payment memos etc.

To learn more about this configuration, view the help article 'Accounts Payable Integration '

Reporting

All invoice data can be reported on within Veroxos, allowing administrators to run reports across multiple vendors in one go.

The solution has a range of out-the-box reporting options:

The solution also integrates with data visualization tools to allow for dashboard creation:

To learn more about data visualizations, please contact your Veroxos account manager for guidance on hos to get started.