Author name: OuterBox Admin

Automated invoices send e-copies of bills to the customers and eliminates the use of physical, manual or paper invoices. This process uses technology and software to gather the data, record it in the accounts payable software, and compute the data gathered. Moving the process of invoicing online is an optimal solution for businesses. It offers

Invoice management, also known as invoice processing, is how companies track and pay supplier invoices. Keeping it simple, the process involves:  Receiving an invoice from a third party.  Validating it as legitimate.  Paying the supplier.  Entering the payment in company records.  While these may not seem overly complicated, the potential for human errors exist. Innovative

A procurement system, also known as a purchasing system, allows companies to automate purchasing goods/services and maintaining inventory. It manages all the procurement-related processes, including:  Sending purchase orders  Generating purchase orders  Selecting and managing vendors  Approving delivered goods/services  Reviewing invoices.  The Modules of an Ideal Procurement System  Purchase requisitions  Make purchase requisitions and check the

Invoice automation enables straight-through invoice processing with no human interaction to free up back-office finance or procurement teams to concentrate on higher value-added tasks. Most businesses still receive most of their invoices on paper rather than digital forms. While these physical copies aren’t an issue on their own, many companies still handle these invoices with

What is Vendor Management? Vendor management is defined as the process that businesses and organizations use to maintain their suppliers (vendors). The vendor management process includes controlling costs, finding vendors, decreasing vendor-related risks, guaranteeing service delivery, and negotiating contracts.   The vendors a company uses will depend upon the type of business they conduct. They may

Procurement is the process of sourcing and obtaining the goods and services a business needs to fulfill its objectives. Procurement is most generally associated with businesses because companies need to solicit services or purchase goods, usually on a relatively large scale. An efficient procurement strategy can do many things; for example, it can save companies

What is contract lifecycle management? Contract lifecycle management refers to the proactive, methodical management of a contract from initiation through award, compliance, and renewal. Implementing contract lifecycle management (CLM) can improve cost savings and efficiency. Understanding and automating contract lifecycle management can also limit organizational liability and increase compliance with legal requirements. Business associates, customers,

Expense management refers to the systems that a business has deployed to process, pay, and audit employee-initiated expenses such as travel and entertainment. Expense management comprises policies and procedures that direct such spending, including the technologies and services used to process and analyze the data incorporated. Software to handle the expense claim, authorization, audit, and

What is a GPO? A GPO or Group Purchasing Organization, also called a co-op, purchasing group, consortium, collective, coalition, or leveraged procurement group, exists to leverage their members’ combined purchasing power to obtain maximum discounts from suppliers for all its members, increasing their purchasing volume in the process. The group’s collective buying power far exceeds