Case Summary
A leading US-based manufacturer partnered with SLK to overcome invoice mismatches, processing delays, and billing inconsistencies in accounts payable, streamlining workflows to centralize contract renewals, invoicing, and compliance controls, resulting in faster processing, improved accuracy, and stronger financial governance.
The Challenge
- Invoice Mismatches : Rework due to mismatches between invoices, purchase orders, goods receipts, and contracts.
- Invoice Processing Delays : Pending aging invoices due to approvals, queries, blocks, and duplicate submissions.
- Billing Issues : Billing invoice amount threshold variations leading to leakages and delays in invoice and payment approvals.
SLK Solution
Contract Compliance Review
- Verification of contracted invoices: CCR (Contract Compliance Review) & ORC (Order Rate Check) to verify all contracted PO/non-PO invoices along with contract documents & PO/WO/SO.
- Textual summarization of Contracts and Work orders in the repository to extract key, updated clauses/information to match with invoices.
Invoice Processing
- Extraction and processing invoices using UiPath and HITL.
- AI enabled extraction, Rules engine for matching based on invoice types and apply them to processing systems (2, 3, and 4-way matching, product acceptance percentage).
Key Control Checks
- Key Control Check and Vendor reconciliation – quality check of incoming Invoices and Vendor GL reconciliation.
- Reconciliation based on Business Rules engine solution.
Approval
- Automate using SAP delegation feature
- Auto Delegation based on Approval Hierarchy and apply to SAP system
