What if you could collaborate with your suppliers and capture all of their invoice data in a common digital format, align it with the payment terms and conditions agreed to in your contracts, POs and catalogs – and then integrate with your ERP/AP systems?

Xeeva has enabled this through our eInvoicing solution that is fully integrated with Xeeva Procure to Pay. Suppliers are made aware of invoice errors before they’re even submitted which in turn allows for faster goods receipt on your end and a faster payment cycle on theirs. The end result is fewer manual touches so your accounts payable team can focus on higher value-add activity like cash management vs. dispute resolution, and your management benefits from better visibility into your overall supplier commitments.

While you’ll never reach a 100% touchless invoicing environment, you can get a lot closer. Invoice rejection rate is a huge pain point for most organizations (we see between 20% and 40% before implementing our solution) which results in significant non-value-added time chasing down the details behind those rejections. At times rejection occurs because of the goods receipting process, at other times it occurs due to mismatch in terms and conditions, e.g., PO numbers or cost centers.

Xeeva enables a robust 3-way match process (between POs, receipts and supplier invoices) – a benefit of interconnecting eInvoicing with our P2P and supplier collaboration capabilities. It starts up front by implementing configurable business rules that don’t require a bit of IT intervention for invoice validation and matching at point of supplier submission. Suppliers submit invoices that conform to the business rules you’ve established. Once an invoice is received, electronic workflows take over for automated accept / reject of invoices.

The result is a fully reconciled (i.e. 3-way-matched) Ok-to-Pay output that is directly interfaced into your AP system. This can reduce the “touches” to a small fraction (<5%) of what’s processed.

Accounts payable staff and business approvers can then focus on exceptions to manage invoice approvals, apply cost codes, and quickly resolve invoice disputes.

Suppliers can check status, collaborate with AP, resolve dispute all online through a single interface.

As more invoices are processed through the system, advanced analytics go into action to produce action oriented insights into process and operational savings potential that your team can then go and validate and implement.

xeeva financial collaboration

Automate invoicing and collaborate with suppliers to optimize cash �ow, take advantage of discounts and eliminate the high cost of poor productivity

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eInvoicing/ePay

DynamicDiscounting

Dynamic Discounting

Working with treasury and finance, the procurement organization can apply configurable discounting logic to identify candidate invoices for early payment and the terms under which payment would be rendered. As a user, you set the parameters based on commodity, size of invoice, nature of the supplier relationship among others. Once triggered, suppliers are notified of the option to accept early payment in exchange for a discount – allowing them to make the trade-off between quicker cash flow and a lower net payment. If approved by the supplier, payment is triggered. Rich transaction history provides intelligence that allows you to better target execution of your next dynamic discounting event.

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Results

Contract compliance and adherence. Ensure that supplier invoices comply with negotiated agreements.

Happier Suppliers. Suppliers are 20% more likely to provide pricing concessions or other favorable business terms.

Increased AP productivity. Processing cycle time can be reduced by up to 75%.

Lower invoice processing costs. Average invoice processing costs can be reduced by 65% and remittance costs by 60% with automation.

Manage cash more e�ectively. Improve cash �ow by 2-5% with improved visibility into approvals, early pay discounts, payments pending and cash demands.

Rejection rates to below 5% of invoices. At a processing cost of $16 per invoice there are immediate cost and productivity bene�ts.

Embedded Intelligence

•Fully reconciled 3-way matching

•Dynamic discounting logic that learns from past performance

•Intelligent, configurable workflows

•Financial results tracking and reporting

•Discount optimization trade-off analysis

xeeva financial collaboration