Changing the status-quo of financial operations can be quite tricky for a retailer, especially when those retail merchandising systems and routines have been in place and functioning for years, even decades. However, as organizations look for areas where they can improve efficiency, innovate operations, and reduce costs in these uncertain times, some long-standing processes become ideal candidates for automation.
Streamlining retail financial processes is more critical than ever as they tend to be heavily dependent on manual intervention. After planning, purchasing, and receiving merchandise, retailers must ensure that vendors and suppliers get accurate and timely payments for the products received. Retailers have to handle vast volumes of purchase orders, receipts, and invoices, and with limited staff, it is often challenging to keep up and be accurate.
To streamline those processes, retailers will need configurable, agile, and automated retail solutions that will allow them to process the invoices with speed and accuracy. Here are some customers taking advantage of automated invoice matching now and in the future - Dubai Duty Free, 7-Eleven Mexico, and Cape Union Mart.
Here are five reasons retailers should put automated invoice matching at the top of the holiday wish list:
Trying to manage and track invoices manually can be complicated. With all the holidays and an evolving 2021 on the horizon, retailers will benefit from standardized and automated operations. An automated system, such as Oracle Retail Invoice Matching, provides retailers with a way to efficiently manage the matching, reconciliation, and payment of supplier invoices. Additionally, the cloud service can minimize the time and effort it takes to manage, track, and recognize the value earned on rebates and bill-backs.
A system that eliminates manual data entry and associated errors will be crucial. Oracle Retail Invoice Matching’s automated matching engine runs through real-time data and applies a retailer’s corporate policies in its attempt to match invoices, purchase orders, and receipts. With an automated system, retailers can define the level at which the matching occurs – from a single purchase order to matching purchase orders across multiple locations or at the style level – seamlessly eliminating significant complexities. The earned value of bill backs and rebates is automatically calculated, but the financial recognition is automated, reducing the complexity required to perform the calculations.
Retailers need real-time, data-driven reporting to help them make insightful decisions without needing to verify which orders have been invoiced and which have not. This increased visibility provides retailers with a complete picture of their company’s internal and external cash flow. With an automated system, invoices are processed rapidly, increasing efficiency and efficacy and reducing manual labor. Oracle Retail Invoice Matching ensures the invoice process is accurate up-to-the-minute as it has the details of orders, including any off-invoice discounts, receipts, and invoices.
Retailers need an automated system that aligns with corporate guidance and seamlessly configures the matching parameters to meet company policies and supplier agreements. A tailored solution allows retailers to define which matching process to run for a given supplier and in which order to apply them. If or when there is a discrepancy, invoice matching automatically performs the defined unique action to resolve the discrepancy effectively.
Increase Payment Accuracy
Invoicing discrepancies and their inaccurate information can significantly impact inventory costs, reduce margins, and negatively affect supplier relationships. With Oracle Retail Invoicing Matching, the solution automatically takes the proper steps and actions to resolve the discrepancy, which will be essential during the busy holiday season.
Ultimately, automating invoices saves retailers time and money - and time is money for retailers, especially during the holiday season. Retailers don’t have time (or resources) to focus on manually matching invoices and resolving discrepancies when they could be finding the next “must-have” holiday item or improving their customer’s digital experience. With Oracle Retail Invoice Matching, retailers can increase productivity and visibility, automate discrepancies, simplify operations, and eliminate complexities just in time for the holiday season and beyond.