Invoice Automation for Contract Based Invoices
Ensure maximum contract compliance between your executed contract terms and your invoice terms.
Your Contract Based Invoices are Costing You Time and Money
Due to the nature of the expenditure or the industry, not all companies can use Purchase Orders effectively to procure goods and services. As a matter of fact, non-inventory items and non-material goods are often procured using contract and services agreements. In addition some industry sectors such as Government, Construction, Consumer Goods, Luxury, and Media depend heavily on contracts to procure services, sub-contract work, advertising, etc. As a consequence such organizations likely rely on individuals to dig into the contract, service agreement, or contract agreement to validate an invoice to be paid. This makes defining costs, controlling spend, and gaining visibility very manual and very time consuming. Such manual processes make it hard to find the value hidden within your contracts and leave you susceptible to risks such as overpayments or wrong payments.
Achieve Contract Compliance Between your Invoices and Contract Terms
Prodagio AP invoice automation seamlessly integrates with your existing Contract Lifecycle Management system or Prodagio Contract to automate the matching between your invoices and the terms within your contract or agreement. Utilizing a single user interface, Prodagio AP makes it easy for users to match Non-PO invoices to their contract. Users will finally have easy access to information that was once buried deep in their agreements. With Prodagio AP you can now pinpoint conflicting costs pertaining to service purchases and Non-PO invoices, increase your user’s processing efficiency, and provide visibility into all costs related to contract terms.
- Gain Contract Compliance - Prodagio Contract captures terms, renewal date, obligations, etc. When an invoice is received, the system will automatically validate the terms of the contract to the order which insured contract compliance.
- Automate All Transactions; PO, Non-PO, or Exceptions - Prodagio AP automatically matches PO invoice line-items and headers against your PO system using a rules engine, and flags any inconsistencies. Non-PO invoices, such as service agreements or expenses, can automatically be validated against your business rules or contract terms, ensuring contract compliance. Prodagio AP can connect to any CLM system or you can implement Prodagio Contract as part of your process improvement initiative.
- Improve Efficiency and Productivity - The days of manually tracking down deliverables, multi-system logins, and inter-office mail are gone. Prodagio Contract improves your employee’s efficiency and productivity by providing a single system that also supports requisition processes.
- Immediate Access to Contracts from your Non-PO invoices - You can reference any vendor agreement directly from an invoice or via a simple search. By referencing vendor agreements, you will have visibility to important contract information, such as the contract reference number and contract details, regardless of where the information resides.
- Include Non-POs in your P2P Processes - It’s hard to get full P2P automation when you don’t have visibility into the terms of your service agreements and no way to ensure contract compliance. Prodagio Contract is able to fit seamlessly into any ERP, PO, or invoice automation system to track data around services, ensuring that your P2P processes flow smoothly from one end to the other. Validation of data is bi-directional, meaning you can confirm data in the PO matches the contract or vice versa.
The Prodagio Difference
Prodagio AP automates matching between the invoice and contract terms, making it less time consuming and more efficient. Easily compare the terms in your contract to the information in the invoice within a single interface. Robust full text and full data searches make it easy to find the information you need to approve an invoice, and recorded matching history further brings buried information to the forefront to increase efficiency overtime.
Prodagio Contract is more than a document repository system; it is a full-fledged contract lifecycle management tool. Prodagio Contract streamlines transaction processing, allowing you to create contracts, track key data and deliverables, utilize workflows, and keep an audit trail of all actions taken. Prodagio Contract contains term management tools that efficiently help you take actions that will have a positive impact on your revenue stream, such as standardizing disparate terms within vendor contract and adopt the most favorable ones.
Matching POs is common, matching Non-POs is not. Service agreements, royalty agreements, and lease agreements are extremely complex and contain multiple terms scattered across hundreds of pages. Add to that the possibility that your contracts could be scattered across multiple business units and it is very possible you could be losing revenue due to overpayments and mispayments. Prodagio Contract easily fills the Non-PO gap by easily capturing all terms and storing that data in the central repository where you can report on it and push it to your financial ERP systems.