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Electronic Payment


Overview

Management of the invoicing and payment process is another area that, by its very nature, is difficult to control due to the variability introduced by thousands of contractors, pricing and submitting invoices in a multitude of different formats. Add to that, the need for adding account information to documents and routing paperwork for approval, from sites, to regional offices, to corporate accounting; it is easy to see why these procedures have very low process efficiency cycles. 

The WorkOasis Electronic Invoicing application automates this process by using electronic documents and workflow automation to reduce cycle time and improve visibility throughout the entire financial process. Typical steps in the electronic invoicing and payment process include:

  • The creation of an electronic invoice by the vendor
  • The routing of that invoice for approval based on dollar thresholds
  • The ability to accept or reject invoices
  • The ability to add accounting information for cost coding and expense vs. capital recognition; and
  • The forwarding of the approved invoice to accounts payable for processing
WorkOasis provides a paperless process for creating; routing, approving, and posting vendor payments; including integration with any web-services enabled ERP or financial system.

   

Features

  • Vendors invoice you electronically using a WorkOasis, easy-to-use invoicing template which includes the following:
    • Line by line invoicing detail for labor, materials, travel, and sub-contractors
    • Ability to calculate sales and use tax with an online utility that is updated monthly
    • Ability to tie contracted labor rates to self-populating labor pricing tables
    • Ability for the vendor to import and export invoice information using Excel or other third party software templates, including QuickBooks
    • Ability to create consolidated invoices with line item detail and approval
  • Customer online invoicing approval:
    • Invoice routing based on dollar thresholds (5 levels)
    • Ability to change invoice type
    • Ability to add or auto-populate accounting codes
    • Ability to add or auto-populate PO numbers
    • Ability to view work order and transaction history
    • Ability to reject / resubmit
    • Ability to post future deduct if needed
    • Ability to communicate internally and externally via notes application
  • Invoicing dashboard for status reporting:
    • Created
    • Received
    • Rejected
    • Approved
    • Sent to a 3rd party
  • Excel conversion / export
  • Option to integrate with third party applications using an easy-to-implement, low cost web-services data exchange

   

Return on Investment

Simplifying:

Through a standardized electronic invoicing and payment process, the risk associated with billing errors is eliminated and vendors can receive payment in a much more efficient fashion, with reduced cycle time.

WorkOasis provides a clear audit trail and process map for Sarbanes Oxley compliance, better financial information of incurred expenses, and detailed information on every transaction.

Cost Reduction:

The ability to electronically receive, route, and approve invoices from hundreds of suppliers, who previously transmitted paper bills via the mail, represents a step change improvement in invoice processing speed, cost, and accuracy.

WorkOasis has documented a 74% reduction in total transaction cost using its web-based workflow process; assuming a fully burdened cost of $30 per invoice, this could represent up to $22 per invoice, or a 7% overall reduction in total transaction cost, assuming a $300 average invoice.

   

Screen Shots


   

 
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