The Blog Master posted a link to an AP process success story yesterday, did you get it?
And the post before that had a free white paper from Aberdeen Group.
Coming back to AP, now, you are working at migrating the process. How will you add value by applying your best practices? One way is to bring better transparency by defining the stage your invoice / transaction is in.
At the system level, we need to define the stages where the WIP items shall reside. This module shall provide for the enhancement of the WIP Queue types. Each Queue type shall be identified by a Queue code, which shall be unique to the system, and its description.
Some standard queues used are :
- Non-Prep Initial receipt
- Prep Invoices Prepared
- Prep – Hold Invoices Prepared – kept on hold
- Vendor Maintenance Requiring Vendor updated
- Approval Requiring Approval
- Approval – Client Requiring Client Approval
- Hold – Clarifications On hold for clarifications
- Rejects Rejected for processing
- Park Invoices Parked
- Posted Invoices Posted
- Response Awaiting response
- Rejection Feedback Recd. after clarification
- Trash Finally rejected and deleted
- Released Released for payment
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