PowerDive - Preventing Payment Gridlock
- Perform cause-effect analysis of inefficiencies in the invoice processing both at the aggregated level and at the level of a single transaction;
- Categorize outstanding invoices according to their subject, type, approval status and number of days till due date;
- Identify invoices at risk of late payment and give overview of invoice ageing by due date, including current stage of processing;
- Categorize of suppliers by the number of invoices issued in particular period, document type and frequency of settlements;
- Automate the distribution of notifications to employees responsible for invoice approval at various stages of payment processing;
- Monitor the value of overdue transactions, including interest on late payments, as required by the <i>Act on combating late payment in commercial transactions</i> (for Polish version).
- Ineffective process of documents circulation in the organization;
- Lack of a purchase order number placed on the invoice;
- Lengthy process of identification who should approve an invoice without a purchase order;
- Lengthy approval process;
- Lack of a system confirmation of service delivery or receipt of goods stored outside of a warehouse (e. g. marketing materials).
Benefits for the client:
- Automatic identification of invoices being at risk of late payment and root cause of that;
- Enhancement of invoice approval process;
- Ongoing monitoring of KPIs and deviations from established targets;
- Early warning of possible problems in on-time payments;
- Reduced risk of financial consequences resulting from overdue payments and unreliable payment practices.
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