Process map for the Invoice Mapping and Payment Tracking Software

process map for the Invoice Mapping and Payment Tracking Software:

1. Invoice Submission:
   • Receive invoices from vendors or internal departments.
   • Capture invoice details such as invoice number, vendor name, amount, and due date.
   • Validate the invoice data for accuracy and completeness.
2. Invoice Review and Approval:
   • Assign invoices to appropriate reviewers based on predefined workflows.
   • Review the invoices for accuracy, compliance, and adherence to internal policies.
   • Approve or reject invoices based on the review outcomes.
   • If rejected, provide feedback and request necessary revisions or additional information.
3. Invoice Verification and Coding:
   • Verify the approved invoices against supporting documents such as purchase orders or contracts.
   • Code invoices with appropriate account codes and cost centers for proper accounting and reporting.
   • Validate invoice amounts and calculations to ensure accuracy.
4. Payment Scheduling:
   • Determine the payment schedule based on the approved and verified invoices.
   • Consider payment terms, due dates, cash flow, and any applicable discounts.
   • Schedule payments to vendors within the defined payment cycles.
5. Payment Execution:
   • Initiate the payment process based on the scheduled invoices.
   • Generate payment instructions or electronic transfers for approved invoices.
   • Coordinate with the accounts payable team or banking partners to execute the payments.
   • Update the payment status and record the payment details.
6. Payment Confirmation and Reconciliation:
   • Receive payment confirmations from vendors or banking partners.
   • Reconcile the payment confirmations with the scheduled invoices.
   • Identify and resolve any discrepancies or outstanding issues.
   • Update the payment status to reflect the successful completion of payments.
7. Invoice Tracking and Reporting:
   • Track the status of invoices throughout the entire process.
   • Monitor the progress of invoices from submission to payment.
   • Generate reports on invoice aging, pending approvals, payment status, and other relevant metrics.
   • Provide stakeholders with real-time visibility into invoice mapping and payment tracking.
8. Exception Handling and Dispute Resolution:
   • Identify and address any exceptions or discrepancies in the invoice mapping and payment process.
   • Handle disputes or inquiries related to invoices or payment discrepancies.
   • Collaborate with vendors, internal departments, and other stakeholders to resolve issues promptly.
9. Auditing and Compliance:
   • Conduct periodic audits to ensure compliance with internal controls and regulatory requirements.
   • Review the invoice mapping and payment tracking process for accuracy, adherence, and effectiveness.
   • Implement corrective actions and process improvements based on audit findings.
10. Continuous Improvement:
    • Seek feedback from users and stakeholders on the software’s functionality and usability.
    • Continuously assess and enhance the software based on user needs and evolving business requirements.
    • Regularly review and optimize the invoice mapping and payment tracking process for efficiency and effectiveness.

Note: The process map can be customized and tailored to fit the specific requirements and workflows of your organization.