Purchase Ledger
How CORTEX Helps
CORTEX streamlines the invoice validation and payment process, enhancing the efficiency of financial transactions with vendors and partners. A key feature is its ability to validate invoices received. For vendors, it ensures that the lines on each invoice accurately reflect the ordered products. When dealing with partners, it cross-checks the invoice lines against previously received usage data, ensuring that billing is based on actual usage.
Once the validation is complete, CORTEX integrates seamlessly with the financial accounting system to upload the verified invoices. It can auto-approve payments for invoices that meet predefined business criteria, streamlining the payment process. However, in instances where invoices require manual approval, CORTEX facilitates this process. It issues notifications to the relevant approval team and provides them with a web interface containing detailed data from the invoice for review. This interface also allows for the input of the approval decision, making the approval process straightforward and efficient.
Following the approval, CORTEX initiates the payment of these invoices through the financial accounting system. This integration ensures a smooth, error-free transaction process. CORTEX maintains a high level of communication throughout this invoice management cycle by issuing progress notifications at critical stages. These notifications are sent to internal teams and external recipients as needed, keeping all relevant stakeholders informed about the status of invoice processing and payments.
Associated Use Cases
What's Happening Here?
What is
Purchase Ledger
Tracking and recording all financial outgoings is vital to a company’s financial management. This function encapsulates a series of intricate processes that ensure the company’s financial outflows are accurately monitored and managed. One of the key elements of this function is the issuance of purchase orders. This process involves creating and sending orders to suppliers for goods or services needed by the company, representing a commitment to pay upon delivery of those goods or services.
The next step is accepting the deliverables once these goods or services are delivered. This step verifies that the delivered goods or services meet the specified requirements and standards. Following this, the process of validating and paying invoices comes into play. It entails checking that the invoices received from suppliers accurately reflect the goods or services provided and authorising their payment. This validation is critical to ensure timely payment or payment for undelivered items.
Another crucial aspect of this function is allocating costs to approved budgets. It ensures that all expenses are categorised and charged to the correct budget lines, essential for accurate financial reporting and budget management.