All accounts payable (AP) disparities end in losses, be it invoices with incorrect or inflated amounts, invoices from fake vendors, or invoices for returned material. These inconsistencies eat into an organization's working capital. And just like with duplicate payments, any of these issues can amount to a loss of millions if not caught in time.
Our invoice verification services protect your business from these unnecessary costs by-
With invoice auditing services, you can efficiently address duplicate payments, pricing or quantity errors, tax calculations, payment schedules, inconsistent vendor information, compliance with service level agreements, and invoice format errors, among other things. Our holistic approach to invoice verification includes two-way or three-way matching of the invoice with corresponding purchase orders, receipt of goods certificate, and quality inspection documents. If needed, invoice reconciliation against the general ledger can also be performed.
With the rising instances of data breaches costing organizations millions on average worldwide, information security is always a concern. Addressing the growing number of privacy mandates is difficult enough. It is a round-the-clock effort to manage security vulnerabilities and protect sensitive data.
So, when you choose to outsource invoice verification services, the doubt around "Will my data be safe?" must be at the forefront of your worries.
Data security and compliance are the two biggest strengths that SunTec Data brings to the table. The company is certified with ISO/IEC 27001:2022 for information security management and with ISO 9001:2015 for quality management. From adhering to data compliance regulations such as HIPAA, DORA, GDPR, CCPA, SOX, and PCI to being a CMMI Maturity Level 3 company, all our accreditations and certifications have the same purpose: to prevent unauthorized access to customers' and users' sensitive information.
Initial Invoice ReviewIncoming invoices are verified using the client's AP software. We check if the invoices are addressed to the correct entity, include required information (invoice number, date, vendor details), and are not duplicates. Simultaneously, we check the availability of supporting documents (purchase orders, delivery receipts, etc.)
Invoice Data VerificationThe invoices are classified by type, department, or project. We implement a three-way matching technique to compare the invoice details with the purchase order (to ensure consistency in quantity, price, and terms) and against the goods or services received note (to confirm delivery and acceptance).
Discrepancy Resolution Any discrepancies between the invoice, PO, and goods receipt, such as missing documents, different billed amount figures, missing information on the forms, etc., are moved to the client's team for resolution. We also notify the client if there is any indication that the invoice might have come from a non-legitimate vendor.
Final Invoice Quality CheckOur team performs a final check to ensure everything is in order before moving the invoices for payment processing to the concerned department. We also perform invoice data entry in the company's document management system for future reference and generate reports on required KPIs for management review.
Freight Invoice Audit ServicesEnsure accuracy and compliance in your shipping and logistics costs with freight audit services. Our team matches the bills of lading against the freight invoices, relevant contractual rates, and terms of service for parameters like quantity and weight, unit price/rate, sub-totals and totals, taxes, and other charges. In addition to shipping audit services, we can extract the relevant data from bills of lading and generate fresh freight invoices per the prescribed formats.
Utility Invoice Auditing ServicesCompanies operating across multiple sites receive several utility bills each month. Regardless of their complexity and volume, we conduct utility bill audits to identify errors and check tariff structure, due dates, deductibles, etc. Our utility invoice auditing services also include historical verification of invoices to uncover past overpayments.
Medical Bill Audit ServicesHospital bill auditing enables healthcare firms to comply with invoice-related legal and contractual obligations, prevent liabilities, protect themselves from healthcare fraud, and eliminate additional costs. This audit ensures that the bills contain valid medical care entries, the medical codes used on the bills are correct, and no duplicate bills are being sent out. We also offer medical coding audits to check the adequacy of medical documentation.
Legal Invoice Audit ServicesTo reduce long-term legal spend, our team analyzes current and past legal bills for errors. All legal invoices are compared against applicable regulations and standards and matched with relevant documentation to ensure accuracy. Any duplicate or overbilled invoices and billing inconsistencies are reported to help the client manage legal costs effectively.
They have driven unnecessary expenses right out of our business. The ROI of working with SunTec Data for invoice verification services has been immediate.
We were losing thousands of dollars in energy bills without realizing the severity of the situation. SunTec has secured over 70% of that amount in refunds for us with Utility invoice auditing.
With invoice verification services, they identified overcharges and billing errors we would have missed otherwise, saving thousands. We now have more confidence in our logistics expenses.
No organization wants to overpay, be billed incorrectly, or fall victim to fraud, but it happens often. An invoice audit ensures you only pay what you owe. With our invoice verification and validation services, you get-
Automated invoice processing systems have simplified the management of buyers, vendors, invoicing, payments, and financial data. It handles everything, from recurring billing and one-time invoicing to subscription management.
The synergy of AI in OCR and AP workflows promises speed, efficiency, and cost reduction but it does not guarantee data accuracy.
AI enhances OCR capabilities by improving the accuracy of data recognition, but this often fails if the invoice layout is complicated or multi-tiered. Automated AP systems facilitate the handling of unstructured data, but this fails when the data lacks consistency or is highly fragmented.
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