Oracle’s PeopleSoft Payables provides automated invoice and payment processing to ensure timely and accurate payment for goods and services. Best practice business processes match purchase orders, receipts, and invoices and provide online approvals to identify exceptions and increase control over your disbursements.
In order to improve control, reduce errors, and spend less time on manual activities with automated transaction processing, here are a few tips to consider.
- Budget Checking Transactions.
Keep PeopleSoft Commitment Control Ledger count to a minimum. The relationship to processing time for budget checking (FS_BP) and ledger group count is almost linear. Double the ledger groups and you almost double the processing time.
- Purchasing and Payables Data Entry.
Supplier Short Name is the standard search key for Supplier data throughout PeopleSoft supply chain. Define a convention for how your organization will assign short name values and make sure the convention is well understood by your supply chain user community. It will enhance efficient data entry and reduce requests to add suppliers that already exist because the user couldn’t find the correct value.
- Purchasing and Payables Data Entry.
PeopleSoft payables and purchasing related data entry screens do not always provide the user the ability to easily select different supplier address after selecting a supplier location. Make sure your location/address default structure provides the correct relationships by default as often as possible.
- PO Dispatch via Email.
PeopleSoft provides the ability to submit purchase orders to a supplier via email. The email associated with the ordering address will be used unless there is also a contact associated with the ordering address that also has an email or the user provides a one-time email when entering the purchase order. The purchase order and related attachments become attachments to the email.
- Payables Payment Processing.
Take the time to define PeopleSoft AP Match Control Groups that only contain rules that are actually relevant to your business. Use tolerances when appropriate to eliminate exceptions being shown when they don’t really need to be. Reducing match exceptions will significantly enhance prompt processing and payment of AP Vouchers.
PeopleSoft Payables delivers built-in controls to help you meet regulatory requirements, enforce compliance, reduce risk, and implement due-diligence best practices reducing cycle times and errors. A few benefits include:
Maximize Productivity with Automated Invoice Processing
- Gain efficiencies with sophisticated matching rules to support any business need
- Eliminate paper invoices and reduce invoice processing costs with Transcepta’s unique electronic invoicing solution that works seamlessly with Oracle solutions
- Optimize payment processing through electronic payment processing and inter/intra-unit transactions, bi-lateral netting, EDI, Excel to CI, and quick voucher
- Maintain good supplier relationships and control through, withholding, 1099 and vendor statistics
- Increase efficiency in managing cash through discount evaluation, process payments, escheatment and positive pay
Enforce Financial Control
- Automate invoice processing, with configurable workflow to route and approve invoices according to the unique requirements of your business
- Enforce financial control to lower exposure to fraud, error, and unauthorized payments, and increase accuracy through duplicate vendor, attachments, cash integration, and drilldown to GL
- Measure performance and make better decisions with robust inquiry and graphical tools
Ensure Corporate Growth
- Support global financial operations with unlimited standard offset accounts and tax (integration with Vertex and Taxware for the U.S.)
- Meet country-specific statutory requirements by calculating and accounting for value-added tax, sales and use tax, withholding tax, and regional and local taxes
- Increase visibility over accounting and controls with check requisition, global tolerances and offset accounting, and vendor controls