Automatic match, approval, and booking of contract related invoices

New optional feature for Next® Invoices customers and a valuable add-on to Next® Contracts.

This feature is highly relevant for every company receiving a high number of invoices, where prices, terms and conditions are already agreed upon through a contract - e.g. leases on cars, printers, office or facility leases, energy fees, telephony services, licensing agreements, etc. If invoices are received repeatedly on the same amount, and booked to the same account, it can now be processed automatically - with no need for personal involvement. Even for those deliveries where approval and coding can not be done fully automated, the link to the underlying contracts provides valuable assistance to the invoice approver. And builds valuable documentation for the contract owner.  

Invoices are automatically matched to the related contract.

If deviations occur on the received invoice amount, billing frequency, or payment terms, it will automatically be routed to the owner of the contract, to be reviewed and handled correctly. Once the invoice amount or terms have been approved manually, the invoice continues its process route for coding and booking. The usual four-eyes principle may still be applied to the approval process.

Once matched, all invoices relating to a contract will also be automatically listed as "Related documents" under the contract detail information in Next®.

All contracts come to an end. Before the contact expires, the owner of the contract receives a notification, which makes it possible to renegotiate the contract or terminate it in due time. At the same time the contract owner can also define, activate or stop the automatic approval thresholds and payment frequencies for future invoices related to the contract.


Automatic contract expiry notification with Next® Contracts.



For the techie ones

Identification of invoices related to a contract is done using Next® Decision Engine and Contract Match Policies. 

The most simple policy is: Contract number as Your reference. It verifies that the vendor is correct and that word Contract and a valid Contract Id is present in Your Reference extracted from the Purchase Invoice. 

Must more specific and complex rules are also possible. Monthly office rent for Weimann Strasse 261, looking for the text 'Office rent', and 'Weimann Strasse 261',  inside all invoices from Mimut Properties. 



The business log

All automatic match and approval are logged in the business log. 

System       Matched invoice with Contract Id DK.... 

Future enhancements

In a future release of Next®, we will introduce a new product Next® Requisition with a similar link to Next® Invoices and functionality automatically approve, code, and book purchase invoices covered by a Purchase Requisition. 

Additional information

Please refer to the online product guide for additional information on this feature, once it is released.

Commercial terms and conditions

This functionality is available as a separate feature for several Next® products.

The functionality comes with a software license fee.

And any consultancy assistance will be invoiced.

Disclaimer

Despite our best efforts, we may be forced to change both content and expected delivery of future product updates without notice.


This feature awaits commercial approval  



Details

Title:

Automatic match, approval, and booking of contract related invoices

Type:

New optional feature

Status:

Suggestion

Expected release:

Release not allocated yet

Affected products:

Next® Contracts
Next® Invoices

Audience:

Business users

Classification:

Public

Responsible product manager:

Jørn Christensen

Updated:

14.06.2020

By:

Jørn Christensen