4castplus Blog

4castplus Blog

18 18, 2019

4castplus AP Automation with OpenInvoice

The team at 4castplus recently completed a key productivity advancement with the new 4castplus “AP Automation” module.  Anyone familiar with accounts payable (AP) knows that the effort that goes into matching, validating and approving vendor invoices can be incredibly time consuming and labor intensive.  The new AP Automation module takes away as much as 70% of that effort by eliminating most of the manual, human involvement that goes into the matching and approval of vendor invoices. Instead, the system automatically, electronically matches and approves invoices.

 

 

A significant part of the burden on AP is rooted in the accounts payable staff not having easy access to either the original receipt, the PO commitment, or other corroborating evidence to match the invoice against.  This lack of information causes unnecessary churn with AP personnel chasing down people, documents, scanned receipts, etc. to confirm the accuracy of the invoice.  Then, once the substantiating information is found, matching and approving the invoice is largely a case of verifying that what’s on the invoice agrees with what is on the associated receipts.  The thing is, vendor invoices are mostly bang-on accurate, so for the AP staff in those cases, it becomes a relatively tedious routine of stamping the invoice as approved.  With the 4castplus AP Automation module, accounts payable can let the system handle the dull grind and heavy-lifting of matching invoices so that they can reduce their costs and focus their efforts on more high-value work.

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15 15, 2018

Vendor Accruals... Are You Keeping Track?

You thought you had your project all wrapped up when, SURPRISE, vendor invoices just keep coming in.  Whoops, things didn’t go as well as you thought. The costs on your project keep soaring, and you have to keep updating your project reports to your superiors.



Why Vendor Invoices Keep Coming In

This happens because vendors rarely invoice you at the time they completed the work, or delivered the materials.  The problem is, if you wait until vendors invoice you to show the cost on your project, then you’re in for a lot of surprises.

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18 18, 2015
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10 10, 2015

Vendor Management: Effectively Tracking Invoices, Costs and Budgets

Even the most organized and planned projects can have ad-hoc purchases that happen at the jobsite. In an ideal world, all vendor expenses would be controlled by issued purchase orders driven by a project budget. Vendor expenses should be recorded as an incurred cost against the original purchase order so that you know all of your budgeted costs upfront and you have full clarity around your accruals.

In reality, a project can have a substantial number of non-purchase order vendor expenses that need to be recorded and accounted for on a project. The right vendor management tools can provide you with full visibility into vendor accruals so that you have accurate project cost tracking.

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