Invoice errors can not only cost your business money, but they can also be hard to find. Manually comparing purchase orders, deliveries and invoices to look for mistakes can often cost more than the money saved. NCR's Power Reconciliation automatically reconciles invoices, receipts and purchase orders and eliminates the need for cumbersome paper-based matching processes. Users are alerted to discrepancies, so they can find errors more easily and process invoices more efficiently.
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NCR POWER RECONCILIATION - Retail and distribution industries
Accurate invoices and payments are essential for profitability
As customers demand an ever-increasing variety of products, retailers have to manage more vendors and more invoices than ever before. New product introductions occur almost daily, and retailers are adding local and niche vendors to accommodate custom product assortments to meet demand. Not only that, but vendors today tend to offer more targeted deals, leading to a complex system to accurately manage invoice payments and vendor funding dollars. With so much to juggle, retailers that don’t have automated reconciliation systems can waste a lot of labor hours comparing invoices, looking for discrepancies and determining the correct payment due. Plus, it’s important to overall business profitability to maximize vendor discounts and minimize freight costs for every invoice.
Without proper systems, there’s virtually no way to keep up with all of this work efficiently.
Introducing NCR Power Reconciliation, an easy-to-use solution that automatically reconciles large volumes of invoices, receipts, and purchase orders. The system streamlines the invoice matching process for all types of invoices: product, freight, warehouse and DSD. The data can then be leveraged to measure and track supplier performance and to maintain an accurate cost of all goods. Ultimately, the data from NCR Power Reconciliation can help improve the single number that matters the most—your bottom line.
Continuous improvement made easy
You can’t manage what you don’t measure, and you can’t improve what you don’t manage. Are you tracking the key accounting metrics that will help your business improve? Do you know your match rate for invoices? Or, how many labor hours you spend on reviewing, resolving and approving invoices? With NCR Power Reconciliation, managers can define tolerances by cost element and by vendor that will automate the matching invoices within tolerance, and automatically flag critical exceptions.
The system also includes a variety of tools to ensure product cost accuracy and help collect all of your eligible vendor discounts and rebates to maximize profitability. For example, if an order was shorted that initially contained deals or lower costs, the system ensures that these allowances are recovered when the goods are ultimately delivered. Without this streamlined workflow, users would spend excessive time manually trying to match PO’s, deliveries and invoices and would spend even more time routing discrepancies to the proper teams to address. Properly managing payments in a fast paced, high volume retail environment with efficient use of labor hours is a key element to your overall profitability.
Features and Benefits