PaletteContract is Sharper
The smart solution when you want to focus on cost savings on your Supplier contracts and agreements!
Traditionally the handling of supplier contract terms, conditions and pricing tend to be subject to individual experience with the contract and accessing the legal archive of your organization. Given the volume of paper in the process the source documents are rarely checked for proper pricing and other contractual consideration. This can lead to overpayment and possibly fraud. Recurring invoices are usually handled in a very manual fashion with managers or AP personnel coding and approving them month after month. Perhaps your organization has to remember to make manual payments in the ERP for liabilities like leases.
If your organization were to scan and/or electronically archive its contracts and simultaneously store key information in a workflow system this vital information becomes available for automated matching with requisitions, purchase orders and supplier invoices, thus increasing control, reducing manual processing and improving accuracy and visibility.
Further, electronic scanning, interpretation and archiving of contracts is a huge step forward towards achieving a fully automated approach to the purchase to payment value chain. Additional matching elements, as price, duration and other terms, are added into your accounts payable function. Hence, the automation of the invoice matching functionality in PaletteInvoice becomes even more efficient, minimizing the need for manual labour and control of supplier invoices.
PaletteContract allows your organization to scan and index all supplier contracts, which are then archived in a common electronic repository. This allows fast, easy access and monitoring by authorized personnel. Key conditions, clauses and payment related information may be added to specific contracts. By scanning and storing contracts and entering additional information, the functionality of both PaletteBuyer and PaletteInvoice is improved. PaletteBuyer interacts with PaletteContract providing improved flow of key information and control when creating requisitions and purchase orders. Similarly, the extensive matching logic of PaletteInvoice monitors that negotiated terms and conditions are in compliance with supplier invoices received.
- Improved control of supplier contracts
- Easy access to terms and conditions of contracts
- Increased transparency
- Automated processing of recurring invoices
- Self billing for leases and other required payments that do not have invoices
- Automated control and supervision of terms
- Monitor vendor adherence to terms and pricing
- 100% web based
- User friendly
- Early warning of contract termination and renewal
- Configurable user hierarchy
- Enhanced benefits from other Palette products
In addition to purchase order and expense invoice matching,PaletteContract enhances the robust and flexible cascading matching feature of PaletteInvoice, providing an even more automated process of invoice handling, improved control and increased transparency of operation – for all organizations.