Symphony SMS' Invoice Management Services are comprised of taking responsibility for receiving, processing and/or paying all of the telecommunication, IT and general invoices on behalf of the client.
Symphony SMS' Six Sigma® based operation provides automated solutions for all of the above tasks, creating significantly higher levels of efficiency and accuracy, in what is generally a highly manual and time-intensive business process. Workflow automation is configurable for multiple approvers via the application.
Symphony's patented Data Processor® software and global delivery centers provide for importing EDI, data files and manual invoices. All information from vendor invoices, once reconciled (see below), are automatically fed into the client’s AP (accounts payable), GL (general ledger) and/or ERP (enterprise resource planning) system, in order to facilitate timely and accurate payment and cost center billing. EMS® 11 also integrates with HR systems for workflow processes and cost center association.
Following such end-of-period posting, all information is made available via a secure Web reporting module, or via email updates for each cost center manager, resulting in better cost management at the cost center level. EMS® dashboard tool provides customizable business intelligence for a managerial or analyst view of relative spend data via graphical or report orientation.
The specific services include:
- EDI, data files, spreadsheets and manual (scan, prep, index & QC) invoice conversion
- Invoice Processing
- Help Desk Services for dispute resolution, vendor maintenance & client approvals
- Budget analysis, forecasts and support
- Government qualification services (W9 & 1099's)
- Chargeback / Billing
- Invoice Payment
- Web Reporting
Benefits of the Invoice Management Services include:
- Relief for AP department
- Configurable workflow processes for automated invoice adjudication and approval
- Avoidance of late fees
- Accurate cost allocation (including direct chargeback, partial allocations, one-time fees, etc.)
- Automated posting to AP, GL or ERP systems
- Management accountability and budgetary discipline
- Inventory verification and invoice error discovery
- Accruals provided based on unpaid invoices
- Standardized reporting