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INVOICE PRESENTMENT AND PAYMENT
Epicor Invoice Presentment and Payment is designed to optimize and automate the entire settlement process.
Even if you are receiving invoices electronically, there are still many ways to squeeze additional costs out of invoice and payment processing. Epicor Invoice Presentment and Payment (IPP) enables companies to streamline the process of receiving and handling invoices and paying suppliers in a secure online environment, including the automation of manual-intensive steps such as dispute resolution, payment matching, workflow, and reconciliation. From a payables and receivables perspective, automation of these processes offers the promise of maximizing cost savings and process efficiencies for both buyers and suppliers.
Invoicing
You can present invoices in HTML, XML, EDI, e-mail or fax format to trading partners. By automating your invoicing process, you significantly streamline and reduce costs to prepare, mail and follow-up on your invoices. Collaborative invoice dispute management means that the days of time consuming back-and-forth phone calls for resolution are in the past—an automated workflow moves the dispute through the appropriate parties quickly.
Payment
Epicor Invoice Presentment and Payment lets you pay the way that best meets your needs—allowing for an unrivaled flexibility in your choice of financial institution, payment method and currency. You can automate your payment or collection process by defining your terms and business requirements for scheduled or deferred payments.
Because all processes are online and automated, suppliers get paid faster, reducing their Days Sales Outstanding (DSOs) and their working capital requirements. And, with this solution, you can leverage economies of scale by aggregating and netting transactions across trading partners, exponentially reducing the number of transactions to be settled into one simple transaction, driving down the cost of the settlement process and substantially reducing foreign exchange costs.
Reconciliation
Epicor Invoice Presentment and Payment speeds up the time-consuming reconciliation process by automatically reconciling settlement transactions, so you can gain real-time knowledge of your cash management position. Transactions will be automatically synchronized and reconciled with your bank as they occur—with the results recorded in the appropriate ERP system. You can be assured of data integrity and consistency across disparate systems while reducing the administrative costs for this labor-intensive task. By driving out inefficiencies, you can turn your attention to where it's needed.
Financial Data Exchange (FDX)
The Financial Data Exchange is an innovative technology that leverages our financial domain expertise and the mapping flexibility of Microsoft BizTalk™ Server to integrate to ERP and Financial Institution systems. FDX means faster full production deployment, greater overall efficiencies across the enterprise, and rapid cost savings.
FDX connectors are touch-points to the financial institutions of your choice. They facilitate the conversion of the payment request document into the desired bank and payment format, and transmit payment instructions directly from the trading partner's bank, financial institution, or financial service provider.
Collaborative dispute management is a key component of IPP. It enables two-way electronic collaboration between partners including proactive alerts when disputes are initiated. You have the ability to dispute invoices or line items using user-defined codes. The results are timelier payment processing and improved cash receipt forecasting, on-line exception resolution and visibility into trends and activity.
IPP also provides comprehensive matching and reconciliation capabilities to automate pre-payment matching and post-payment reconciliation for bank statements and procurement cards. This allows for streamlined exception handling through role-based security and exception types. Ultimately, this reduces costs by automating the matching and reconciliation process, ensuring accuracy and improving trading partner relationships.
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