DMR vs. Manual Approach!

Problems faced with Manual Approach:

1. Manual entry is time-consuming and prone to errors.
2. Slow and inefficient invoice approval processes leads to delay in reconciliation.
3. Duplication of invoices lead to multiple payment errors, waste of resources, complications in reconciliation process, and audit failures.
4. Manual Routing of invoices can lead to delays and human errors and does not provide a clear visibility and limits accountability.
5. Reconciliation delays – inconsistencies, human error, vendor disputes due to manual process can lead to reconciliation delays.
6. Lost Invoices - When invoices are lost or difficult to locate, it can lead to significant operational delays.
7. Discrepancies – A manual process can lead to discrepancies in financial records, making it challenging to reconcile financial statements and leading to potential audit issues.

Solution: DMR

1. Data Accuracy: Improved accuracy through automated data extraction and validation.
2. Invoice Mapping: Invoice are matched with POs along with supporting documentation to ensure verified payments.
3. Invoices pass through various buckets, in a role-based approval system to ensure that credibility is maintained.
4. Digital Transformation: Transition from paper-based to digital invoice processes.
5. Duplicate Detection: Automatic detection and prevention of duplicate invoices.
6. Digital Storage: Securely store all invoices electronically, eliminating the risk of loss.
7. Highlighted supplier GST ratings will enable buyer to get a more comprehensive perspective on their ITC availment.