Accounts Payable is a complex process by nature and your AP software needs to reflect this in its functionality. The ability to efficiently process invoices, particularly when they need to be split across multiple purchase orders (POs), is crucial for maintaining accurate financial records and properly attributing spend. This is where Kloo comes into play, expanding Certinia’s invoice management functionality to be able to split invoices across multiple Purchase Orders.
Understanding the Challenge
A single invoice can include charges for multiple different projects or departments, which were raised in different purchase orders. For instance, one invoice could include purchases of new IT equipment for two different departments, bought for different purposes and raised in separate POs. Each department has its own budget and tracking requirements. Similarly, an invoice for a construction project might need to be split across multiple POs corresponding to different phases or elements of the work, such as materials, labour, and consultancy fees.
The Critical Role of Invoice Splitting
The importance of accurately splitting invoices cannot be overstated. It's not just about allocating costs appropriately; it's about gaining clear insights into your financial performance. This process is essential for businesses to maintain control over their budgets, ensure compliance with financial regulations, and foster transparent relationships with suppliers.
Kloo's Integration with Certinia
Kloo's Accounts Payable solution integrates seamlessly with Certinia, offering a range of features including OCR, natural language purchase requests and much more. One feature Kloo offers for Certinia users is the capability to match one invoice to multiple POs, a capability not currently offered by Certinia unless developed as a custom request. Kloo provides invoice splitting as a standard feature, ensuring that spend can be accurately matched and attributed. This improves financial reporting, ensures budget compliance within each department or project and creates a clear and accurate audit trail.
For customers already using Certinia, adding Kloo's solution means elevating their financial management to a new level of efficiency and accuracy. The integration is straightforward, ensuring a smooth transition and immediate improvement in managing financial processes.
Key Takeaways:
Kloo's integration with Certinia offers a transformative solution for complex invoice management challenges. Its ability to match one invoice to multiple POs addresses a critical need in financial operations, ensuring accuracy and compliance in financial reporting. This functionality not only streamlines the accounts payable process but also offers invaluable insights into financial performance, making it an essential tool for any business seeking to enhance its financial management system.
Head to our Certinia integration page to learn more about Kloo's proposition for users.
