Breaking the Rules: Best Practices for Invoice Management Exceptions
Scenario: A Laramie-based oil company suddenly needs new fishing tools. Their options include either allowing their rig to continue to run while they wait three days for an authorized catalog purchase to arrive or heading into town to pick up the tools so they can get back to work almost immediately. It’s easy to choose the better business decision: the one that doesn’t cost the company thousands of wasted dollars. Problem solved, right? It’s actually just the beginning; without proper invoicing exceptions in place, the problem has just been transferred from the field to AP.
Rogue spending is the bane of your accounting department…and sometimes the savior of business. Out-of-catalog purchases throw a wrench into the gears, grinding the entire payment cycle to a frustratingly slow pace, but companies can’t always afford to operate according to their usual spend management standards. They need the ability to break their own rules for the sake of business, which requires an eInvoicing solution that provides the flexibility and freedom to react to changing situations without causing an AP uproar.