Unimaze is a software solution company focused on creating a digital ecosystem that connects you and your business partners by providing complete automation of e-procurement and e-invoicing processes.
Electronic invoices are issued, sent, and received in a structured, standardized electronic format. Because of their structured format, they are sent directly from the sender ERP system to the receiver ERP system. This dramatically reduces the risk of human errors since the invoice does not have to be typed into the system by a person again. Electronic invoices are a cheaper, more environmentally friendly, and more time-efficient alternative to paper.
Procurement teams evaluate company requirements across departments and generate product specifications, terms of reference (TOR) for needed services, and associated statements of work (SOW).
Formal purchase requisitions are then created once specifications have been finalized. The requester has to ensure that all administrative procedures have been fulfilled before filling out the purchase requisition form.
Procurement officers and or department heads review the submitted purchase requisitions. If there is a disposable budget and the requested itinerary is approved then the requisition is accepted.
The next step is a generation of purchase orders for accepted purchase requisitions. For low-value entities, a spot buy can be conducted.
Just as requisition requests must be approved, so too must purchase orders. This scrutiny is to ensure the accuracy and legitimacy of requested items. Accepted purchase orders are then sent to suppliers.
Vendors can negotiate, approve or reject a purchase order. Once a vendor approves a purchase order, both buyer and supplier enter into a legally binding contract.
The vendor delivers the requested goods, and the buyer examines them to see if they match the specifications in the purchase order. The goods and or services are then either approved or rejected.
The buyer evaluates the vendor using a set of criteria such as contract compliance, quality of products/services, responsiveness, on-time delivery, and total cost of ownership. If the supplier defaulted, this is also noted.
A goods receipt that has been approved is then sent to the finance team for clearance and payment. The invoice is verified for authenticity, and no discrepancies. Invalid invoices are rejected and returned to the vendor for rectification.
An approved invoice allows the finance team to release money and pay the vendor according to the terms in the approved invoice. There are several types of payments: holdback, final, installment, partial, or advance.
Electronic invoices are issued, sent, and received in a structured, standardized electronic format. Because of their structured format, they are sent directly from the sender's ERP system to the receiver's ERP system. This dramatically reduces the risk of human errors since the invoice does not have to be typed into the system by a person again. Electronic invoices are a cheaper, more environmentally friendly, and more time-efficient alternative to paper invoices.
