Didos from itim is the
market-leading solution for
advanced invoice matching and supplier payments.
This is invoice matching and supplier payments made easy
Invoice matching can be a labour intensive and error-prone process. In addition, supplier payments to normal banking channels are expensive.
Using sophisticated block chain technology, alongside supplier portals and cheaper FX transfer mechanisms, itim considerably reduces transfer costs incurred by overseas suppliers.
Didos can apply this speed and scope to the widest range of tasks.
|
Identify |
Identify price and quantity queries |
Raise debit |
Accept |
Post cleared |
Raise debit notes |
Issue Overseas |
One client recovered £1.7M within a year on a Cost of Sales of £50M.
Benefits of automating supplier payments
The blockchain technology will securitise matched invoices into tokenised IOUs. That means suppliers will know when their invoice is matched and when they are going to get paid, the tokens will facilitate improved invoice discounting, as banks can tell what percentage of their invoices are creditworthy.
Current transfer inefficiencies particularly in respect of international transfers alongside high banking charges and forex costs cause multiple hidden fees and add significant additional costs to the consumer.
UK SMEs pay nearly $5.8 billion in hidden bank fees for crossborder payments.
Overcharge recoveryon average, our invoice matching clients recover approximately 3% of total supplier invoice value in overcharges. |
Improved profitabilitythrough more accurate cost prices and stock figures and by accepting undercharges. |
More accurate accountsby accounting for all stock adjustments and all differences between the invoice and receipt. |
Reduced transfer costsby using non-bank methods for funds transfer |
Improving invoice discounting chargesReduced charges due to securitisation of IOU and ability for banks to verify improved creditworthiness |
Cost savingsby reducing clerical effort, paying invoices to term and claiming settlement discounts. |
Bring together related invoices, credit notes, receipts and returns and verify that invoice values (irrespective of currency) are within predefined supplier tolerances and match the value of goods received. By matching at line level and automatically raising credit claims or debit notes for overcharges, itim Invoice Matching can typically match up to 95%, of invoices first time.
When intervention is needed, itim Invoice Matching routes price and quantity queries automatically and provides the tools and workflow to query and resolve any outstanding issues. It can automatically create and send debit letters, requests for credit and proof of delivery. This provides control and efficiency over the entire invoice authorisation cycle.
Share information and documents in real time with suppliers via a secure, easy-to-use debit note portal. Comments and actions are captured and displayed for both parties, keeping everyone in the loop. Using the portal, you can advise designated suppliers of upcoming debit notes as soon as possible, giving them time to respond before they pass to ledgers.
Route electronic invoices directly into the itim Invoice Matching system, saving time, money and paper. Our EDI PLUS service is available to connect directly with your suppliers and our InvoiceHub collaboration portal provides an additional option for receiving invoices electronically.
Significantly reduce cost and have more accurate accounts. We are so confident that a rapid return on investment will be achieved with itim Invoice Matching, we will calculate this for you based on your staff, invoice and overcharge numbers and Goods Receiving and Cost Price errors. Contact us to find out more.
Integrate easily with a wide variety of financial and ERP systems. The value of itim Invoice Matching can also can be extended beyond the finance department to other business IT investments.
Exposing to retailers the payments schedule based on matched invoices purchase orders and stock commitments and linked to hedging platforms to get the best FX rates.
Use sophisticated blockchain technology to securitise the approved invoice and facilitate improved invoice discounting and credit insurance.
Build a supplier collaboration platform. Itim helps retailers optimise their supplier payments process.
We currently approve over £30bn of supplier payments annually, with around 3bn in international payment flows annually
Handles extremely high volumes
Sophisticated data entry screens
Full audit
Integrated EDI, XML and scanning
Debit
Integration with a wide variety of systemsitim plans to use blockchain to add security and financial flexibility for the retailer
“The implementation of itim Invoice Matching (DIDOS) went smoothly and has been a great success. We were impressed by the knowledge, effectiveness and prompt support from the entire itim team, who work seamlessly with us. Now that we are live on our JD Sport, Go Outdoors, Blacks and Tessuti facias, we are already starting to reap the benefits and look forward to building further on what we’ve already achieved.”Paul Reynolds, Finance Systems and Change Manager, JD Sports Fashion plc
“Having seen other products, itim Invoice Matching (DIDOS) is the best one I’ve seen. It handles high volumes and is very flexible, but most importantly it just works! I can’t recall a time it’s gone down or we’ve had a major issue. It’s become part of our DNA”Anthony Robinson, Group P2P Manager, Sainsbury’s
“Thanks to itim Invoice Matching (DIDOS) and our streamlined invoice matching processes, we have made considerable savings. It has also helped create more accurate stock levels across our entire business”Paul Johnson, Finance Systems Manager, WHSmith
“The single biggest improvement that itim has bought us is within finance. Invoices get matched automatically, the information is stored electronically.. just the improvement in process has been unbelievable. We process about 60,000 invoices a year and we’re still able to do that with a team of three which, if it wasn’t for itim Invoice Matching (DIDOS), we would not be able to handle”Al Overton, Buying Director, Planet Organic
“From the initial engagement with itim, their professionalism and support has been exemplary, both in advising on best practice options and helping tailor itim Invoice Matching (DIDOS) to meet our specific business needs.”Kiren Chaa, Transport and DC Payables Manager, Coles Supermarkets Australia
Take the next step to easier, more streamlined and
cost-effective invoice processing.
Contact us for a complimentary consultation and let us show you what we can do.
Get in touch
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