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FUNCTIONALITY
Inovium POPS
Purchase Order Payment System
Identified Need Selection from catalog Approval process Order payment Receiving In voice and Validation Secure E-payment
Step 1 – One of your employees needs a new Widget. He or she may search electronic catalogs of our Supplier Community… select and add to shopping cart. Prices may be pre-negotiated with each supplier, and completed shopping carts will become Requisition Request within the system.
Step 2 –Requisition request will travel through the system to collect necessary approvals (based on built-in business rules that can be set/modified by you). Upon the last approval, the requisition will become a Purchase Order (PO) and be
forwarded to selected suppliers.
Step 3 – Your supplier will then confirm their acceptance of your Purchase Order.
Step 4 –Your supplier ships the ordered goods to you.
Step 5 – Goods are accounted for by you. Validate that goods received were in fact the goods ordered and reconcile the order. Upon your final acceptance the information is transmitted to the treasury or accounts payable department.
Step 6 – Accounts Payable is automatically informed that goods have been accepted, and based on Payment Rules, will go through an approval process similar to that of Step 2.
Step 7 –Treasury/AP schedules when payment is to be made to the supplier after all approvals have been achieved.
Step 8 –Three days prior to the payment schedule date, the POPS payment system will secure the funds from your company to be submitted to the supplier, in accordance with Federal Reserve and NACHA rules and regulations. Supplier will receive notice of payment by Email, XML or by FAX, which is keyed to the invoice submitted by supplier and purchase order submitted.

Users love the system - it is easier to use than to avoid, and all your company needs is a web browser!

Finance loves the savings - you can pre-negotiate the best prices and discounts!

 
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