Page 36 - August 2020 Inform (H-F200)

Corporate Services
Update
NO PO NO PAY
In 2018 the Purchase to Pay team re-launched
NO PO, NO PAY to stop unauthorised spend and unnecessary cost to the business. It is essential that all purchases are pre-authorised before services or goods are ordered and that costs are adequately controlled for accounting and fraud prevention. This is normal industry practice.
A purchase order (PO) is a commercial document and the first official offer issued by a buyer to a seller. When a supplier/vendor accepts a purchase order, a legally binding contract is formed between the two parties. When generating a purchase order please remember to check the following:
• Has the spend been approved?
• Has the PO been raised for the correct value, with
correct vendor and client company detailed?
• Check how the vendor will invoice e.g. monthly,
weekly - make sure the PO reflects billing procedure.
• Has the PO been released? PO’s over £1k can
only be printed if released.
• IMPORTANT: The vendor must be emailed a pdf copy of the PO - this includes both internal and external vendors.
• Remind your supplier that their invoice must match the PO - your vendor, your responsibility.
Please bear in mind SHS have two payment days, mid-month and end of month with our standard terms being 15th of the Second Month and End of the Following Month. Delays due to PO matching means that there can be no
guarantee that the supplier will be paid on time.
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CREDIT, COLLECTIONS & DISPUTE MANAGEMENT TOOL
The Sungard GetPaid tool was implemented over 10 years ago and is now end of life. We initiated a review of replacement options available to the Group to continue the management of debt issues, which have a major impact on working capital, also taking the opportunity to assess further efficiencies provided by new technology and collaboration workflow.
A number of factors were considered mandatory to enhance operations. Any new system selected needed to have the capacity to increase automation now and in the future. Following an extensive review of options, Highradius (HRC) - a Credit, Collections and Dispute Management tool - was deemed to meet all the relevant criteria.
HRC will cover ledgers currently supported by Finance Shared Services within the Corporate Service Division. In the coming weeks more details on HRC will be provided to the relevant teams.
HRC will cover all aspects of:
• New Customer Application
• Credit Risk Management
• Cash Application
• Debt Collection
• Dispute & Deduction Management
• Reporting & Analytics
Many steps that have been manual within Sungard GetPaid will be automated within the new HRC tool, saving time and effort!