Electronic Invoicing - eSettlement
Date: May 21, 2014
To: FIS ListServ
Cc: Office of Sustainability
Subject: Electronic Invoicing - eSettlement
Financial Services and Procurement Services are pleased to announce the implementation of electronic invoicing, namely eSettlement, effective May 21, 2014, representing the next step in electronic procurement at McGill; the receipt and processing of electronic invoices to replace the current paper equivalent process. The realization of this project was made possible through partnership with ISR.
The business need for this project originated with the implementation of the McGill Market Place (MMP) as the preferred method of procurement. This fundamental change resulted in higher and higher volumes of paper invoices imposing additional processing time. Currently, over 100,000 paper invoices are processed annually.
eSettlement will increase efficiency and reduce processing cost for all activities related to Invoice receiving and handling in addition to the following:
- increases the overall efficiency related to the processing of an invoice due to reductions in manual intervention;
- increases the accuracy of the invoice information currently at risk due to data entry transcription errors;
- leverages eSettlement to comply with Tri-Agency guidelines (best practices) in a more efficient and cost effective manner than by altering the current processes;
- increases the potential of vendor discounts and/or decreases the chance of late payment penalties due to prompt payment made possible by quicker invoice turnaround times achieved through integration and automation
- promotes sustainability using electronic medium versus paper to process invoices, avoiding the use of a minimum of 30,000 sheets of paper per year (not counting envelopes).
The following vendors have thus far been enabled for eSettlement, representing approximately 30% of total PO-based invoices:
Other qualifying vendors will be on-boarded over the next few months. For instructions on how to view invoices, please refer to the link: http://www.mcgill.ca/procurement/mmp/tracking. For further assistance, please contact feedback [dot] purchasing [at] mcgill [dot] ca or 514-398-6048.
Director, Procurement Services
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