Retail industry: Seasonal peaks and increased workload

Streamlining financial operations in retail

The retail industry operates in a fast-paced, high-volume environment where efficient invoice processing is crucial for maintaining stock levels, optimising cash flow, and strengthening supplier relationships. With thousands of purchase orders (POs), vendor invoices, and credit notes processed daily, manual invoice handling can result in delays, discrepancies, and compliance risks.

For retailers, automating accounts payable (AP) processes is essential to prevent stock shortages, improve cash flow visibility, and ensure tax compliance. Without a robust invoice automation solution, businesses face challenges such as invoice mismatches, delayed approvals, and increased financial risk.

Key invoice processing challenges in retail

High invoice volume and diverse formats

Retailers handle thousands of invoices from multiple suppliers, each using different formats and compliance standards. Common invoice types include:

• Vendor invoices for product shipments.
• Returns and credit notes for stock adjustments.
• Purchase orders (POs) and delivery receipts requiring accurate reconciliation.

Invoice discrepancies and mismatches

• Invoice mismatches with purchase orders and goods received notes (GRNs) cause delays and require manual intervention.‍
• Errors in pricing, quantities, or VAT calculations increase financial risk and disrupt supplier payments.

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