Assignment 1.docx - FEASIBILITY REPORT CoCo Co LTD Invoice Processing Strategy and Support Manager Roisin Nesbitt 15319796 Word Count 1088 Table of

Assignment 1.docx - FEASIBILITY REPORT CoCo Co LTD Invoice...

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FEASIBILITY REPORT CoCo & Co LTD. Invoice Processing Strategy and Support Manager Roisin Nesbitt 15319796 Word Count: 1088
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Table of Contents Executive Summary 3 Problem Statement 3 Project Business Requirement 3 Assessment of Options 4 Benefits/Risk Assessment of Options 7 Recommended Option 9 Appendix 10
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Invoice Processing System Feasibility Report Roisin Nesbitt 15319796 Executive Summary Below I have discussed and compared two viable options to be implemented within CoCo & Co’s processing and payment departments. It is my recommendation to choose the implementation of an automated process system. Problem Statement A recent audit uncovered examples of invoices being paid by CoCo when either the full complement of goods had not been received, or when there was no Purchase Order on file confirming that these goods had even been ordered. The auditors strongly recommended the implementation of a three-way match process to ensure that before an invoice is paid it is matched to a Purchase Order and a confirmation of receipt of the goods (Goods Receipt Note). To maintain a satisfactory audit position checks should be implemented to ensure that before paying an invoice a three-way match is confirmed. Project Business Requirement The following is based on a 5-year projection of each the automated and manual process. The following requirements were set out in the requirement documentation. Maintain strong relationship with suppliers by paying a minimum of 90% of invoices on time. Continue to encourage a technology driven culture. Maintain a strong audit position so that investors feel confident in the management of CoCo & Co. 3
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Invoice Processing System Feasibility Report Roisin Nesbitt 15319796 Assessment of Options The proposed new 3-way match system which is to be implemented can be done through the use of either a revised manual system or an automatic system including both optical character recognition (OCR) and robotic process automation (RPA) software. OCR is the mechanical or electronic conversion of images of typed, handwritten or printed text into machine-encoded text. RPA systems develop an action list by watching the user perform that task in the application’s interface, and then performs the automation by repeating those tasks autonomously. Option 1 – Revised Manual Processing The revised manual system is built around three existing data bases in the company and so requires no upfront investment. However, training would need to be provided for employees working in the AP Admin sector in data entry.
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  • Fall '15
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