Watkins PO Invoice Automation Project
Watkins Invoice Automation
When departments leverage procurement and payment tools well, everyone can benefit. Purchase Orders provide protection for the University and make automation of invoice payments possible for daily, monthly, or quarterly bills. Watkins makes purchases on a daily basis and historically has paid those invoices by sending them to their Shared Service Center Accountant to enter them manually into our Financial System. By leveraging a purchase order with each of their primary vendors, we automated the entry and payment of close to 1,500+ invoices!
Impacts of Using Purchase Orders Effectively at Watkins
1,500+
Manual invoices automated for payment using Intelligent Document Recognition (IDR)
30%
Reduction in payment turnaround time by leveraging Purchase Orders and the automated IDR invoice processing.
1,500+
Reduction in Finance Service Portal payment request entries since PO Invoices automatically route to AP Inbox to be processed via IDR.
$9,500
in Annual efficiency savings by reducing emails from pharmacy technicians and data entry or reviews for Watkins Business managers, Share Service center staff, and Central audit staff
Why Automating PO Payments for Prescription Meds and Medical Supplies Matters
Automating PO Payments at Watkins Health Center provides significant operational benefits:
- Reducing Manual Processing: Staff can focus on patient care rather than time-consuming administrative tasks, as manual payments for prescriptions meds and medical supplies are no longer required
- Faster Payments for Critical Supplies: Automation ensures payments for essential pharmacy supplies are processed immediately upon invoice receipt, reducing the risk of supply delays.
- Cost savings: The reduction in manual labor and errors translates into cost savings, ensuring that funds are used efficiently to support patient services and facility improvements.
- Improved Vendor Relationships: Paying key suppliers of medications and medical supplies on time enhances Watkins' ability to secure better terms and maintain a steady supply of essential goods.
Major Changes within the Watkins Health Center PO Automation Project
- Automatic Purchase Order (PO) Payments for Prescription Meds and Medical Supplies: We setup Purchase Orders (PO) for the top 5 vendors Watkins uses to order prescription medicines and medical supplies. When POs are used with our suppliers for medications and medical supplies, payments can be processed based on pre-approved funding on the PO with IDR. This enables faster and more reliable payments.
- Reduction of Manual Invoice entry: When not using an invoice with a PO, the invoice payment request would need to be entered into our Finance Service portal and then entered manually into our Oracle Financial by a SSC accountant. Each invoice without the prior approval process of a Purchase order the invoice will need to be reviewed by the department approver and audit each time. An invoice with a PO eliminates the service request, manual invoice entry, and the review steps of workflow.
Watkins PO Invoice Automation Team members
Angel Gillaspie, Nolan Haire, Tammie Bryant, Zeeshan Ijaz, Carrie Coffey, Mary Bender, and Evan Riordan