Intercompany Invoice Sweep
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About
The Intercompany Invoice Sweep application automates intercompany invoice generation, reducing manual effort and improving efficiency. Intercompany balances arise from various transactions, including journals, recharges, project labour costing, allocations, and on-behalf-of payments. However, Workday does not easily mass-generate intercompany invoices, often requiring custom Boomerangs or EIB uploads.
This application streamlines the process by allowing users to pull intercompany (I/C) entries for a given period, input cost centre or worktag data, and submit the information. It then generates customer invoices, triggers approvals, and automatically creates supplier invoices. The enhanced workflow ensures customer and supplier invoices are approved seamlessly, reducing delays and minimising intercompany out-of-balance risks.
By automating invoice creation and approval steps, the app eliminates manual intervention, accelerates processing, and enhances data accuracy.
Features
Delivers global intercompany clearing, creating consolidated invoices.
Facilitates compliance with local invoicing & VAT/GST requirements.
In-App business process ensures intercompany balances are matched.
Leverages Workday standard direct intercompany, tax & APRs features.
Minimises errors from manual data entry, reduces reconciliation effort.
Compliance with internal controls and process transparency.
Benefits
Responsible AI Features: The app uses Workday’s AI feature, Invoice Forecaster, through the Workday AI Gateway to provide smarter predictions. Users can easily ask questions about the Intercompany Invoice Sweep app and how it works using natural language processing.
ULTRA Configurable:
Configurable Fields and Labels: Allows modification to better represent their brand identity.
Language Selection: Supports the addition of multiple languages.
Adaptability: Ensures that the app can be adjusted to meet the varied needs of a diverse, international workforce.
Consistent User Experience: Uniform experience across different regions.
Enhanced Accessibility: Makes the app more accessible to all employees, increasing usability and engagement.
Value Proposition:
Flexible options allow clients to configure key parameters, inputs & outputs.
Intangible benefits from improved financial control & transparency.
Potential savings:
0.25 to 0.5 FTE in reduced IC processing & reconciliation.
Reduced audit time & cost.
Compliance and Regulations:
Official invoices are often needed to comply with local accounting legislation.
Essential for adhering to local tax & statutory reporting requirements.
Ensures audit readiness by maintaining accurate & transparent accounting records.