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Invoice accuracy examined.

Invoice accuracy remains a key concern for the industry, particularly as efforts to synchronize data between trading partners in crease. A report from the Grocery Manufacturers of America (GMA), titled "Invoice Accuracy: 2000 Industry Survey and Bench marks," conducted by Prime Consulting Group Inc., Bannockburn, III., takes a close-up look at the subject. The report notes that companies that measure invoice accuracy use deductions as a percentage of sales, plus deductions as a percent of total invoices. Ac cording to the study, deductions, as a percentage of annual invoiced sales, were slightly higher--at 8.5%--than in the prior year. And the number of deductions as a percent age of total invoices increased by 10 points to 45%.

What will it take to improve the situation? Survey participants that reported the lowest levels of deductions pointed to several busi ness practices that result in improved invoice accuracy: reduced complexity of pricing and promotional programs; improved information systems; improvements in and increased use of EDI for data synchronization; and increased emphasis on improving and measuring invoice accuracy and deductions.
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Author:DONEGAN, PRISCILLA
Publication:Grocery Headquarters
Date:Apr 1, 2001
Words:178
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