We should pay our invoices electronically through direct payment from our McGill RBC bank account to our vendor's accounts and also the approval of large payments over $10K should also be electronic.
We currently get paper invoices, match them against POs, scan them in to the system, if they are over $10K we create another form that needs to be signed by the fund holder, usually sent by internal mail and then signed and sent back to A/P by internal mail and then they issue an actual check and mail it to the vendor.
We probably process tens of thousands of invoices this way, we would save in time, there would be less chance of duplicate payments on the same PO number, it would be much faster, we would make the vendors happy and save on stamps.
Thanks you for reading
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