What is Supplier Invoice Processing Standard in SAP AP-SIP - SRM Supplier Invoice Processing?

SAP Term: Supplier Invoice Processing Standard

• Component: AP-SIP

• Component Name: SRM Supplier Invoice Processing

• Description: The processing of supplier invoices with verification of the supplier invoices against a purchasing document, such as a goods and service acknowledgement, a purchase order, or a confirmed inbound delivery.

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• Key Concepts: 
  Supplier Invoice Processing Standard (SIP) is a component of SAP SRM (Supplier Relationship Management) that enables companies to streamline their invoice processing. It provides a standardised process for the receipt, validation, and payment of supplier invoices. It also allows companies to track and monitor the status of invoices, as well as to generate reports on invoice processing performance. 
  
  How to use it: 
  SIP can be used to automate the invoice processing process. It allows companies to receive invoices electronically from suppliers, validate them against purchase orders and contracts, and then route them for approval. Once approved, SIP can generate payment instructions and send them to the accounts payable department for payment. 
  
  Tips & Tricks: 
  When using SIP, it is important to ensure that all invoices are properly validated against purchase orders and contracts before they are approved. This will help to ensure that only valid invoices are paid and that any discrepancies are identified and addressed quickly. 
  
  Related Information: 
  SIP is part of the SAP SRM suite of applications, which also includes Supplier Relationship Management (SRM), Supplier Performance Management (SPM), and Supplier Collaboration (SC). These applications can be used together to provide a comprehensive solution for managing supplier relationships.