PO Closure
The PR/PO Co-Pilot collaborates with the Invoice Processing Co-Pilot to manage PO closure efficiently.
Key Features
Automated PO closure validation
The co-pilot tracks invoiced quantities and amounts against the corresponding Purchase Order (PO) details. After every invoice is matched, it checks if the PO can be fully closed based on the matched data.
Real-time invoice tracking
The co-pilot continuously updates the status of invoiced quantities and amounts, ensuring real-time tracking of remaining PO items. This ensures precise closure decisions and prevents premature closure.
Multi-invoice handling
For POs requiring multiple invoices, the co-pilot holds off closure until the final invoice is processed. Closure is initiated only when all invoiced items match the PO details, ensuring accuracy and completeness.
Manual closure option
Organizations can manually close POs prematurely if needed. This option requires due approvals, ensuring compliance with organizational policies and maintaining control over early closures.
Integration with Invoice Processing Co-Pilot
Seamlessly collaborates with the Invoice Processing Co-Pilot during the matching process, ensuring that closure decisions are based on accurate and validated invoice data.
Transparent notifications and reports
The co-pilot provides automated notifications and detailed reports on closure status, including reasons for closure or pending items, keeping stakeholders informed and maintaining transparency.
80%
PO creation & dispatch time
Converts approved PR into PO automatically based on the company's templates. It can send POs automatically to vendors based on configurations.
5min
PR creation time
Co-pilot auto-fills most of the complex forms in ERPs and procurement systems by reducing the effort to 5 minutes
Auditability
Human Errors
Approvals
PO Closing & Other KPIs
VALUE PROPOSITION
Why Hyperbots Procurement
Co-Pilot?
Hyperbots PR/PO Co-pilot automates purchase requisition and order processes, including PR creation, approval workflows, and PO dispatch, ensuring efficiency, compliance, and seamless integration with ERP systems.
Before and After Hyperbots PR/PO Co-Pilot
FAQs: PO Closure
How is a One-Off PO closed by the Co-Pilot?
For one-off POs, the Co-Pilot closes the PO automatically after the invoice matching process confirms that the entire quantity and amount specified in the PO have been invoiced and processed.
How is a Blanket PO closed by the Co-Pilot?
The Co-Pilot tracks cumulative invoiced quantities and amounts for Blanket POs. It initiates closure once the PO’s validity period expires or when the maximum allowable quantity or amount has been reached.
Does PO closure happen after invoice processing or payment completion?
PO closure occurs after the invoice processing is completed and the invoice matches the PO details. It is not dependent on payment completion, as closure relates to the fulfillment of the PO terms.
What is partial PO closure?
Partial PO closure occurs when certain items or quantities within the PO are fulfilled and invoiced, while the rest remain open for future fulfillment. The Co-Pilot tracks and manages such partial closures automatically.
How do you manually close a PO?
POs can be manually closed through the Co-Pilot interface with appropriate approvals. This option is used when an organization decides to terminate a PO prematurely due to specific operational or policy reasons.
What communication happens on PO closure?
The Co-Pilot sends automated notifications to relevant stakeholders, including procurement and finance teams, informing them of the closure status, along with detailed reports on fulfilled quantities and amounts.
What happens to long-pending POs?
The Co-Pilot flags long-pending POs for review. Based on organizational policies, they can be closed manually or kept open if necessary. Notifications are sent to stakeholders to ensure action is taken on these POs.
Why Hyperbots Agentic AI Platform?
Finance specific
Hyperbots Agentic AI platform specializes exclusively in finance and accounting intelligence, leveraging millions of data points from invoices, statements, contracts, and other financial documents. No other platform has such large pretrained models on F&A data.
Best-in-class accuracy
Hyperbots achieves 99.8% accuracy in converting unstructured data to structured fields through a multimodal MOE model integrating LLMs, VLMs, and layout models. With contextual validation and augmentations, the platform ensures 100% accuracy for deployed agents.
Synthesis of unstructured and strutured finance data
Hyperbots agents emulate finance professionals to autonomously perform F&A tasks by reading and writing data like COA, expenses, and vendor masters from core accounting systems and integrating it with unstructured data from financial documents such as invoices, POs, and contracts.
Pre-trained agents with state of the art models
Hyperbots' Agentic platform, pre-trained on millions of financial documents like invoices, bills, statements, and contracts, ensures seamless integration, high accuracy, and adaptability to any accounting content, form, layout, or size from day one.
Company specific inference time learning
Hyperbots' Agentic platform employs state-of-the-art Auto ML pipelines with techniques like reinforcement learning to enable inference-time learning for tasks such as GL recommendation and cash outflow forecasting, ensuring continuous improvement and adaptability.
Ready to take the next steps?
Book a demo with one of our Financial Technology Consultants to get started!