ELIMINATE: LOST OR MISSING SUPPLIER INVOICES
Nothing is more frustrating to the accounts payable staff than when invoices suddenly go missing or vanish completely!
How many times have you sent an invoice out to the buyer for approval and when you follow up to on the status of the invoice and the approver responds to you with "I never got it", "resend the invoice to me". How frustrating is that!
How many times have you gone to the vendor files and the invoices you need have simply vanished!
Lost and missing invoices can be completely eliminated by capturing invoices electronically when they arrive. With an AP Automation system you can capture invoices that are emailed from vendors directly into the system WITHOUT the need to print them to paper. Invoices that are received by Postal Service or as paper need to be digitized. Once the invoices are in the electronic accounts payable system they will NEVER disappear ever again!
ELIMINATE: SLOW INVOICE APPROVALS
Do you get so many vendor inquiry calls that you've put a message on your voicemail greeting that says, "Leave your company name, invoice number and we will contact you as soon as we can"?
Getting supplier invoices approved and processed in a timely manner is very important to any business including your company and your suppliers. You may have some vendors who offer "early-pay discounts" if the invoice is paid within a certain number of days. You may have vendors who charge "late-payment fees" for invoices that go beyond their due date.
When invoices fall behind this creates an enormous amount of additional work for the accounts payable team to track, follow up and pursue the status of all of the invoices that are out for approval as well as the new invoices that arrive each day.
So how do we keep invoices flowing through the approval process and getting approved on time? This provides many levels of visibility to the accounts payable staff as well alerts approvers when that have invoices that need to be approved. Approvers can access, see and approve invoices right at their computer with a click of the button. If the business rules require additional approvals or coding to be applied, the invoice will systematically follow a set of business rules to simplify the approval process. In the end approved invoices automatically route back to the AP Staff for the final step of payment processing and no invoice will ever go untouched, sit still or be lost, ever again!
ELIMINATE: MANUAL DATA ENTRY OF INVOICES
Let's face it your accounts payable process is relying heavily on manual process and one of the most error-prone is, "manual invoice entry". How many times has a keying-error caused more work and headaches. A simple wrong keystroke can create a bad transaction to be entered into the ERP system which could cause another set of challenges. Manual data entry is slow and cumbersome taking a huge amount of time away from more important and productive tasks.
Accounts Payable Automation Systems like Vision360 Enterprise have the ability to capture and validate the data from invoices and feed that data to your ERP Accounting System, electronically. By doing so this eliminates the need for the AP Staff to manually enter invoice data, ever again, freeing up time, eliminating error prone mistakes and significantly improving efficiencies.
Check out our blog post the "ROI of AP Automation for AP Managers" for more information on the ways that ELIMINATING these three things from your Accounts Payable Process will do for you and save your company money.
Vision360 Enterprise Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.