The process of receiving incoming suppliers’ invoices can be very complex, depending on how suppliers send them. Suppliers usually send invoices through different channels like email, fax, and by hand delivery. This can be complex for most organizations.
The problem is more complicated when these invoices, sent through multiple channels, need to be sorted and classified into different categories. Any company that values their employees’ time should not be doing this manually, especially if they have a significant number of invoices to process.
Automating invoice arrival, sorting, and categorization will simplify your accounts payable workflows, and is far less complicated than most people think.
- Unify Submittals. You can start by getting your suppliers to only submit invoices in one place, using one method. This eliminates paper from the process and cuts back on the time you would have otherwise put into sorting different formats of invoices.
- Go Paperless. Unlike paper invoices, electronic invoicing makes it possible to automate your accounts payable processes from an early stage of the process. This means you won’t have to put in extra time scanning and trying to fill the invoice details in the system. Manual data entry is one of the most tedious accounts payable processes. It’s time-consuming, costly, and boring.
- Go Digital. An accounts payable process automation tool can help quicken and simplify the submission and approval processes, leaving you more productive at the end of the day. For an invoice to be approved, it has to be routed; that is, it must go from approver to approver. If a company process invoices manually, it means that a paper invoice would have to go from desk to desk for the series of approvals which might lead to lose the tracking on all the submitted invoices. With invoice process automation, just a few clicks of the mouse will automatically respond to an invoice within seconds to the right approver with your comments.
At Exceed, We Were Handling All The Suppliers Invoices Manually, Which Ultimately Would Lead To The Following:
- Load on the account payable team to track the submitted invoices
- Delays of payments due to handling the invoices through different channels
- High number of received calls from suppliers to follow up on their payments
To solve the pain of the team, we developed an internal solution, Invoice Submission Platform, ISP and launched it with our internal teams and suppliers. Having this system in place helps our AP team in:
- Receiving the supplier invoices in one channel
- Getting all the required supporting documents with the invoice
- Reducing the load of suppliers follow up to know their invoice status
- Getting all the responses of the approvers with the comments through a system and not manually
- Increasing the Accounts Payable team productivity.
All of the above greatly improved the customer experience and employee experience with paying invoices.
Visit www.exceeders.com/store/invoice-submission-platform to learn more.
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