I have been working with suppliers for a few years helping them get set up with automated invoice processing. I have seen firsthand the many benefits the suppliers experience through invoice automation. They appreciate no supplier fees, invoice verification, the invoice search tool, e-mail verification, timely processing, purchase order approval and edit errors. With these advantages suppliers can make available a complete and correct invoice. Vendors are able to view updates and approval payment processing allowing for a faster and smoother accounts payable journey.
Six Supplier Benefits for AP Automation
- NO SUPPLIER FEES – IPAYABLES AUTOMATION IS AFFORDABLE AND PAID FOR COMPLETELY BY THE CUSTOMER. THE SUPPLIERS ARE ENROLLED AND SUBMIT INVOICES FREE OF CHARGE.
- INVOICE SEARCH TOOL – ONCE THE INVOICE IS SUBMITTED, THE SUPPLIER CAN VIEW UPDATES THROUGH THE INVOICE SEARCH TOOL ONLINE. THEY WILL BE ABLE TO SEE THE INVOICE GO THROUGH THE AUTOMATED INVOICE PROCESSAND ANY PAYMENT INFORMATION THAT IS MADE AVAILABLE BY THE CUSTOMER.
- EMAIL VERIFICATION – THE SUPPLIER ALSO HAS THE OPTION TO BE NOTIFIED VIA EMAIL IF AN INVOICE IS DENIED OR PUT IN DISPUTE. THUS THE SUPPLIER CAN TAKE THE APPROPRIATE ACTION AS SOON AS POSSIBLE REGARDING THAT INVOICE SO THAT IT CAN GET BACK ON TRACK TO BE PAID.
- TIMELY PROCESSING – BECAUSE THERE ARE NO DELAYS WITH THE MAIL SERVICE OR TIME IN BETWEEN ONE APPROVER’S OUTBOX AND THE OTHER APPROVER’S INBOX, EVERYTHING MOVES FASTER. AT THE END OF ONE STEP, LIKE INVOICE SUBMISSION, THE INVOICE IS IMMEDIATELY AVAILABLE FOR THE NEXT STEP, LIKE FIRST APPROVAL, THEN SECOND APPROVAL, ETC. ESCALATION EMAILS, IMMEDIATE DISPUTE NOTIFICATIONS, VACATION REROUTES ARE ALL IN PLACE TO MAKE SURE THE INVOICE IS PROCESSED QUICKLY AND EFFICIENTLY.
- PURCHASE ORDER APPROVAL –INVOICES THAT ARE ASSOCIATED WITH A PURCHASE ORDER ARE MATCHED AGAINST THAT PURCHASE ORDER BASED ON RULES SPECIFIC TO THAT TYPE OF INVOICE. THUS PO INVOICES THAT MATCH THE PURCHASE ORDER ACCORDING TO THE RULES FOR THAT TYPE OF PURCHASE ORDER MOVE STRAIGHT TO PAYMENT PROCESSING WITH PAYABLES AUTOMATION.
- EDIT ERRORS – WHEN USING INVOICE AUTOMATION, THE SUPPLIERS SOMETIMES RUN INTO EDIT ERRORS ON THEIR INVOICE. THESE EDITS HELP ENSURE THAT ALL MANDATORY INFORMATION IS FILLED IN ON THE INVOICE BEFORE IT IS SUBMITTED. WITHOUT THE REQUIRED INFORMATION, INVOICES WOULD BE REJECTED AND THE SUPPLIER WOULD NEED TO SUBMIT A NEW INVOICE. EDIT ERRORS AVOID THIS DOUBLE WORK BY MAKING SURE THE INVOICE HAS ALL THE VITAL INFORMATION NEEDED FOR AP AUTOMATION BEFORE IT IS SUBMITTED THE FIRST TIME.
When using AP automation, suppliers find that they can enter all mandatory information and can verify that it is correct before sending the invoice to the customer. Accounts payable automation also allows the supplier to keep updated on what is happening with their invoice and when to expect payment. Now suppliers are able to view updates and approval payment processing allowing for a better and more accurate accounts payable automation experience.
Elyse Larsen is Supplier Service Specialist for IPAYABLES and contributed to this month’s post.