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Benefits of Invoice Digitization

By iPayables | February 25, 2021

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As your AP department examines your invoicing processes, you might realize that it is time to make the switch to invoice digitization. Maybe you have noticed one too many misplaced invoices, or maybe your suppliers are getting antsy about the time it takes to get from invoice receival to payment. Let’s talk about two of the biggest benefits of an enterprise-level accounts payable automation solution.

The solution will digitize and route invoices from your suppliers to the free supplier portal.

Enterprise-level services turn paper invoices into electronic invoices. This digitization process allows our customers to meet their targeted goals for electronic invoicing quickly, even though some suppliers might still be sending paper. This is a great feature for those few suppliers who cannot do electronic invoicing yet. The suppliers are simply given a new billing address, and the invoices show up in your system electronically with the image attached.

Through digitization services, supplier invoices aren’t sent to your department. Instead, an imaged copy is made, and an electronic invoice is created. The electronic invoice contains data from the original as well as the imaged copy as an attachment to the invoice. The invoice is then routed the same way as other e-invoices through your workflow for approval.

A high functioning supplier portal allows both parties to see and correct errors in real time.

One of the greatest side effects of the computer age is the ability to do business from vast distances instantaneously. This development has enabled two or more writers to work on a document together from opposite sides of the planet, but actually see what one another is doing in real time.

Among the many popular features offered with a supplier portal is the ability to see and correct errors in real time. Using File Upload features, suppliers are able to go into their customized account and see their invoice as it is being processed. Sometimes an error is made on one end or the other, which, in the past could delay payment for days, if not weeks. Not with start-to-finish accounts payable automation. Using the portal, a supplier or AP employee can make corrections on the spot. Moreover, every change is tracked, and the record can be viewed at any time.

Invoice digitization makes it possible for you to keep working with suppliers who will only send paper or PDF invoices, without having to worry about converting the invoice. Instead, the only invoice you receive is the electronic version, capable of being matched, tracked, and corrected at any and every point in your process.

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