Level Up Your Automation
No matter what your invoicing solution is, there is always a way to level up your automation.
Making the switch to level up your accounts payable automation can be a big decision, but the time, money, and frustration you save are well worth the effort. To help make that decision as easy as possible, let’s discuss three important features to consider when leveling up your automation.
First, when searching for the best accounts payable automation solution, it’s vital to look at straight through processing. Straight through processing is a measurement of invoice process effectiveness and means your AP team shouldn’t have to touch or handle an invoice until approval and payment. There are, of course, exceptions to this, such as if a price or quantity doesn’t look right, but disputes are raised in these situations and the issues resolved. When combined with invoice digitization, straight through processing will help level up your automaton, and help your department gain better insight, approved access, and real-time visibility.
Second, you can level up your automation by getting a solution that effectively manages exceptions. Exceptions can occur when purchase orders and invoices don’t match, most often caused by human error, or when an invoice says you were charged for a different quantity than what you received. An effective automation solution will not only flag exceptions, but also prevent them by requiring suppliers to match system information, like a purchase order, before they can submit an invoice.
Finally, the best way to ensure the highest level of automation is to have supplier involvement that is efficient, free, and easy to use. The easiest way to do this is through a supplier portal. InvoiceWorks, the iPayables portal, was designed with suppliers in mind. This high-level portal allows for easy communication between suppliers, buyers, and approvers, cutting out accounts payable as the middleman needing to answer and field questions. Through a supplier portal, invoices are completely electronic, exceptions and issues are handled faster, and processing time is reduced significantly.
Invoice automation is important, but it’s important to remember to level up your automation in the way that will best serve your department’s needs, while saving you time, money, and frustration.