Tracking Changes in Real Time
The information age would be meaningless if that information weren’t easily and instantaneously accessible. In business, data must be accessible from almost anywhere in the world and in real time, regardless of where or how it is stored and that includes tracking changes.
This is not just about convenience or satisfying a craving for instant gratification. Quick and complete access to data can mean the difference between a successful business transaction and a disaster.
When it comes to accounts payable, the need for instant storage and real-time access to data is mainly shared by the AP department, procuring personnel, and suppliers. All three have a stake in the orderly and accurate processing of invoices; therefore, all should have full-time access to their account to see what’s happening, and just as important, what needs to be done.
High-level accounts payable automation provides a supplier portal that allows the supplier to see and correct errors or missing information as its invoice works its way through the payment process. Using the File Upload feature, the supplier can see every step that has taken place, since every change is tracked and stored along the way. All tracked changes are made part of the record for future retrieval, as needed.
This means that an error can be corrected before it becomes a serious problem causing a serious delay in payment. Efforts to fix the problem are noted as well. Thus, anyone with a stake in the invoicing process can easily see what’s happened and how it was addressed, just by pulling up that account from their own computer. Authorized persons can add information or make corrections online from anywhere, as needed.
Even if everything is going along smoothly, suppliers have the peace of mind of knowing they can pull up their account using the Invoice Status and Resolution functions and see where their invoice stands. Also, your AP personnel are happier because they aren’t spending their valuable time fielding calls from suppliers. This ease of access and communication that stems from tracking changes leads to faster, headache-free E-invoicing.