Accounts payable workflow
Accounts payable workflows are often very manual processes. In many cases, they even involve paper invoices being sent by post from the accounting department and allocated in a very long cycle.
With document process automation software, these manual processes can be abolished and AP cycles substantially shortened.
Making the accounts payable workflow greener
Automated accounts payable workflows are nowadays becoming standard among progressive and modern AP and accounting departments around the world.
The software does not only shorten payment cycles and improve AP processes, it is also environmentally friendly, since less paper and transports are needed in the accounts payable workflow.
Automation of the accounts payable workflow - how it works:
The first step towards automating the accounts payable workflow cycle is to capture information from invoices that come in to the AP or accounting department. Paper invoices are scanned and E-invoices are imported into the accounts payable workflow.
Purchase order invoices can be automatically matched against a purchase order in an ERP system enabling a fully automated AP process where the accounting department doesn't even have to see the invoice after scanning.
If there are deviations from the PO, or if it a general expense invoice, it is passed to the accounts payable workflow cycle for processing and allocation in an easy-to-use web interface.
The benefits of automating the accounts payable workflow cycle:
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The accounts payable workflow cycle will be faster, enabling you to get early payment discounts and avoid late payment fees.
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The accounts payable workflow will be less expensive since less accounting staff is needed to process invoices.
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The accounts payable workflow will become more efficient since your AP staff can concentrate fully on accounting tasks and process improvement instead of invoice keying.
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You will have better control of the full accounts payable workflow process through continual AP statistics and a full audit trail.
Read more about Accounts Payable Workflow here >>