AP Automation of Your Audits

AP audits: even if you’re prepared for them, you still dread them. They are always more work than you plan for – and they tend to be incredibly costly, too.

Even though you can’t avoid them, you can automate the prep work. This means that your Accounts Payable team no longer has to stop what they’re doing to find a random, years-old document that your auditor asks for. (It also means that your hourly payments aren’t wasted while you’re rummaging through filing cabinets, trying to locate your information.)

AP Automation of Your Audits

Reduce The Amount of Time Your Employees Spend Sourcing Your On- or Off-Site Records

IntelliChief Analytics now lets you automate your AP audit preparation. Everything you need to prove compliance is readily available.

To streamline things even further, you can extend access to your auditors. They can access your IntelliChief archive at a dedicated on-site workstation, further decreasing the time required per audit.

You have complete visibility into your inbound and outbound payments, and a paper trail of who authorized what. This feature even spans all of your integrated business systems, with on-demand reporting encompassing your entire environment.

Keep Your AP Audits On Schedule & Under Budget

Our multi-system-supporting business intelligence platform gives you real-time access to your documents, across each of your individual systems. Everything in your archive is organized from the get-go, and searchable by any criteria.  Say goodbye to unnecessary overages that you used to incur as you waited (and waited) for your audits to be completed.

Streamlined Audit Reporting

Of course, audits don’t end after the information-gathering stage. Whether you use internal or independent audits, they’ll still need to report on their findings.

IntelliChief makes it easy to share key data sets with your management, advisers, financiers, and investors. You can deliver reports with custom dashboards, or you can use the self-service reporting tool to let each stakeholder access what they want to see. No coding is necessary – drag-and-drop simplicity lets users visualize each audit’s results within seconds. And once reports are complete, they can be scheduled, shared, and archived in the user’s choice of electronic file format.

For more information on automating your AP audits, contact IntelliChief today. We’ll show you how to save your valuable resources for other, more important projects.

Catch IntelliChief ECM’s Presentation at JD Edwards Quest INFOCUS 2016

IntelliChief will be presenting at the JD Edwards Quest INFOCUS 2016 conference.

The conference will be held from August 8-10, 2016 at the Sheraton Denver Downtown.

The 3 Stages of AP Automation for JD Edwards EnterpriseOne and World will be presented Wednesday, August 10th, 2:20 pm – 3:20 pm in Plaza Court 3. We’ll be sharing stories of how JD Edwards ERP users have implemented automation in their Accounts Payable, Accounts Receivable, Finance, and Accounting departments. You’ll find out firsthand how streamlining these process-intensive workflows can lead to major time and cost savings.

Also, come by the Exhibit Section, IntelliChief Booth 220, for demonstrations and discussions. We’ll show just how easy it can be to integrate IntelliChief in both integrating single- and multi-system environments. You can capture, manage, view, and analyze enterprise content across all of your mission-critical technologies.

Unable to attend? Go on-demand! Contact IntelliChief for a link to the live presentation’s recording. Or ask us anything that’s on your mind – we can tell you anything you want to know about JD Edwards ECM integration, AP workflow automation, and electronic document management.

Documentation Notation Necessities

When you collaborate on a project, how do you communicate your thoughts and concerns to the rest of the team?

Is it a lengthy email? A phone call that has to be planned around everyone’s busy schedules?

With IntelliChief, there’s an easier way.

Our document management system has built-in notation features. That means:

  • Document Capture/Creation-Phase Notations. You can add information to existing content when it’s captured, before a digital document file is created. This lets you add all the information you think you might need prior to archival. The original contents & the added notations are both saved throughout the document’s lifecycle, as it is archived and utilized in your workflow.
  • Document Archive/Workflow-Phase Notations. You can continue to add notes (and corresponding documents) once the digital document file has been created. You’ll be able to use designated document file fields as well as on-document highlighted postings – the digital version of a sticky note. This ensures that updated information is shared as soon as it becomes available, from everything involved throughout each project and transaction.

In short: these documentation notation necessities take the wondering out of your workflow. Everyone on your team is aware of need-to-know details.

To learn more about IntelliChief’s document notation abilities, contact us today.

 

Is Automating Accounts Payable Processes Worth the Cost Savings

Tim Nissen | Is Automating Accounts Payable Processes Worth the Cost Savings?

According to the Institute of Finance & Management, 61% of top global companies have implemented full Accounts Payable (AP) automation. This occurrence has had its challenges.

Initially, it’s universal commonality of budget allocation. When a company’s CFO is prioritizing expenditures, their eye remains on cash flow and compliance/risk mitigation. AP must factor into these objectives to achieve funding for automation (or for anything else; with decisions being made by priority).

For many large and mid-size organizations, AP is a manual world. Three-way match processes – insuring accuracy between vendor’s invoices, the company’s purchase orders and receiving documentation – is an environment of disconnected paper and electronic transmissions. AP professionals create business processes to best fit their environment’s workflow, though they’re aware through their repeatedly encountered frustrations that even their best efforts don’t fulfill their objectives.

This provides Finance-Accounting nexus: both share fiscal interest in both cash flow and compliance. The commonality brings the two together on priority, broaching the budgeting subject. What’s the justification for or against an automated environment?

Today, enterprise content management (ECM) has advanced AP automation to encapsulate document capture in all formats: paper, email with attachments, native electronic files of any type. The data housed in each document is intelligently indexed, and used to populate user-specific designated fields created in the ECM program. With enterprise resource planning (ERP) system integration, the newly introduced information is verified against established data in the ERP. Upon verification, configurable workflow capabilities fitting an organization’s particular business processes now enable accurate, cost-saving interdepartmental collaboration.

With cash flow, automating AP provides accurate, real-time visibility into status of every project and transaction within the department’s realm, as it’s documented. This ability enables organizations to achieve overlooked vendor discount revenue (over 75% of payment-based supplier discounts go unclaimed by purchasers). Foster awareness and avoidance of any late payment penalties. Affectively be freed from hidden costs associated with overpayment of under-received orders.

A major avenue to diminish expense is with processing AP transactions. Establishing policy of electronically-processed vendor transactions result in savings from the first day of implementation. Industry studies pace ECM’s ongoing cost savings to average 70% annually versus manual processing.

Another source of cost reduction is with staff resources. With automation quickening the pace of transaction processing, it allows employees to be utilized in increasingly productive endeavors mission-critical to an organization. Their time and talents are fully engaged, avoiding headcount increases associated with departmental turnover.

Regarding compliance and risk mitigation, it begins at each transaction and project’s start – with all documentation that touches AP captured electronically with key content indexed and utilized for accuracy verification. From this point, all data is archived, avoiding lost-paper/lost information scenarios of uncertainty. It’s accessible to those provided documented permission by their company, trackable with each access. Reporting tasks are reduced to dashboard setting simplicity, a day-to-day benefit also realized with enhanced auditing efficiency and time/cost reduction.

ECM systems are available that, based on scale, provide full return on investment typically within a year.

Is automating accounts payable processes worth the cost savings? So far, 61% say yes, with many others in discovery mode to see if they also agree – Finance and Accounting working together towards commonly-shared objectives.

Is it right for you? This may help: www.intellichief.com/solutions/paperless-accounts-payable.