How Optimized Are Your AP Processes?

Tim Nissen | How Optimized Are Your AP Processes?

Your Accounts Payable processes probably fit your specific organization reasonably well; having been honed over years of company growth. Though at this juncture, are they optimized?

Consider where you’d like to advance –

  • Do your AP procedures need updating to suit current and future needs?
  • Which parts of the process should be prioritized?

Assess these areas –

  1. Operations: Your efficiency in tracking, searching and viewing transaction documentation.
  2. Working Capital: Your challenges in scheduling and monitoring payments, and ability to capture early-pay discounts while avoiding late payment fees.
  3. Security: Your system’s capability to modify, monitor and grant or restrict access to AP documents and workflows.
  4. Compliance: Your ability to manage internal controls, to mitigating fraud, abuse and regulatory risks.

AP automation provides the ability to optimize. As your current processes are mapped to replicate in automation, you’ll see your exact flows as they currently occur manually. This visibility is an eye-opener: you’ll readily see areas of impact previously overlooked. The effective aspects of your processes will benefit from automation’s mapping, and time/cost inefficiencies will be highlighted for action at this juncture, creating methodology that makes sense.

Functionally, AP automation encompasses capture of each transaction’s documentation in any format – paper (mailed or faxed) and digital (email and attachments) with all uniformly standardized through image file creation. The information needed for processing is recognized in type, handwriting, barcodes and images, populating enterprise content management (ECM) fields. This data is verified and validated with account information stored in your ERP or line of business system through ECM integration, and then archived.

Once the capture stage is accomplished, your newly optimized workflow enables efficient, automated reviews and approvals throughout your organization.

How optimized are your AP processes? Now’s an advantageous time to see, through AP automation’s process mapping’s visibility.

 

Related: Accounts Payable Automation: How Software & Technology Can Streamline Your AP Workflows

Remote Auditing Technologies

Tim Nissen | Remote Auditing Technologies.

On-site auditing has been the customary default since the dawn of accounting. It’s worked reasonably well, though time and cost considerations – both from the company and firm’s vantages – typically took secondary focus to successful audit completion and maintaining healthy relationships. It’s now possible to encapsulate all these objectives through remote auditing.

Technologies in document management and automated access are driving remote auditing abilities. Through enterprise content management (ECM), offsite mobile access to source documentation from throughout organizations is enabled, automating the way. The cost and capability have been simplified to encompass SMB’s, large companies and accounting firms alike. The flow has become effectively simple: a company provides their auditing firm an ECM user account, with permissions set for what information the auditor may see. All related transactional documentation is available per project on-demand, providing a central repository for convenient search based on any criteria, enabling the auditor centralized access from decentralized locations.

This accomplishment begins with the company capturing all transactional documentation via the ECM’s automation tools, managing Accounting’s collection of documents pertaining to each vendor and transaction, and organizing them contiguously. Once input, the information is validated through the company’s ECM-ERP integration, with the accurate data archived in the ECM system.

A back-end advantage is the ECM’s business intelligence/analytics component. This enables the company to monitor the auditor’s activities and progress, providing guidance as needed. The system will generate reporting useful to both auditor and client company, based on any data points imaginable. Both internal and independent auditors can report on key data sets, relaying useful findings in formats permission-accessible for review by management, advisor, financier and investor audiences in formats they prefer. Providing additional customization, scalable dashboards deliver convenient self-service analytics reporting for each audit, visualizing data intuitively with drop-and-drag simplicity.

Functionally, remote auditing’s merits are rooted in an Accounting firm’s staff’s ability to audit from any location, even multiple locations simultaneously. Auditors can work from anywhere on the planet, collaborating with fellow team members and company representatives simultaneously. This flexibility benefits many firm’s geo-diverse structures, with client companies advantaged from expeditious project completions and relates cost savings (notably reduced audit fees, fewer company personnel hours consumed, less communal space occupied). The company staff’s time sourcing documentation from on- and off-site storage is eliminated, with all relevant information readily available to auditors through the ECM portal, facilitating a prominent cost-saver for all entities involved.

On-site meetings will continue to occur, though typically less frequently, and will be much better organized for to-the-point collaborations facilitating quicker collaborative resolutions. The company-firm relationship will remain strong, perhaps even improve with this efficiency. The beneficial face time will be maintained; personal proximity is the human element both warranted and appreciated, providing the understanding and leading to agreements, enhancing these interactions constructively. Additionally, auditors are freed from long stints as a company’s on-site guests – something all parties admittedly appreciate. There is such a thing as too much togetherness…

The economies of remote auditing are realized around cost flexibility. Auditors will incur fewer expenditures per remote audit (travel expenses avoided, billable hours more efficiently managed). This provides them cost effective service delivery. With it comes the opportunistic prevision options allowing the firm latitude regarding their pricing model. This is particularly advantageous in ever-present competitive environments; remote auditing provides the opportunity to share these savings with the company, while maintaining their profitability goals. Companies ultimately avoid audit projects exceeding projected timetables and budgets. All parties remain satisfied in their fiscal relationship.

Remote auditing is an option of advantage for all involved. ECM provides the platform to keep it convenient and cost effective.

 

Related: Preparing for an Accounts Payable Audit (and How AP Software Can Streamline the Process)

Infor XA Sales Order Automation

Tim Nissen | Infor XA Sales Order Automation.

Is your company paper-based and manual in your processing of customer sales orders? If so, you’ve experienced the lack of efficiency, control, and visibility. A paper environment results in high costs of managing customer order documents, and ultimately of order fulfillment.

In this manual environment, complexities begin when a customer order is received. The steps of sorting and labeling orders, verifying for accuracy, performing data entry, pushing the order through all the internal steps you have leading to fulfillment, collectively drive up the cost to process every one of your transactions.

Further, factor in when an order is lost or misplaced, a data entry error occurs, or a change/revision to an existing order arrives. And the longer it takes to process an order, the higher your Days Sales Outstanding (DSO) will be. Meanwhile, maintaining communication with the customer regarding status of their order is further challenging if your lacks status visibility…

If your company utilizes Infor XA as your ERP, you have a paperless advantage when integrating Infor Solution Partner IntelliChief’s enterprise content management system (ECM).

With IntelliChief, your Sales Order process can be transformed to maximize efficiency, lower processing costs, mitigate risks, and increase visibility to customer POs. By capturing and archiving customer POs and the information they contain in a secure centralized repository, you’re able to utilize a workflow process that integrates all these functions into your XA system. You regain control of a process that is otherwise costly, lacks visibility and is difficult to manage. You will be able to provide an even greater level of service to your customers, and gain greater competitive advantages to help drive revenue throughout your organization.

See how. View this 30-minute video presentation: Infor XA Sales Order Automation

 

Related: Infor Document Management Solutions by IntelliChief

AP Automation Robotics for JD Edwards – Humans and Machines Together

Tim Nissen | AP Automation Robotics for JD Edwards – Humans and Machines Together.

There are business applications where people and mechanical systems work well together. Accounts Payable is one of them. Automating processing has numerous advantages, though AP professionals are the ones who dictate success, from mapping and optimizing process procedures to best suit their organization, to ensuring automation’s success by monitoring and interacting with systems to maximize accuracy.

Enterprise Content Management systems (ECM) create the environment of AP automation robotics for JD Edwards – humans and machines together. It encompasses Robotic Process Automation (RPA) and Artificial Intelligence (AI) – tools industry analysts are seeing reduce invoice processing cost and cycle time by over 75%.

IntelliChief ECM automates the capture of AP documentation, identifying key data needed for verification with JD Edwards, facilitates document matching and enables company-specific workflows for reviews and approvals. The results: reduced cost, decreased processing time, and increased early payment discount opportunity identification, with visibility for bill payment scheduling optimization.

If you’re a JD Edwards user looking to advance your Accounts Payable team by driving automation to increase visibility and control, this 30-minute video presentation demonstrates the way forward. It highlights how IntelliChief integrates seamlessly with JD Edwards EnterpriseOne and World, and how it uses RPA and AI to automate routine tasks inherent in manual invoice processing.

What positive fiscal impact will this have on you?  Find out by viewing AP Automation Robotics for JD Edwards – Humans and Machines Together

 

Related: Oracle JD Edwards Content Management Software Can Help You Make the Most of Your EnterpriseOne or World ERP

Connecting ERP and Other Business Systems Without Coding

Tim Nissen | Connecting ERP and Other Business Systems Without Coding.

A universal need that’s close to home: having the business systems you use communicating with each other.

You’ve experienced the problem: the costly waste of disengaged data, as silos of information remain that way. This environment lacks visibility and the beneficial versatility of shared knowledge where it’s needed most.

An answer to connecting ERP and other business systems without coding is IntelliChief ECM’s Integration Link. Incorporating ECM’s automated document capture, management and workflow abilities, with a coding-free alternative allows you to access and index documents in the IntelliChief system directly from the screens of any ERP or line of business applications your company utilizes. This allows integration and information validation amongst each system, opening access to data across platforms.

Through the Integration Link Designer, any application can be image-enabled, providing cross-platform usage of all information stored in each system, creating a convenient, accessible document management environment. The application further leverages value of your company’s existing systems.

The simplicity of operation begins with opening Integration Link’s Blueprint Designer, along with the application screen you want integrated with IntelliChief. Select New Blueprint, and Integration Link will prompt to click on the screen in the application. From there, Integration Link will recognize all the fields on the application’s screen, and prompt to link them to the corresponding fields in IntelliChief’s data processing profile. Complete the integration by clicking to activate the blueprint, and the link’s established.

With premises or Cloud-based, production or custom systems, Integration Link allows you to access and index documents in IntelliChief universally throughout your organization through desktop screens or remotely utilizing IntelliChief Mobile. Costly programming and time-consuming customizations are no longer required. There’s no affect to future ERP or business application system updates – links remains intact.

 

Related IntelliChief Integration Link Lets You Integrate Your ECM Tools Your Other Business Programs

IntelliChief ECM Named Most Promising Document Management Solution

IntelliChief, a provider of automated document management and workflow enterprise content management (ECM) solutions, announces IntelliChief ECM named Most Promising Document Management Solution by CIOReview, recognizing them among the most innovative global technology innovators, for their accomplishments in ECM software development.

The CIOReview designation reflects the document management software company’s rapid growth, coupled with its industry-noted product development the areas of multi-format, AI-powered automated document capture and indexing, company-specific process configured workflow, providing desktop and mobile access for all staff and stakeholders. Additionally, operational visibility with business planning analytics, and integration capability with all enterprise resource planning (ERP) and business systems, factored in the company’s selection.

IntelliChief ECM provides a smooth, robotic process automation (RPA) transition from costly manual document management and workflow functions. Its industry-awarded automated capture, validation, database update and real-time analytic visibility enables users to capture documentation in any format, index contents and validate with data in their ERP and line of business applications. It lifecycle-manages all related documentation and facilitates optimized interdepartmental process workflow.

IntelliChief’s enterprise automated document management focus benefit at the departmental level, encompassing Accounts Payable, Order Processing, Finance, Purchasing, Sales Management, Customer Service, Human Resources-HCM, IT Legal, and Logistics/Distribution.

For IntelliChief ECM information, contact IntelliChief.