Paperless invoice processing is a streamlined alternative to manual approvals and payments. The traditional accounts payable process involves passing hard copy invoices all over your office, where they can get lost or misplaced. It has been reported that 80% of executives have lost business due to errors caused by traditional payment processes.
A paperless invoice software can transform how organizations handle their accounts payable system by making the workflows completely digital, streamlining the process to be more efficient and reliable.
IntelliChief’s invoice processing software lets you capture, match, code, and pay your company’s invoices without an employee’s time or attention. In the meantime, your Accounts Payable team can focus on other, more important tasks.
Key Takeaways:
- A paperless accounts payable software can streamline your operations.
- IntelliChief’s Intelligent Capture easily collects data from email, traditional paper, and fax.
- Business process automation optimizes invoice workflows to ensure timely payments and efficient approvals.
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How Does IntelliChief’s Paperless Invoice Processing Software Work?
Why Get a Paperless Invoice Processing Software?
With a paperless invoice processing software, you don’t have to worry about two- or three-way matching, manual data entry, or creating vouchers for every single transaction.
Business process automation for accounts payable helps you manage your supplier invoices and payments. Complex and time-consuming workflows become much simpler with a paperless accounts payable system, and your business saves money in the process.
Accounts Payable automation with IntelliChief can help you streamline your most time-consuming workflows. With advanced technology, our solution handles manual work for your team so you can make your entire purchase-to-pay cycle faster and more efficient.
Our solutions let you automatically:
Process Invoice Approval Routing for Non-PO Transactions
When invoices don’t have corresponding purchase orders, the approval process can be even more complicated. But our software provides simple solutions for non-PO invoice processing.
Our paperless invoice approval system can route invoices to the right approval managers, right from the start. You can build out your own invoice processing workflows, with different approval workflows for transactions of different values, and let our software handle the rest. You can even assign GL codes without signing in to your accounting software. It’s never been easier to track your company’s spending.
Resolve Mismatched Invoices
If data from an invoice doesn’t match its purchase order or receipt, our system lets your Accounts Payable team know. It even highlights the discrepancy for quick resolution, so you know exactly what to contact your supplier about. And once you’ve arrived at a solution? The transaction is vouchered in your accounting software, and payment is issued in accordance with the supplier’s policies.
Getting Paper Invoices Into IntelliChief
Even if your business is going paperless, your vendors might not be. That doesn’t have to be a problem.
IntelliChief makes it easy to digitally capture and manage your paper invoices. You can scan in a single document or capture an entire batch in one go. The data is archived right away. The process takes just seconds and only requires a regular scanner. Once your invoices are saved in IntelliChief, the rest of the workflow can be completed electronically.
An added bonus: IntelliChief automatically checks for duplicate invoices. This means that if your vendors send you several copies of the same document (for instance, one via email and one as a hard copy), there won’t be any confusion or repeated payments.
The Benefits of Paperless Invoice Processing
Lower Processing Costs
As traditional invoice processing requires more labor, the cost of processing accounts payable can go up to $15.96 per invoice. Using AP automation, organizations can reduce the cost by 80% while also eliminating instances of delayed and duplicate payments.
Better Accounts Payable Record Keeping
As each invoice is processed, IntelliChief archives the transaction. This helps you eliminate duplicate payments. And if you need to access any of the archived information in the future, you can do so with a single click. You can even provide an auditor with access to your Accounts Payable documents, with a complete paper trail for each transaction.
Our Analytics module also gives you complete visibility into your company’s spending. You can easily determine where you’re running into issues, like delayed approvals or vendor inaccuracies. You can then use those insights to create a much more efficient Accounts Payable department.
Mobile and Remote Work Ready
With the digital transformation today, employees are not only working in the office anymore, remote access has become more important than ever. A paperless invoice processing software allows employees everywhere to access the same documents from the company server.
IntelliChief’s paperless accounts payable software is also available on mobile and tablet, keeping workflows running smoothly whether employees are in the office or working remotely.
Increased Capture of Early Payment Discounts
No business wants to leave money on the table. IntelliChief’s accounts payable paperless software is the perfect solution. By sorting and paying your invoices based on their due date and payment terms, IntelliChief makes it easy to capture more early payment discounts. It can even confirm the terms of the discount and make sure that payment is processed on the first available check run, further simplifying the process.
Our solutions also let you access your digital documents anywhere. Your team can approve invoices on their mobile devices, even if they’re not in the office. You can even have invoices routed to another processor so that your suppliers aren’t left waiting for payment. Comprehensive security measures keep your transactional documents secure, and instant collaboration keeps your workflow on track.
Keep Track Of Your Invoice Processing Performance
With IntelliChief, you’ll not only have a simple solution for invoice automation, but also increased visibility into all your accounts payable activities. You can see how many of your invoices are processed via straight-through processing (STP), where your business process workflows get held up or delayed, how many payments each of your employees processes, and more.
All of your data is displayed in a centralized reporting dashboard. Assessing your performance (and finding ways to improve) has never been easier.
Discover IntelliChief’s Invoice Automation Software
With IntelliChief, moving to a paperless invoice processing solution is easier than you expect.
It doesn’t matter which enterprise-class ERP system you use, or how you use it. Our invoice automation solution can integrate with any ERP or line of business system and can be fully customized to your company’s specific needs.
For more information about our business process automation solutions for accounts payable, contact us today.