Accounts Payable Automation: How Software & Technology Can Streamline Your AP Workflows
Accounts Payable automation helps you manage your supplier invoices and payments. Time-consuming workflows become much simpler and easier to scale – and your company saves money in the process.
Why Invest in Accounts Payable Automation?
With AP automation, technology can make costly administrative processes much more efficient. Depending on your current approach, you may be able to streamline your procure to pay cycle by as much as 80 percent.
With Accounts Payable automation, software can handle your accounting department’s most redundant tasks. You don’t have to worry about manually verifying your company’s purchases, entering data into your ERP by hand, or vouchering invoices one at a time. Automated technologies automatically prevent duplicate payments, and even schedule your outbound payments in a way that helps you capture the highest possible percentage of discounts. It’s an easy way to streamline your entire Accounts Payable process.
Automated solutions also produce considerable financial benefits. You can:
- Reduce your invoice processing costs
- Capture a higher percentage of early payment discounts
- Eliminate penalties for late supplier payments
These savings add up – and you can see improvements right away. In terms of ROI, Accounts Payable automation software typically has a payback period of a year or less. The more invoices you process – and the more employees you have working in AP – the more you’ll be able to save.
Easy-to-Use Business Solutions for AP Automation
IntelliChief is a user-friendly, ERP-integrated solution for Accounts Payable automation. Designed for use with Oracle, JD Edwards, SAP, Infor, and other digital accounting platforms, our software helps you:
Capture Your Incoming Invoices
With IntelliChief, you can add invoices to your processing queue the second they arrive.
- Automated fax and email import solutions can instantly retrieve incoming invoices from your electronic networks, removing the collection and distribution processes from your Accounts Payable workflow.
- Without Capture Enterprise, you can save electronic invoices to IntelliChief directly from your computer. It’s similar to the process of printing out a document, but it sends the invoice directly to our software for validation and payment.
- You can scan in paper invoices using a traditional office scanner, and OCR technologies will convert the printed text into machine-readable data.
Match Your Invoices to the Corresponding Purchase Orders and Receipts
As each invoice arrives, IntelliChief looks up the supporting business documents for the transaction (such as purchase orders and delivery receipts). From there, our solutions compare the information to make sure you’re only being charged for items that you ordered and received. Accounts Payable automation software automatically confirms that purchase prices, quantities, taxes, and surcharges are correct prior to payment.
Distribute Non-PO Invoices for GL Coding & Approval
When you need to process an invoice for a non-purchase-order transaction, IntelliChief instantly routes it to the person who can approve the payment. (Have a complex approval process? With automated multi-step workflows, you can easily route invoices to several departments or employees throughout your company).
IntelliChief also lets you assign GL codes to non-PO invoices, without having to log in to your accounting software. This makes for a much faster and more intuitive Accounts Payable process. If your approvers aren’t named users of your ERP, they don’t have to borrow a coworker’s login, or hand-write a GL code on a hard copy to send back to AP.
Manage Your Invoices on Mobile
When your accounting team is out of the office, they can still handle invoice processing, GL coding, and other essential processes on their smartphones and tablets. IntelliChief’s mobile workflow software lets users view, approve, and code invoices from their Apple, Android, or Windows devices.
Find Solutions for Invoice Discrepancies
When invoices are correct, our accounts payable automation tools can process them straight through. When there’s a simple error, such as a mis-match between currencies, IntelliChief can often resolve the issue on its own. Instead of interrupting a processor’s workflow, our software can electronically normalize units of measure without employee intervention. It can even cross-reference product numbers across multiple systems to increase your touchless invoice processing rate.
When an error needs to be corrected before an invoice can be paid, our software routes the invoice to one of your processors for review. It highlights the errors so they’re easy to find, and attaches any documents your team might need to sort out the issue. This makes exception handling much easier. Meanwhile, any time you have outstanding approvals, IntelliChief can send out automatic reminders to keep your team on track.
Import Invoice Data Into Your ERP
As each invoice is processed, IntelliChief collects the data and sends it to your ERP. Your employees don’t have to spend their valuable time on manual data entry, and can instead focus on more value-added processes. Meanwhile, your error rates are significantly reduced, and each of your technologies are updated with your most recent AP information.
When your Accounts Payable team is working in your ERP, they can access any of your stored data with a single click. They can electronically retrieve invoices and purchase orders right from their current ERP screen, searching for stored documents using any common criteria.
Pre-Schedule Payments for Every Purchase
Our AP automation software works with your ERP or line of business system to create vouchers and schedule payments. It automatically references the payment terms you have saved in your accounting module, checking to see if the company you are paying offers any contractual discounts. When an invoice is eligible for an early payment discount, IntelliChief can add the payment to your next available check run – helping you save more on the products you’ve already purchased.
Archive Processed Invoices
Another benefit of a paperless AP department? You don’t have to store your invoices in your office for years on end.
As each invoice is paid, it’s added to an electronic archive. Any authorized user can retrieve it at any time. And once the records are no longer needed? IntelliChief can securely destroy your digital documents at pre-determined intervals, helping your business comply with industry regulations.
Prepare for Accounts Payable Audits
Our software has a built-in invoice tracking system. You can access a complete record of any time a document was approved (and by which user.) This isn’t just important for internal document security – it also makes it easier to prepare for Accounts Payable audits. AP automation software lets you demonstrate compliance with important financial mandates, and it also lets you pro
vide your auditors with immediate access to sample transactional data. Any time they need to see a purchase order, invoice, or payment receipt, they can retrieve it in seconds – the same way any of your processors would.
Discover IntelliChief’s Accounts Payable Automation Software
IntelliChief works the way that you do. Whatever accounting program you use, and whatever processes your business has in place, we can customize a solution for your specific needs. Our team can build new workflow routes, add new users to your system, and provide you with any other resources you need to transform your Accounts Payable process.
To learn more about our comprehensive solutions for accounts payable automation, contact us today.