Paperless Accounts Payable Software for Invoice Processing, Validation, Approvals, and ERP-Integrated Vouchering
When you move away from outdated, expensive Accounts Payable processing, you need a comprehensive solution to help with the transition. IntelliChief’s paperless Accounts Payable software gives you the ability to automate your most time-consuming workflows, from invoice collection & distribution to manual data entry.
The result? Faster and more accurate invoice processing, enhanced collaboration, and more time for your employees to focus on exception handling and analytics. Simply put, your Accounts Payable Department will start working like a well-oiled machine – and your organization will start to see major benefits.
Invoice Collection & Distribution Software
The first step in the Accounts Payable process is collecting your invoices from your vendors and assigning them to your processors.
In many companies, invoices are received through a combination of channels. Some are emailed, some are faxed, and some are sent through regular mail. Sometimes, vendors even send the same invoice several ways. For companies that receive thousands of invoices a month, gathering invoices, removing duplicates, sorting them into groups, and and assigning them out can be an uphill battle.
With IntelliChief’s paperless Accounts Payable software, you can collect and distribute all your vendor invoices automatically. Our system can be set up to monitor an email address, fax number, or network folder and automatically import any invoices as soon as they’re received (weeding out any duplicates along the way). And, for the invoices that you continue to receive through the mail, you can use any traditional office scanner to get them into IntelliChief in seconds.
Once invoices are received in IntelliChief, our Accounts Payable automation solution can use custom workflows to send them to the appropriate processors. For instance, you can assign certain categories (e.g., all invoices from Vendor X) to certain processors, or you can have non-PO invoices automatically routed to a department supervisor. This way, your team can start dealing with each invoice right away.
Invoice Data Capture Software
At this point in the typical Accounts Payable process, each processor would manually enter their invoices into your ERP. They’d have to individually key in:
- The vendor name
- The vendor’s contact information (phone number, mailing address, fax number, and email address)
- The invoice number
- The invoice date
- Every single item purchased, as well as the corresponding prices, quantities, and totals
This process could easily take 10-15 minutes – and that’s just for a short invoice. Multiply that by dozens (or hundreds) of invoices per day, and you’re looking at hours of monotonous, error-prone work.
To help you process your vendor invoices much more quickly, IntelliChief’s paperless Accounts Payable software “reads” each document and automatically extracts all the crucial information. If an invoice contains data that can’t be recognized, your processors are automatically notified that a document requires their attention. Otherwise, the transaction is created in your ERP and our software can move on to the next steps.
Invoice Validation Software
Depending on the type of invoice, IntelliChief will automatically look up supporting documentation, such as a purchase order or a receipt. The software can then confirm that all the details are correct (or let you know that an error needs to be resolved).
By automating the two- and three-watch match process with IntelliChief, your team won’t have to waste time retrieving the necessary files. In fact, you may not even have to get involved at all. As long as there are no discrepancies, our paperless Accounts Payable software can process your invoices straight through, reducing the number of physical touchpoints in your AP department.
As IntelliChief validates your invoices, it can automatically convert units of measurement (if, for instance, your purchase order is for 100 items but the invoice reflects 10 cases of 10 items each). It can also automatically convert currencies, streamlining things even further if you do business internationally.
Software-Assisted Invoice Payment
When you’re ready to pay your invoices, IntelliChief’s paperless Accounts Payable software communicates with your ERP to help you issue outbound payments.
First and foremost, it checks each invoice’s payment terms for potential early payment discounts. If you’re able to deduct a portion of you owe by paying within a certain time frame, IntelliChief can ensure that a check is issued as soon as possible. This can save you thousands – or more – every month. (Want a jaw-dropping figure? One large company achieved more than 5 million dollars in early pay discounts in a single year with IntelliChief.)
Discover IntelliChief’s Paperless Accounts Payable Software and Start Automating Your Invoice Processing Workflows
If you’re thinking about going paperless, IntelliChief can help. Our team can customize an AP solution for your specific needs, based on which processes you’d like to automate and how many people will be using the system. To learn more about how our paperless Accounts Payable software can help you transform your business, contact us today.