Paperless Invoice Processing Software Can Help You Save Time & Capture Early Payment Discounts
Paperless invoice processing is a streamlined alternative to manual invoice approvals and payments. In many organizations, the Accounts Payable process can take days, and involves passing hard copy invoices all over your office, where they can get lost or misplaced. AP automation, on the other hand, lets you make your workflows 100 percent electronic – which makes them much faster & more 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 business.
How Does Paperless Invoice Processing Work?
Paperless invoice processing lets you remove manual touchpoints from your Accounts Payable workflow. Instead of typing each invoice into your accounting program, IntelliChief’s OCR software can capture and import the data automatically. Instead of searching your office for the corresponding purchase orders and receipts, our system puts each document right at your fingertips. And instead of comparing all of the information by hand, IntelliChief verifies that each line item is correct.
You don’t have to worry about two- or three-way matching, manual data entry, or creating vouchers for every single transaction. Our paperless invoice processing solution can capture the information off every invoice, import it directly into your ERP, and automatically each document from one person (or department) to the next.
Processing Non-PO Invoices
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.
Resolving 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 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
Paperless invoice processing is faster – and less costly – than manual invoice processing. This alone can have an impact on your company’s bottom line, but so can another related benefit: the ability to capture a higher volume of early payment discounts.
Many suppliers offer early payment discounts of 2 or 3 percent. The only condition is that the invoice is paid within a specific time frame (usually 10 or 15 days). But, because manual invoice processing is such a time- and labor-intensive task, you may be missing out on important deadlines – and losing out on these discounts.
No business wants to leave money on the table. IntelliChief’s paperless invoice processing 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 – you’ll have increased visibility into all of your Accounts Payable activities. You can see how many of your invoices are processed straight through, where your workflows get held up or delayed, how many payments each of your employees process, 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 system is easier than you expect.
It doesn’t matter which accounting software you use, or how you use it. Our invoice automation software 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 Accounts Payable workflow solutions, contact us today.