Every business no matter how big or small does business with suppliers and vendors who send invoices, some on a monthly basis. Most of these invoices arrive in the mail as paper documents. Processing these invoices manually can lead to errors, missing early payment discounts or even worse having to pay late payment penalties. The alternative to this painful process is accounts payable automation which can save thousands of dollars and time with activities related to invoice processing.
Incoming invoices in many forms
- Paper invoices that arrive in the mailroom placed on a stack to be routed via interoffice mail
- Paper invoices that arrive in the mailroom placed on a stack to be scanned
- Invoices that arrive in email
Invoices that are handled in paper form is the most dangerous form of invoice processing as invoices can be lost or misfiled. Even if they are not lost, this form of manual processing is the most inefficient way. The right person has to be chased down to get their approval. If the approval involves multiple parties, the process is even more inefficient and complicated which often leads to delays.
Instead of having to chase the right person down to get their approval, you can easily route invoices to the right people using the infoRouter workflow feature. A simple workflow can be quickly created to add steps and tasks necessary to approve or reject an invoice. This can lead to a very efficient and speedy invoice processing.
Then there are invoices sent through email which can get stuck in someone’s inbox for a long time before it is processed. This too could lead to embarrassing situations and late payment penalties.
Accounts Payable Automation and Invoice processing using infoRouter Workflows.
infoRouter offers an easy interface to quickly build custom workflows that fit your needs. You can build workflows with multiple steps, each step containing multiple tasks to be performed by the right users and/or user groups to get the job done quickly.
Why is Accounts Payable Automation Important?
- Speeds up the entire invoice processing process
- Reduces errors
- Helps avoid late payment fees and penalties
- Helps take advantage of early payment discounts
- Eliminates paper and allows for electronic routing which is much faster compared to paper invoices
- Significant improvement in auditing and tracking
- Sub-second search results when searching for invoices
How can infoRouter help with Accounts payable automation?
Invoice processing can be drag, but it doesn’t have to be. Using built-in infoRouter tools can help reduce the time it takes to process invoices.
- infoRouter Scan Station to route invoices to infoRouter Workflows
- infoRouter Email Scanner to catch incoming invoices.
- infoRouter Workflow Module
More on this issue in the Notifications in infoRouter
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