3 Key Ways that Accounts Payable Automation Improves Oversight
Oversight is critical in the accounts payable department. If you don’t have accurate, up-to-date information on what’s going on in your AP department it’s almost impossible to get a clear picture of the state of finances in your company.
Unfortunately, many accounts payable systems aren’t set-up to provide you with an easy way to oversee the AP process. Paper systems are particularly hard to work with, but clunky digital systems that rely on spreadsheets aren’t much better. If you really want to improve oversight in the accounts payable department, you need to automate your AP process. NextProcess’ AP software gives you three key advantages that make it easy to keep track of everything going on in accounts payable.
1) Track Every Event And Change
Once an invoice enters our Accounts Payable Automation Software, the system keeps track of every event and change from intake to payment. Every single step the invoice goes through is logged into the system automatically.
At any point, you can log in to the system and find out the exact state of any given invoice. Because the system updates in real-time, you can always pull up information on past or present invoices with just a few clicks. And NextProcess’ AP automation system also lets you set up a supplier portal. This lets your suppliers log-in and check on the state of the invoices they’ve submitted.
2) Indexing Accuracy
Using optical character recognition (OCR) in conjunction with our proprietary indexing technology, NextProcess guarantees 99.5% indexing accuracy. We go beyond image capture to create files that you can easily edit and search. And the system captures extra information about each invoice, including metadata about the document’s submission like date received and user who submitted.
The system also checks every invoice that comes in to make sure there aren’t any problems. If the system catches a duplicate invoice, suspicious numbers, or missing information it flags the invoice for manual follow-up. And we back all these feature up with a service-level agreement.
3) Complete Search Functionality
Once invoices have gone through an indexing system you can search them in a variety of ways. This goes beyond standard PO and invoice number searches. You can also search by vendor name, date range, invoice total, GL Code, payment status, approval status, item or product descriptions, and more.
Ready to put an accounts payable automation system to work for you? Get in touch with us today to schedule a demo so you can see first-hand just how much our AP software can improve your company’s accounts payable oversight.