Optimize AP Visibility
Though most businesses are still processing invoices manually, more and more are starting to recognize the value of automation in the Accounts Payable department. Automatic software is one of the key trends to look for in AP as the year 2016 unfolds and all signs point to a continued shift from manual to automatic invoice processing.
While changing to an automatic system can seem daunting, AP software brings a wide range of benefits to the company. One is increased AP visibility, both within the AP department and for management. Having all your invoices quickly processed in one, easily accessible place eliminates paperwork, cuts back on hassle, and benefits the whole financial department.
Utilizing a system like NextProcess’ AP Automation software makes it possible to process all types of invoices the same way and in the same place. Instead of having invoices sent to several different employees or field offices, they all go directly to AP for automatic processing.
In a manual AP department, different types of invoices are processed differently. This makes it harder to see all the invoices at once. In contrast, AP software collects paper, EDI, email, fax and every other invoice format in one central, digital location that anyone with clearance can access.
Centralized invoice processing keeps invoices from getting lost in the shuffle of papers. This keeps your suppliers happy because you can pay on time and saves AP employees the frustration and time involved in looking for unpaid invoices and rushing invoice processing.
NextProcess AP automation software reduces the number of touch points that each invoice has to go through as they’re processed. Invoices are automatically GL coded and routed for electronic approval. The software can be programmed to keep things moving quickly by sending multiple approval reminders or escalation emails to anyone who hasn’t provided invoice approval. Throughout the entire process, all the invoices are visible and easy to access.
If you can’t access the data from the AP department it’s useless. Invoices need to be visible at the end of accounting periods or your company risks underestimating expenses and overstating income. Having all the invoices easily accessible also gives you a strong audit trail and provides management with the tools they need to find and deal with potential problems early.
With NextProcess AP software, you have access to permanent online data and image storage. Our software sets ups a centralized document repository for your company that puts every single invoice right at your fingertips whether you’re on a computer, tablet or smartphone. A variety of search criteria makes finding and downloading the right invoices easy.
Contact us today to learn more and schedule a demonstration.