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MANUAL VENDOR INVOICE PROCESSING

In accounts payable, more paper = more problems.

Keying in, verifying and approving vendor invoices manually might still be the status quo for many finance departments, but that doesn't make them any less expensive or inefficient. Forward-thinking companies are beginning to explore accounts payable automation solutions as a way to modernise accounts payable processing. Why? Increasing industry pressures demand it.



WHAT'S THE BIG DEAL WITH PAPER-BASED ACCOUNTS PAYABLE?

When a vendor invoice arrives, it matters how they are scanned and entered, the sign-off procedures employed, and what archiving methods are used. More and more, these steps are having a significant impact companies' bottom lines since every potential bottleneck can hinder efficiency, profitability and customer satisfaction levels.

Manual touch points: Less is more

Unlike invoices processed through an accounts payable automation solution, traditional invoices are entered manually in the accounting system followed by a tedious and multistep approval process. And, because the invoices are manually stored, organising and searching for documents can be an even longer, headache-inducing process for staff. For managers, visibility and control is extremely limited, putting the company at risk for missed vendor discounts, late payment fees and audit non-compliance.



SPECIFIC CHALLENGES TO OVERCOME

 

Invoice processing cycle time

Even if invoices start as electronic documents, they ultimately end up as paper on someone's desk. The resulting slowdowns can lead to delays in posting expenses, late payment penalties and damaged supplier relationships.

Lack of process visibility

Data on invoice document processing is crucial to daily operations. Without it, managers have difficulty with budgeting, planning and forecasting, and lose control over audit standard compliance.

No automatic validation

Risk of error is inherent in any process that involves paper and manual data entry. Lack of automatic validation means your company is more vulnerable to overpayments, duplicate payments and tax errors.

Invoice processing costs

The cost of processing an invoice is generally high, but when dealing with manually processed invoices the cost of simply resolving the associated issues can wind up being higher than the invoice itself.

 



Optimise your invoicing operations with accounts payable automation.

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