Automate Your Accounts Payable Process to Maximize Your Productivity
While invoicing is a crucial aspect of any business’s operations, the accounts payable process can eat up a surprising amount of your employees’ time. A traditional accounts payable process involves capturing the invoice (which may be electronic, but in most cases is paper-based), manually keying in the data, coding the invoice against POs or general ledger accounts, sending for approval, and finally issuing payment. In addition to the amount of time that’s spent on manual invoices, they are prone to human error which can slow down the process even further.
By utilizing a document management system to automate your accounts payable process, your employees will spend less time managing invoices and you can rest easy knowing that your records won’t be riddled with costly mistakes.
How does an automated accounts payable process work?
Document management software can streamline and automate the core tasks involved in the invoicing process. By removing the paper component of your AP process, your document management system will eliminate many of the time-consuming and error-prone tasks that your employees spend much of their time completing.
An automated accounts payable system will allow you to upload your paper-based invoices into your document management system. The software can also capture electronic invoices and once they have all been added to the system, vendor and PO information will be integrated with the document’s metadata. When an invoice is opened in the system, the user will automatically have access to all of the relevant account information they need.
From there, invoices can be routed to the appropriate department where they can be approved or denied by the department head. After payment has been approved, the invoice can be automatically saved according to your organization’s retention policies. By streamlining your document workflow process using a document management system, your accounts payable department will be more organized and productive than ever.
Contact Centric Business Systems today
Want to learn more about how Centric Business Systems can help your organization begin the transition to a paperless environment? Contact our experts today. Whether you require upgraded equipment or an in-depth analysis of your workflow, we have the expertise needed to maximize your systems and help you make the most of our technology. Give us a call at 877-902-3301, send us an email at info@centricbiz.com, or fill out our contact form to learn more about how we can help your organization run better.
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Source: https://www.datamaxtexas.com/blog/an-automated-accounts-payable-process