Consider your accounts payable team’s day-to-day before automated invoice processing.
Likely, there was a rush of bills into their inboxes and onto their desks. Then came the sorting, the opening, the filing, and the determining of “PO or non-PO” for each invoice, followed by your team’s unforgiving quest to attain approvals for these purchases.
That manual process probably resulted in lost invoices, constant back-and-forth, and ultimately, vendors calling for the third time demanding payment.
On top of that, your AP staff might’ve ventured into file cabinets, bankers’ boxes, and desk drawers to track down missing documents tied to one specific purchase. All thanks to an audit.
If you’ve transitioned your AP process by implementing NetSuite—great! You took your existing processes and streamlined it using a centralized cloud-based system.
But not all AP automation applications are created equal. If you’re missing these three crucial components, you might as well go back to *gasp* manual processing.
1. Intelligent Bill Intake
Think about the documents your AP team receives.
They’re probably arriving in all shapes, sizes, and formats: mailed, e-mailed, paper, PDF (thankfully, carrier pigeons aren’t a thing anymore). Before automation, your AP team processed these invoices manually. Your team members probably found themselves fighting against the ever-growing pile of invoices on their desk and the unintentional paper fort growing around them.
They likely entered the critical information from these bills into your previous accounting system manually.
Thankfully, now with invoice data extraction, the information you need from these bills is pulled automatically.
But unless you’re using a NetSuite accounts payable processing application with smart data extraction technology, your whole system can come crumbling down just because a vendor made a small change to their invoice template. Do you really want your team to lose a whole day because of an accidental zero? Nope? Didn’t think so.
Say goodbye to whole-day team meltdowns over a single invoice keying error. Automated intelligent software solves those pesky information mix-ups for you.
2. Streamlined Bill Processing
Almost every AP team dreads the aggravating tug-of-war with other company departments over invoice approvals.
Some companies require a double or triple approval process. Even getting started with the first approval can be a nightmare.
Suppose your NetSuite automation application doesn’t feature a built-in system for obtaining approvals. Isn’t the point of your investment to streamline your AP team’s efficiency? Not to mention make everyone in your company happier?
Your NetSuite AP automation solution should include an electronic approach for approvals and processing. So, with the simple click of a button, the cumbersome push-and-pull process is resolved.
For instance, DocuPeak’s Rules Engine automatically sends an invoice through a pre-determined role-based review and approval process. That takes care of the time wasted by your AP team to track down approval–the system simply does it for them.
On top of that, DocuPeak takes care of the oft-forgotten follow-ups. Team member not approving the invoice? The system sends a reminder. Is that person on vacation? No problem. The invoice will then go to the next approval-designated role.
The best part? You just gave your AP team more time to tackle other critical tasks. They’re already sighing in relief.
3. Easy & Efficient Audits
Some might not realize the complexity of an accounting audit. It’s not just organizing documents—it’s taking stock of each transaction, approval, and document trail.
Without a process that houses and categorizes your accounting data, you’re left chasing down missing paper trails. A high-functioning NetSuite AP automation application should manage and store all documents and transactions.
With an integration like DocuPeak, you can see all documents associated with a transaction in your existing ERP system. This creates a secure, compliant document trail that’s ready for any audit that may arise.
Automation takes the guesswork, stress, and finger-pointing out of your AP team’s day-to-day (and helps your company all around). Save your company time and money by using a fully-functioning AP application to streamline the most aggravating and monotonous to-do’s.
Instead of wasting days on processing a few bills, your AP team can finally get back to being on top of company expenditures.
And, yes, they’ll love you for it.
Save time, money, but most importantly, tell your AP team they can finally relax. DocuPeak, Webiplex’s accounts payable solution, provides AP process management right out-of-the-box. It also has a range of advanced features such as Smart Document Recognition.
Streamline your business processes by connecting with us today.