Accounts Payable Automation

By | March 1, 2012

Businesses are always on the lookout for systems that help them speed up their processes so that the end result is satisfactory. However, despite using ERP technologies and automated stock management systems, they leave the important departments, such as the HR, accounts payable and the assets management un-automated, to key in the data manually. This causes slow downs of the entire system and additional work of filing, sorting and archiving the hard copies. The best way to avoid problems related to manual accounting systems is to undertake the accounts payable automation.

Getting the accounts payable automation is not difficult as there are several companies that provide the required software for the purpose. The automation software can be easily installed and operated. It is also easy to follow steps to provide accounts payable automation and ensures enhancement of the working capability of the accounts personnel, the elimination of transporting hard copies of invoices and easy retrieval because of the electronic filing. The steps involved in the automation of accounts payable are as follows:

Capture: the invoices coming from various vendors are scanned, faxed or emailed from any location. They can then be routed to the required destination without spending on postal charges.

Sort: manual sorting becomes a thing of the past as electronic sorting provides easy access and retrieval of data. Moreover, separation of invoices that require approval is done automatically.

Verify: the job of the personnel at the accounts payable department is limited to verifying the data captured by the automation software.

Approve: the automation software can be customised as per the individual business needs and rules. Therefore, for the approval of the invoices that need approval from one or more departments, the software provides secure links, which are then emailed to the concerned department.

Post: once the invoices have been approved as required, the automation software uploads the data automatically into the accounting system. There is no need for manually entering the data or intervening at any stage.

File: instant retrieval of the data is possible with the accounts payable automation as the automation software files the data electronically as per the purchase order number, name of the vendor, date and invoice number. This helps for easy retrieval based on any criteria.

Therefore, with the smart automation solutions, management of the accounts payables section becomes easy. Other benefits of the accounts payable automation include reduced processing costs, increase in the financial control, improvement in services provided, easy access and retrieval of data, elimination of any misfiled or lost documents, improved productivity and reduction in the overall costs.

About Matthew the Guest Post Author: I Like to share valuable information for those establishments who transform to digital document management like document archiving, document automation etc. Further, these concepts and implementation build a corporate trust between data content and business prospects.