Gain control of supplier invoice processing
For most accounting departments, accounts payable processing involves employees manually entering invoices to financial applications, tracking the related paper documents, and distributing supplier invoices to multiple people within in the organisation for clarification, verification and authorisation. Ultimately personnel spend significant unproductive and unnecessary time in a cyclical and sometimes complex approval processes.
The major issues that Accounts Payable Departments face have been:
- poor access to appropriate documents and files
- cumbersome approval processes
- increased payment cycle
- poor visibility and control of the process
- misfiled, mislaid and lost documents, etc.
Adest Accounts Payable (AP) software will link, without software coding, seamlessly with existing internal financial accounting systems and thereby electronically capture all documentation, e.g. invoices, automatically index and store them centrally in the Adest system.
Further to this Adest will digitally route these document to authorised personnel in the approval process, whilst at all times making them available to Accounts Payable Personnel to resolve queries.
Adest AP brings key benefits such as increased productivity and cost savings by:
- automated capture, indexing, digital routing and tracking of invoices for approval
- earlier trapping of discrepancies, speedier resolution of anomalies and reduced query levels through faster turnaround time
- status and exceptions monitoring that provides enhanced control by clearly matching and reporting on missing invoices and status levels
- capture of all queries and supplementation documentation for analysis of costs and process efficiencies
- improved service and supplier relationships through the ability to instantaneously retrieve invoices at the desktop to view, print, fax, route or e-mail (even by suppliers directly)
- powerful digital archive and centralised storage of documentation in a secure electronic document repository.
Organisations utilise Adest Accounts Document Management Services to streamline a full range of Account Payable processes, including
- Requisition submission
- Purchase order and goods received handling
- Invoice processing and approval
- Exception handling
- Billings
- Suppliers and Customer service
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The Issue |
The solution |
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High staff costs usurped in documents filing, matching and processing |
Increase productivity and reallocated staff by removing unnecessary keying data from paper and manually processing documents. |
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The average time taken to process a paper invoice is 12 days |
Digitally route documents for approval / rejection with continually status updates. |
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Supplier invoices paid late as a direct result of administration constraints |
Though automated capture, indexing, routing and approval processing of invoices, documents can be processed quickly exploiting on-time payment discounts. |
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Poor reporting on document reconciliation and overall department status. |
Reports at document and departmental level are automatically produced with the Adest exception reporting facility. |
