How to Manage Complicated Invoices using Accounts Payable Software
Whether it’s big or small, every business should manage their Accounts Payable (AP) process effectively to improve productivity. But these time-consuming traditional invoice processes lack control, making it difficult for AP departments to track and eliminate errors. Fortunately, with the technological advancements of today’s ultra-modern world, numerous accounts payable software solutions are hitting the market to streamline these processes. Most businesses are investing in AP solutions to automate tedious tasks of the AP process, including filling out forms, capturing data, matching the data to POs, and much more. Even after the AP departments automation, it can be challenging for the AP team to handle complicated invoices, certain types of utility bills, and exceptions to specific invoices.Thank you for reading this post, don't forget to subscribe!
Below, we’ve discussed a few tips to help you manage complicated invoices effectively.
Search for a Reliable Technician
Even after adopting an advanced AP solution, many businesses are still struggling with inefficient automation processes. Among numerous available solutions, only a few can solve your specific business needs and objectives. So, if you’re thinking of investing in new software or upgrading an already existing solution, make sure to research thoroughly before deciding on a solution. Analyze the pitfalls of your current processes and discover which features and functionalities you will need to make the process more efficient. Accordingly, choose a flexible and easy to customize solution for speedy and reliable invoice processing.
Understand the Problem
While handling multiple invoices, there is a high possibility for some invoice exceptions, which occur when an invoice has inaccurate data. It could be a typo error, fake bills, duplicate invoice, or other types of complicated issues. Whatever the exception, it needs to be handled correctly in order to clear payments on-time. To manage these invoice exceptions, first understand the cause of the problem and analyze what tools or resources you need to resolve it. Accordingly, build a better strategy to clear and process invoice exceptions properly.
Refine Your AP System
Even modern AP solutions with advanced features and tools to help handle these complicated invoices could work inefficiently if implemented improperly. After the initial setup, some solutions may flag inaccurate exception invoices or take more time to process invoices than it should. Hence, it’s advisable to purchase the right software from a reliable supplier who will be available 24/7 to help resolve your queries. Once you start refining your custom tolerances, the software can provide you with accurate insights into exception invoices, cleared invoices, invoices due today, and so much more.
Train Your People
The software automates the most tedious process, freeing-up employees time to deal with those complicated invoice issues. Training should be provided to your employees about the features and tools of the software and their usages. Even an advanced solution can help you get expected results if your employees lack knowledge of using the software properly. Hence, ask the vendor from whom you’re purchasing the software to train your employees about the software implementation process, usage, integrations, and more to gain the fullest value.
Make Use of Data
The process of gathering bundles of invoices and entering the data into spreadsheets manually can be time-consuming and is prone to human errors. However, most of the advanced AP software solutions will have a data capturing tool which will automatically capture the crucial data from invoices using OCR (Optical Character Recognition) technology and stores that data for future use. This crucial invoice data is stored in an organized manner, allowing the AP team to track, identify, and resolve errors the moment they occur. So, you don’t have to bother about exception invoices and other issues during later stages.
The Bottom Line
Accounts payable is going to be more digital and more strategic soon. The technological advancements change the way companies use AP automation to improve overall productivity. Advanced technologies such as Big Data, ICR (Intelligent Character Recognition), Machine Learning, and more will further enhance the functionality of SutiAP software; thereby helping companies gain a competitive advantage. Analyze the features of various AP software solutions available in the market and choose the right solution that suits your needs and requirements. Instead of blindly believing the words of vendors about 24/7 support services, consider interacting with the vendors existing customers to learn about the vendor’s downtimes and overall responsiveness.