Many companies these days are trying to automate their invoice
processing systems. This is because these tasks often take many
employees to complete them. However, the tasks are simple and
repetitive. Work like this can be easily automated if the right kind of
software is purchased. That is why many companies try to get such
software from reputed IT vendors. Agencies which sell such software
handle the orders from different industries. Companies in the
construction industry, education, healthcare, manufacturing and many
small businesses are all known to buy this software. Large companies in
the financial services industry are especially known to find great use
for this software.
It is important for large multi-national corporations to buy software that helps them process their invoices faster. This is because they have to handle billions of vouchers every day from employees who are spread across numerous locations often in different countries. The number of employees that will be required to process all these vouchers manually will be too vast to imagine. That is why they find it convenient to automate all these operations so that the software takes care of all the work. The staff can be freed to work on more core business areas.
Good purchase to pay solutions scans all the orders before they enter the automated workflow. This includes things like purchase orders, invoices, shipping information, cancelled checks and correspondence to both internal as well as external parties. The clerks who work in the accounts payable department are notified by email when their invoices are ready to process. They can then match them with the process order in the accounting system or enterprise resource planning application. They can then apply the correct ledger codes to the order. The supervisor who is in charge of invoice processing is notified when the invoices are ready for approval. In case the supervisor finds any issues in the invoice, he sends it back to the clerk for addressing them. Once all issues with the invoices have been addressed, the supervisor approves the payment as part of the next check run. The software also has excellent document management systems. All the invoices and other documents are filed electronically in the system.
Workflow automation has been known to cut invoice processing costs considerably. They eliminate the problem of duplicate payments. They can manage the payment needs of multiple offices with ease. The amount of time taken to get approvals for each invoice has been known to decrease. The system will automatically route all the invoices to the personnel who are required to see it. Filing and retrieval of documents is done quickly and efficiently. This also allows the top management to take a look at the vouchers if they wish to see it for any reason. Companies can also enroll in an automated clearing house for making their payments. Reconciling receipts and payments becomes a lot easier when software like this is inducted into an organization. With the help of such modern software, invoice processing has become a lot easier in many firms.
It is important for large multi-national corporations to buy software that helps them process their invoices faster. This is because they have to handle billions of vouchers every day from employees who are spread across numerous locations often in different countries. The number of employees that will be required to process all these vouchers manually will be too vast to imagine. That is why they find it convenient to automate all these operations so that the software takes care of all the work. The staff can be freed to work on more core business areas.
Good purchase to pay solutions scans all the orders before they enter the automated workflow. This includes things like purchase orders, invoices, shipping information, cancelled checks and correspondence to both internal as well as external parties. The clerks who work in the accounts payable department are notified by email when their invoices are ready to process. They can then match them with the process order in the accounting system or enterprise resource planning application. They can then apply the correct ledger codes to the order. The supervisor who is in charge of invoice processing is notified when the invoices are ready for approval. In case the supervisor finds any issues in the invoice, he sends it back to the clerk for addressing them. Once all issues with the invoices have been addressed, the supervisor approves the payment as part of the next check run. The software also has excellent document management systems. All the invoices and other documents are filed electronically in the system.
Workflow automation has been known to cut invoice processing costs considerably. They eliminate the problem of duplicate payments. They can manage the payment needs of multiple offices with ease. The amount of time taken to get approvals for each invoice has been known to decrease. The system will automatically route all the invoices to the personnel who are required to see it. Filing and retrieval of documents is done quickly and efficiently. This also allows the top management to take a look at the vouchers if they wish to see it for any reason. Companies can also enroll in an automated clearing house for making their payments. Reconciling receipts and payments becomes a lot easier when software like this is inducted into an organization. With the help of such modern software, invoice processing has become a lot easier in many firms.
Karen Zecy is the author of this article on Purchase to Pay. Find more information, about Invoice Processing here
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