Accounts and invoice processing technology can make the work of the accounts payable department optimally easier. Automatic tools also save time and costs. For AP teams who will carry out invoice processing using Mauju Invoice Pricing Management Software, review the following guide:

Paperless Invoice Processing

The first guide is to start processing paperless, that is, not using paper. But please understand that the paperless method of processing also carries risks. Capabilities are limited in simplifying AP functions.

But if you want to do it without using paper, you have to start with the vendor who provides the invoice. So what if the following suppliers are still reluctant to send e-invoices? There are two options you can try, namely:

The first option is to ensure that the supplier is willing to invoice using e-invoice. The finance team can provide an existing invoice format so that suppliers can enter details more easily.
Then the second option is to scan the invoice received from the supplier. Suppliers can immediately send invoices to the finance team which will then be forwarded to OCR e-mail, the latest technology that can accurately scan invoices.

Centralize Your Data and Processes

The next guide is to centralize data and processes. The function of paperless AP is indeed for the environment, namely reducing the cutting down of trees. But more than that, you can centralize information easily.

Through the digital system implemented, invoices will be converted into data. After that, you can continue the workflow automatically. This processing also provides unified communication of invoices and integration capabilities.

For example, when the system contains an invoice that requires verification. If a purchase order is withdrawn from the integrated accounting system, the software will automatically match the data. Its function is to confirm validity and provide adequate documents to approvers.

Next, ensure that the invoice can be processed and accounted for. If everything is on the same system, then it can continue the AP function. The next processing will be easier.

Establish (and Track!) KPIs

When using paperless practices, KPIs will be easier to carry out. The paperless system tracks quickly and generates exact alerts as action occurs. That’s why audit trails will be easy to find in Advanced Search plus Reporting.

The audit trail serves to provide accountability. Apart from that, it also controls the notes contained in the middle feed. The advantage is that everything will be on one page and the action data will be audited whenever a reference is needed.

There is another way to track KPIs, namely through reporting on the Invoice Management Dashboard. In this way, it will be known if there are repeated delays or approvers taking a long time in producing approvals. The causes of the following cases can be immediately known.

In this system, there is more than one thing to consider. Statements can be made on the following topics:

  • On average, it’s just right to pay the bills.
  • Cost of producing an invoice.
  • How often do you make late payments?
  • How often are capture payments available?
  • The time required to approve the invoice.
  • Make Invoice Communication Easier

Of course, more than one company has received invoice approval, but no proof is available. Or not getting documentation for invoices whose authenticity is still in doubt. Opening messages or e-mails takes up time.

When communicating with the team regarding invoices, you want to ensure that all communications are available in a centralized place. The following locations are also easy to use as references. Likewise, what is available in the middle feed?

In the middle feed, all invoice communication is centralized, originating from questions, comments, and answers. The following makes invoice communication easier. Moreover, the context has been refined and supports accountability.

Save Time and Money by Automating Invoice Processing with Peakflo

If you want to save time and costs, the most appropriate solution is to automate invoice processing accounts using software. Peakflo is software that provides this convenience. Invoice processing no longer has to be done manually.

AP Automation is the key to simplifying your invoice workflow while increasing work accuracy. Take a look at how Peakflo accounts advanced automation software lets you take control of invoice and billing processing.

Peakflo has an automatic AP feature that uses digital technology to handle invoices from vendors effectively. Starting from the receipt until the archive is carried out automatically. If you are interested, you can visit the Mauju account page or check out our product tour.

So, invoice processing is a truly important business function. Invoice processing will be easier to carry out by automating. The way to do this is to automate the system from receiving invoices to recording them in the bookkeeping.