#Speed invoicer update

The sheer amount of time and resources it takes to manage the communication, routing, and approval of the many separate transactions is astounding. Many enterprise organizations process hundreds-of-thousands, if not millions of invoices each year. Ultimately, businesses can achieve 100% straight-through processing which cuts costs and frees up staff for other critical tasks. In rare cases where the technology alone cannot resolve the issue, the platform removes the heavy lifting from the AP department by automating resolution through smart workflows. Incoming invoices containing incorrect information, or that cannot be matched to a PO are automatically returned to the supplier or “fixed” by the platform. Modern technology platforms enable AP departments to eliminate invoice exceptions through the use of AI, machine learning, and advanced algorithms. In fact, invoice exceptions are one of the most expensive challenges that most enterprise AP departments face.įurther Reading: The Top 7 Causes of Invoice Exceptions Exceptions are often resolved individually by hand and cost AP departments considerable time and energy. Invoice exceptions occur for a number of reasons, including data entry mistakes, incorrect supplier information, or missing PO information. This facilitates a friendly, low friction interaction between AP staff and suppliers to ensure that payments are processed without delays or disruptions.

#Speed invoicer update

By giving suppliers the ability to update their information and check on transactions in an easy-to-use portal, AP departments stay up-to-date with a fraction of the effort. AP departments need self-service solutions that enable suppliers to provide key data like contact information, W9s, transaction history, and banking details, and enable them to find answers about transactions without picking up the phone or sending an email.īuilding a digital network of suppliers streamlines the process of finding supplier information and improves supplier relationships. Moreover, manually contacting suppliers to gather missing information is a burden for both parties. Empower Suppliers with Self-ServiceĮnterprise AP departments waste enormous amounts of time managing fragmented, inaccurate supplier data, and responding to inquiries from suppliers. Below we examine four strategies to optimize invoice processing and speed the payment cycle that you can apply to your own AP workflows.

COVID has highlighted the need for fast, automated AP processing to stabilize the supply chain, streamline business operations, and cut costs.

Now, more than ever, enterprise organizations need to invest in technology to improve their invoice processing efforts. Furthermore, slow processing times strain supplier relationships, negatively impact the company’s reputation, and often disrupt the supply chain. For enterprise organizations with hundreds or thousands of suppliers, slow invoice processing can result in missed early payment discounts and erroneous duplicated payments.