How to automate your accounts receivable.

A fully automated accounts receivable solution for accurately allocating customer payments quickly and efficiently to the relevant customer accounts will save time and reduce manual intervention.

Automating your cash allocation to your customer accounts minimises manual intervention and saves time.

How is this achieved?

Capture

Most capture tools operate on a template basis which require structure and will not work with thousands of differently laid out remittances. By employing an intelligent capture tool which can extract the data automatically, learning and storing as it goes this in turn automates the collection of data and updates the accounts system seamlessly without the need for any manual intervention.

Managing the Accounts Receivable process enables quick allocation of incoming payments.

Manage

Holds all documents enabling quick retrieval for processing and audit which in turn negates the need for paper storage whilst fulfilling compliance requirements.

Allocate

Allocate incoming payments quickly right down to invoice level. The system remembers this information so that subsequent payments can be matched instantly. This can lead to an 80% reduction in manual allocation.

What are the benefits of automating your Accounts Receivable function?

• Real time view of sales ledger values
• Clean sales ledger with no unallocated balances
• Accurate management information and clear cash flow forecasting
• Efficient credit control as no time is wasted chasing up invoices that have already been paid.
• Efficient credit management with accurate debtor days information available at all times
• Reconciliation is done on a day to day basis resulting in quicker and smoother month end process.
• All banking and remittance documents are electronically stored simplifying the audit process and reducing the amount of storage needed for archiving old invoices and remittances.

Next steps

Digital Print Management are a channel partner for ProcessFlows; world leaders in the capture, process, manage and delivery of documents, voice and data solutions.

For an overview of our Accounts Receivable and Accounts Payable solutions and how our solutions can help your company, please call us on 01234-271156 or email us your details below and one of our expert advisors will be in touch.

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The post Accounts Receivable Automation – How to automate your payment allocations. appeared first on Digital Print Management.

Invoice management is all about managing and simplifying the process of accounts payable.

Having a “complete” view of the Accounts Payable (AP) process using a streamlined and automated end-to-end invoice management system gives your company control over all the processes and any financial implications.

Managing the Accounts Payable process and achieving efficiency is discussed here.

Automating the processing of invoices by integrating straightforward workflow and document matching software with existing systems removes manual and repetitive tasks.

Being able to access comprehensive financial management information quickly speeds up the decision making process for audit and reporting purposes as well as providing the “what if” scenario.

By being able to automatically consolidate and reconcile  orders, invoices, payments and related documents to help manage allocations, cash flow, payments ensures that any delinquent payments, exceptions and queries in the system are quickly dealt with improving customer and supplier relationships  respectively.

An accounts payable system which is largely paper based takes up time and the effective management of human resources who are having to manually input invoice content, matching and validating invoices with purchase orders, handling supplier inquiries.

This is further compounded by escalating exceptions and discrepancies to senior management for clarification or sign off which consumes management’s time and is costly having to resolve invoice queries which could be handled by the Accounts Payable team assuming they have an overview of the financial system.

Managing your accounts payable – Can you answer these questions?

Do you know the answers to these questions?

1. How many invoices are outstanding?
2. How much money does the company owe?
3. Where in your system are the exceptions and queries and how many do you have?
4. Who are the suppliers that are problematic?

What are the benefits to automating Accounts Payable?

Invoices typically come into an organisation by post, fax, email and are then categorised.

They are forwarded to the relevant department or person for approval of the invoice which is then matched to a purchase order, verified, approved and signed off for payment.

If it exceeds the company’s payment limit it then has to go up to management for further verification. Assuming the invoice is then ok it is input into the accounting system ready for payment.

Invoice queries slow the process

• Is it from a valid supplier?
• Is the invoice correct and does it match the PO?
• Is it a duplicate invoice?
• Is the invoice just part of the total order value?
• Does the invoice match the delivery note?

The benefits in implementing an effective AP solution?

• Easy financial reporting and tracking of all invoices in the system.
• Reduction in invoice queries having to be dealt with by senior management.
• Automatic matching of invoices and validation so only accurate invoices are accrued.
• Pay suppliers on time and avoiding late payment surcharges which in turn leads to better supplier relationships.
• Avoids month end deadlines because there are no peaks and troughs.
• Reduced stress and pressure on the AP team resulting in a more productive and efficient department.

How much could automated invoice processing save you?

Automating the accounts payable process saves time, money and reduces the exceptions in your system!

In our next blog: How to speed up your Payment Allocation (AR) Process

Next steps

For more information on our AR and AP solutions please call us. Or, contact us by filling in the contact form and one of our expert advisors will be in touch.

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The post Accounts Payable Solutions. How to automate the process. appeared first on Digital Print Management.