Develop an AP Automation Strategy (Part 1)

AP automation is deemed to be the best remedy to sooth the complex AP process pain. But there are a large number of vendors on the market, which makes it hard for your company to choose software and build a strategy to implement. We will discuss 6 important steps that will help your organization move from your manual process to an efficient automated solution.

Step 1: Digitize your invoices. 

Front-end scan and capture technology in document management software can help by converting paper invoices to an electronic format. When invoices are digitalized, electronic data can automatically populated into a web-based workflow system which is customized to meet your particular requirements. The relationship between your company and vendors is strengthened, and your business can cut down invoicing costs thanks to the flexible technology options of automated invoicing.

Step 2: Customize a workflow system. 

A workflow system should be designed to integrate seamlessly with your organization’s existing accounts payable system and processes. This helps your business leverage the existing accounting system as well as reducing costs and easily implement automation. Your employees will encounter less teething problems with maintenance of existing familiar interfaces and reporting capabilities. By integrating the web based workflow system with a vendor portal, vendors are able to check on status of invoices, offering better end to end visibility and control.  

Step 3: Review and update your process controls. 

The workflow software provides your company an efficient invoice routing and approval from a PC or mobile device, together with purchase order verification, exception management and resolution. Thus, a critical requirement is to review and update your existing procurement and accounts payable processes to ensure that proper internal and management controls are engaged. If your company is looking for a software vendor, ensure that they have the capability to enforce internal control procedures in order to comply with financial transaction standards and accommodate changing regulatory and audit requirements.

Subscribe our blog so as to read part 2 of this post as soon as possible.  Want to learn more about AP automation? Request more info or ask for a Document Management software demo here: www.informdecisions.com/ap-automation-definition/ 

 Our website: http://www.informdecisions.com/ - Phone numbers: (949) 709-5838 / (800) 858-5544

​Tags: K2 workflow, Iworkflow, Document automation solutions, Invoice scanning solutions, document capture