Many leading organizations make it a practice to continually review internal business processes to ensure they are operating at peak efficiency. Naturally, the focus is often on revenue generating areas, but organizations are increasingly seeking opportunities to streamline administrative functions by keeping pace with industry advancements and technology. One business process that regularly provides extensive opportunity for improved efficiency and automation is invoice processing within the accounts payable department.
Accounts payable processes are often redundant and generally produce excess paper with multiple “convenience copies” circulating within various departments. Vendor invoices enter the organization on a daily basis through multiple channels including fax, email, mail, and electronic data interchange (EDI). Accounting personnel are responsible for making sure the invoice matches both the product or service received and their company’s purchase order. The accounts payable professional is under increased scrutiny to review several factors to ensure the company is receiving the appropriate product and payments are made in an efficient manner. These items typically consist of manually confirming order quantities, product costs, tax amounts, and more.
Inefficiencies in any internal process often detract from a company’s bottom line and many organizations are seeking methods for empowering employees to perform more effectively. Most organizations realize that if an employee inadvertently duplicates invoices or fails to pay attention to what a purchase order states, the company will lose money.