Authorizing invoices can be a very time-intensive and costly job for the actual accounts payable department. Bills that are received without a connected purchase order need to be manually accepted for payment. In a guide system, the process typically requires the accounts payable (AP) department posting the bill to the authorizer (via inner or external mail), who else manually authorizes the monthly bill by annotating the original as well as returning it to the trading accounts payable department.
This is not always the most ideal way to authorize a good invoice, as the accounts payable team loses control of the procedure once the invoice has left the particular department, and as a result, can spend some time and effort chasing invoices and also dealing with late payment inquiries from suppliers.
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The Aberdeen Group estimate that 59% of invoices that reach accounts payable departments have been in paper format, and with no automated authorization solution, this could become a very labor rigorous and expensive job. The actual authorization process is a region where huge improvements within productivity can be made by benefiting from automation technologies such as Bill Management Solution (IMS).
Instead of sending copies of each account to authorizers and maintaining a manual check on typically the payment dates, IMS simplifies the entire process. Business guidelines are embedded in the program so that each invoice could be automatically forwarded to the proper recipients. Web technology enables the authorizer to view often the invoice and complete the authorization regardless of their location.
The device includes a full audit path and workflow history along with an integrated escalation procedure to make sure that the invoices are sanctioned and paid on time. This can have a positive impact on provider relations and ensures that the actual department receives its dealer discounts every time.
Other advantages of automating the authorization procedure include:
- Improved speed from the invoice approval process
- Enhanced compliance – authorization consistent with company sign off limitations as well as legislation such as Sarbanes Oxley and BIP0008
- Decreased authorization costs
- A paper-free authorization process
- Removal of handbook distribution of invoices
- Higher control over a key company process
- Improved supplier human relationships
Some Invoice Processing Solution contains a module that authorizes invoices, which can automate the particular invoice approval process through:
- Providing facilities for AP to easily select the correct consumer to authorize the expenses
- Offering a web-based user interface to allow end-users to authorize invoices online
- Providing the capability for end-users to view typically the invoice image and information online
- Providing facilities for your authorizer to reject, keep or forward invoices
- Instantly routing the invoice via a series of hierarchical authorizers
- Offering automated escalation based on particular business rules
- Automatically publishing the authorized invoice (header, footer, and line data) to the financial system
- Providing a total workflow history and audit trek for each invoice
- Providing an internet status for each invoice to aid AP with query handling
Investing in a solution that will mechanize the authorization process can be quite beneficial for an organization when it comes to cost and efficiency benefits, as well as enabling AP personnel to become more productive along with concentrate on more strategic duties.
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