Accounts Payable Automation: Best Practices

Spilled coffee, misplaced papers, missed discounts… all things you don’t have to worry about in a fully automated accounts payable department. With an accounts payable automated workflow, routine processes can be completed with greater efficiency and lower risk.

Improve Speed & Save Money With an Accounts Payable Automation Workflow

What if you could have a more accurate picture of how much you owe your vendors? What if you could take advantage of those early pay discounts because you had an automated system in place to make quick payment easy? What if line item matching could be done automatically and you only had to manually check the invoices and purchase orders that contained errors? With InStream, you can.

These days, many common errors can be prevented when companies implement best practices through electronic workflow solutions. With a workflow solution, new invoices are scanned with their data extracted, and both are loaded to a content management solution, where they automatically enter an accounts payable workflow process, ensuring timely invoice processing. Once the incoming invoice is scanned, it is quickly assigned to the appropriate parties for processing based on automation rules that can be customized to your business’s needs. This reduces time and labor associated with invoice data entry and processing, creates an incorruptible digital file that doesn’t carry the risks of a paper file, and increases the visibility of employee workloads and pending tasks.

Keep Invoice Data Safe & Secure

Using a cloud-based accounts payable system, invoice data can be stored and managed from a central secure location, easily accessible to your employees who need to access it – from any device and any location. All data is backed up in the cloud so you don’t have to worry about data loss related to natural disasters, theft, or on-site server failure.

Clarify Roles & Expedite Project Completion

With an AP workflow, businesses can easily identify team responsibilities related to invoicing. Transparency grows as organizations clearly define the tasks, ownership, and milestones involved in moving an invoice from “received” to “paid.” Furthermore, organizations can integrate compliance checkpoints into the accounts payable workflow to ensure invoices are processed correctly and company rules and policies are followed.

Simply Your Accounts Payable Workflow

Want to learn more about how InStream’s AP solutions can help you establish a robust, custom workflow within your organization? Learn more about automated invoice processing. Also, discover how we helped North Carolina Mutual Life Insurance Company develop a solution for processing over 12,000 payments and other pieces of correspondence per month.