When it comes to the smooth running of a business one of the more time consuming processes is that of accounts payable. It can take some serious hours of work for someone, but with an automated accounts payable system, such as our famed Omnidox system, you can reap the benefits, of which there are many, and streamline your day-to-day costs and activities. There is always a little bit of manual work to be done with any automatic system, but it cuts downs the time significantly, allowing you to concentrate your efforts somewhere more productive.
The Process of Accounts Payable
There are usually a few stages to the processes involved with accounts payable within any company. Firstly an invoice will be received (sometimes with a purchase order, always with a date attached), with which you’ll reconcile with your order system to match them up. The invoice then has to be inputted into your accounting system, linked to the correct purchase order. Once all of this has been achieved the invoice can be paid.
Although a simple process in most cases it can be time consuming, especially if you have to hunt down the information within your system in order to match things up. An automatic system can make a huge difference so let’s take a look at the benefits of our very own Omnidox AP Manager for Invoice Processing.
The Omnidox system is an integrated document management solution that will pay for itself in a short space of time through efficient processes and time friendly solutions.
The Omnidox AP Process
As with all of our services we have designed the Accounts Payable system to be as straightforward and simple to use as possible. The invoices from your suppliers are sent direct to us, either by post or electronically. All paper invoices that we receive are immediately digitised securely and the paper copy stored for 90 days. You have the choice for us to either securely destroy the original copy or archive it for long-term storage after the 90 days at one of our document storage centres found around the country. This is always your choice.
The digital copies of the invoices are fed into the Omnidox accounts payable automated capture and verification workflow. Our systems have been designed to quickly and efficiently match captured data from invoice header and line items, with data that you have supplied us. There are a few things here that we can do for you. Master Vendor Lists are used to add your vendor code to the data from the invoice, whilst PO data allows us to reconcile the value of the invoice. GRN ID can be added to the data file if you also supply goods received data. Once these processes have been completed, matched and unmatched invoices, as well as any invoice data is uploaded to our cloud based Omnidox system and stored securely.
The Benefits of our Automated AP System
There are some real advantages to moving over to our automated accounts payable system. Our clients have witnessed a reduction in invoice processing costs of over 60%, eliminating the costs of post handling in the mailroom and the printing of invoices that have been received via email.
Other benefits include:
- Streamline your end-to-end processes
- Improves the quality of your invoice processing by reducing errors
- Reduces the time spent chasing suppliers
- Helps to eliminate late payment fees
To put any system like this in place you have to be sure of the benefits for your company. In our experience our clients have been able to strengthen their internal controls and have a greater control over their budgeting, forecasting and spend analysis, focusing time and energy in other areas. Of course there are times when you’ll have to intervene with the processing of an invoice, but that is the exception to the rule once you’re using Omnidox. As a cloud based system, you’ll have access 24 hours a day, from any location, giving you greater flexibility to successful working practice and in effect, the system pays for itself after just 12 months of use.
If you’re interested in finding out more about utilising an automated accounts payable system through Box-it, contact us today.