Improving Accounts Payable
Automation can do much to improve the accounts payable process. By automating accounts payable, companies can increase the speed and accuracy rate of their invoice processing. The software also helps reduce the need for manual data entry. However, it is still necessary to have at least one employee to review and verify the invoices to ensure that they were processed correctly by the software. If there is an invoice with problems the software can identify and mark it for further evaluation.
Some common problems with invoices pertain to missing or erroneous information. Other times vendors may make a mistake on the invoice that goes against the buyerâs business rules. When these events occur, the automation software is able to recognize the discrepancy and highlight it for further review. The software is especially adept at identifying errors that do not conform to the specified business rules. Because of these potential errors, it is important to have an employee available to look at and correct the invoices. Automation speeds up much of invoice processing so that more time can be focused on resolving issues.
As powerful as automation software is, it is not perfect. Even with its high accuracy rates there will be times when it misreads invoices. While the results delivered by automation are undoubtedly better than those of manual data entry, the software is not meant to completely replace human employees. Combining the speed and accuracy of automation software with the judgment of human oversight is the most effective way to process invoices.