What Are Accounts Payable (AP)?
A company’s accounts payable comprises amounts it owes to suppliers and other creditors for the items or services purchased and invoiced for. Once the goods or services are delivered the suppliers or creditors raise invoices that are vetted and payments are processed.
It is common for the Accounts Payable (AP) department to deal with a large volume of documents (unstructured data) from PO generation to invoicing receipt and approval. These involve invoices, purchase orders, stock transfer receipts, transportation bills, permits, and certificates, etc.
It also involves coordinating with multiple stakeholders for processing the payments and becomes the most time-consuming task if done manually.
What Is the Role of Accounts Payable?
The accounts payable department is responsible for accurately tracking what’s owed to suppliers, ensuring payments are properly approved and processed according to their due dates. They maintain a diligent approach for approving and processing the invoices so that:
- Suppliers are paid on time and relationships with the suppliers can be improved to gain favourable payment terms and discounts
- Suppliers’ information stays accurate and up to date in the company’s systems.
- Data is accurately recorded which can be used for forecasting and planning and to prevent mistakes and fraud.
Accurate information on accounts payable is essential to producing an accurate balance sheet.
The accounts payable process is lengthy and starts with collecting the documents, verifying them, seeking appropriate approvals, and then processing them by coordinating with the finance team.
Multiple touchpoints in the PO to invoicing process are still done manually causing long wait times to process invoices and the risk of errors due to manual processing.
For companies with many transactions, it is imperative that they set up an automated invoice management system that can help manage the expenses, control cashflows and digitise the entire payables process for efficient payments processing and tracking.
How Crown’s Accounts Payable DMS Is Going to Help Your Corporation
Organisations of all sizes and from all industries share a common opportunity: to automate their Accounts Payable function.
Our Accounts Payable system is an automated invoice management system that maximises the benefits of fast, efficient, and precise document processing. Regardless of how documents are received (i.e., email, post, EDI, e-invoice), our solution captures, organises, and delivers them, along with supporting content, to the appropriate individual(s) for review, approval, and automated processing.
Crown’s accounts payable management solution can be used to streamline the following tasks:
- Managing purchase orders and supplier invoices
- Extracting data and entering it into ERP systems
- Matching the invoice according to the purchase order
- Matching and allocating the invoice to the designated approver
- Making digital payment transfers
So, when multiple supplier invoices are sent to the Accounts payable team, they are immediately uploaded into our AP solution for parsing and data capture.
No more handling ap invoice processing one by one.
This saves even more time to focus on other more important and strategic responsibilities.
- Email parsing – Automatically classifies incoming emails, captures details from invoices, completes QC, and initiates workflows for approval.
- Expense reporting – Allows employees to self-upload expenses, receipts, and comments using their mobile phones or laptops.
- Digital workflows – Configure unlimited approval flows based on your business logic and conditions.
- Audit management – Retrieve all digital records and approval trails using query builder and share documents via a secure link to auditors.
EASY INVOICE PROCESSING
Crown provides the right solution that makes approving, processing, and paying large volumes of invoices a breezy affair.
- Optimise processes – Eliminate manual work, increase accuracy and achieve in-time invoice processing.
- Improve transparency – Identify & rectify non-compliance instantly, and ensure suppliers are paid according to the agreed SLAs, leading to efficient accounts payable operations and keeping everyone in the loop informed.
- Ensure better use of resources – Re-allocate operational resources from manual, error-prone tasks to more value-added work.
- Reduce processing costs – Achieve cost and process efficiency by eliminating excess manual work and avoiding redundant tasks
OPTIMISE YOUR INVOICE PROCESSING
With our hosted service in place, your organisation derives greater efficiency through:
- Faster processing – Experience a significant improvement in invoice processing turn-around times.
- Improved compliance – Invoice data is accurately recorded and has an audit trail, making data transparent and easily accessible during audits.
- Reduced costs – Optimise revenue management by avoiding late payment penalties and making better use of operational resources.
- Enhanced accuracy – Data extraction is highly accurate, no matter what language, document format, or data type is involved.
- Easy integration with your organisation’s existing process/system.
- Saves time spent on manually processing invoices by eliminating slow, repetitive processes that waste countless hours.
- Simplifies cross-team collaboration and reduces manual coordination with stakeholders.
- Reflects accurate information of payments processed and upcoming payment due dates.
- Document parsing reads information accurately and allocates payments to respective approvers set according to the approval hierarchy.
- Automated workflows allow freedom to users to pay outstanding bills as close to their due dates as possible to improve cash flow.
- Management can use the Accounts Payable workflow to enhance the company’s cash flow by monitoring expenses.
- Audit management helps maintain transparency right from payment initiation to final payment processing.
- Our account payable workflows help optimize resources and enhance productivity.
Crown Records Management is an industry leader in the field of secured document management services, document scanning and imaging, digital transformation, and secured destruction services.
Our digital transformation services cater to your process automation and digitisation needs while seamlessly integrating with your existing ERP systems.
If you want to learn more about us click on the contact us icon below, and our experts will reach out to help you.