Invoice Management Bottlenecks Typically Faced by Accounts Payable Professionals

“Carrying out accounting and paperwork tasks related to the current efficient maintenance as well as processing company accounts payable transactions…” or “Receiving, entering, checking invoices and payment requests for corporate policies, matching them against purchase orders…” – these are common accounts payable specialist job descriptions, calling for highly skilled professionals and offering positions in very different companies. HR specialists enlist necessary skills that accounts payable specialists should possess: strong organizational skills, independent work skills, accuracy, analytical and problem solving skills, attentiveness. However, even if they find skilled and experienced accounts payable professionals, it does not guarantee faultless invoice processing.

Accounts payable specialists encounter a large number of difficulties connected with manual document management. Manual invoice and expense report processing is quite a long and costly undertaking that may eat up huge amounts of resources. Today, the lion’s share of companies prefers using accounting automation software to manual invoice handling. Automated invoice and expense report processing minimizes possible errors and mistakes, as well as saves time and money. Special automation software makes the working process less tiring for employees and increases the accounting department’s efficiency. As a result, employees get a chance for personal and professional growth.

What accounts payable specialist’s job duties may be handed over to technologies? Let us start from the very beginning, receiving invoices and entering them into the system.

When an invoice is delivered, its essential information must be logged into a company system to be processed further for approval and payment. Manual invoice entering is inefficient in terms of time expenditure, logged data accuracy and human resource involvement. Automated data capture and recognition provide fast and error-free invoice entering.

After the invoice is logged, it gets checked for duplicates and against corresponding purchase orders. When processing invoices manually, accounts payable specialists risk omitting possible duplicates or fraudulent expense reports and making double payment. Special accounts payable automation software helps to avoid such costly mistakes. Automated invoice processing reduces the likelihood of these errors. After the system has checked an invoice for duplicates and policies compliance, an accounts payable specialist just has to see the check results and validate the information.

When the invoice is validated, the accounts payable specialist sends it for approval. Manual processing here means physical invoice submission to each approver including waiting for validations, spending time on papers physical transportation. When the process is automated, all these bottlenecks are easily unblocked. After the invoice is validated by the 1st approver, it is automatically routed to the next approver.

When the invoice is approved, its payment gets initiated. Again, in case of paper-based invoice processing this process can take a lot of time. Special invoice management automation solution integrated with your payroll system facilitates and streamlines the process, making it possible to initiate the payment by a couple of clicks.

Accounts payable duties are full of pitfalls capable to hamper employees’ professional performance. However, automation software can eliminate such problems and allow accounts payable specialists to do their job successfully and grow both professionally and personally.

 

If you understand the necessity of employees’ personal and professional growth and care about efficient accounting performance, our team and I are always ready to help you with financial information management and related processes. Feel free to contact me directly dshields@orienge.com or contact a member of the Orienge team at (917) 727-3278 or fim@orienge.com.

email