A common misconception of Accounts Payable Automation is that automating data entry means you can reduce your head count in the AP department.
While data entry automation is a component of any successful AP implementation, the business outcomes and benefits go far beyond this.
Removing the laborious, error prone and time-consuming job manual job of data entry is a fundamental benefit of automation, but here’s a few more you may not have considered.
Avoiding Fraudulent Invoices
A common invoice scam circulating right now is scammers sending invoices that look identical to those from the vendor including ABN and vendor details, but with the subtle change of different BSB and Account Numbers. Without a validity check in place, it’s easy for staff to mistakenly update the details in the Accounting System and transfer money to the wrong account.
Not only can this cause issues for the invoice processed but also for legitimate invoices moving forward! Often the problem only being detected months down the track when the vendor calls chasing payment for overdue invoices.
By automatically comparing and validating BSB and account details, Upstreams AP solution can alert, or even send invoices on a validation workflow whenever it detects a change in vendors details. This allows a team member to call the vendor, validate the change and record the change in the workflow for audit purposes. The automated validation means you can avoid fraudulent payments saving thousands of dollars.
Tracking Invoices Throughout Your Business
In some cases, the biggest challenge is knowing who’s desk, intray or inbox the invoice is sitting in. Upstream’s solution provides full visibility of not only the status of the invoice,also who it’s assigned to and how long it’s been waiting for approval.
Automation means you no longer have waste time tracking down invoices or requesting replacements, or lose money in late payments because you’re unable to trace the invoice. In addition, reminder workflows can be implemented to ensure approvals are actioned quickly and invoices move timely through the business.
Going beyond the invoice
Upstreams solutions goes beyond just accounts payable automation. Our solutions allow you to link invoices to projects, proposals or quotes.
Using the data extracted from invoices, costs can be tracked and reported on in one centralised view to see real time costs of projects, which vendors your spending money with and what payments have been made or are outstanding.
A 360 Degree of Your Business
By linking and integrating to all of your business applications including ERP, CRM or Accounting software you have a 360 degree view of your invoices and their relationship to vendors, customers or even plant or equipment. Not only does AP automation provide the usual benefits you’d expect, but through integration it creates a powerful tool that provides additional business insight.
Upstream have over 100 Australian businesses processing over 5 million invoices per annum, so we know invoices. We also know how to maximise AP automation to add value and ensure a return on investment. So if you’re thinking about starting your journey to AP automation, talk to Upstream, the workflow experts.