If you’re still managing invoice processing and accounts payable manually, then your business is missing out on significant opportunities to save both time and money. You can free up staff to contribute more meaningfully to core activities just by implementing an automated accounts payable solution. Upstream’s accounts payable automation improves speed, visibility, accuracy, and control over your accounts payable processes.
Save time and money with automated accounts payable solutions
Unless you have an automated accounts payable solution in place, your business is likely wasting significant amounts of time and money managing invoice processing and payment workflow.
Manually receiving invoices, matching them against purchase orders, confirming the expenses are legitimate and within policy, confirming that the goods have been received, then making payments all takes time.
Your staff need to key in invoice details, manually cross-reference information, and rely on attention to detail to catch things like duplicate invoices, incorrect amounts, or out-of-policy expenditure.
To solve this, you need a finance approval workflow that automates these steps and removes the potential for error.
Upstream’s accounts payable automation solution simplifies invoice processing.
Here’s how it works:
- Data capture and extraction: automatically capture digital copies of physical, emailed, or scanned invoices in a central location and simultaneously extract key information such as invoice number, data, and amount. This eliminates the need to re-key information, which can be error-prone.
- Finance approval workflow: automated workflows capture data entry, payment approval, purchase order verification, and more according to pre-set rules. Invoices are automatically sent for payment. Duplicate identification prevents your business from paying the same invoice twice.
- ERP integration: your team can upload the accounts payable data to your ERP system for general ledger coding.
- Payment workflow: invoices can now be paid according to existing rules.
- Visibility and insights: with exception reporting, payment alerts and reminders, payment reconciliation, and more, you can gain insights into your business spending patterns and manage cash flow accordingly.
The benefits of automating accounts payable solutions with Upstream
When you can automate burdensome, manual, repetitive tasks, your staff members benefit. They no longer have to spend time on tasks they don’t enjoy and can, instead, spend time adding value to the business. By removing this source of frustration, you can achieve better employee engagement, which can help contribute to the bottom line.
Furthermore, you’ll achieve financial benefits due to:
- exception reporting that flags missing purchase orders or those that should be investigated further
- on-time payments that qualify for discounts and avoid late-payment penalties
- instant tracking and control over invoices
- streamlined approvals that reduce the burden on managers
- duplicate identification that eliminates double payments
- improved relationships with suppliers
- goods receipting so you don’t pay for goods that haven’t arrived.
- better decision-making based on data.
Upstream has helped businesses improve their accounts payable processes to achieve significant resource savings. Contact us today to see how we can help you.
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