Streamline Accounts Payable with Laserfiche
We all rely on our vendors for the products and services they provide us and the vendors rely on getting paid in a timely manner. The Accounts Payable (AP) department of your organization has the critically important job of ensuring that vendor invoices are received, reviewed, and paid on time.
Each step of the process, however, can be lengthy and full of many moving parts. In order to make your AP processing move significantly more efficiently, we highly recommend automating with Laserfiche Enterprise Content Management system (ECM).
To begin automating the AP process it will start whether you’ve received a digital invoice or scanned a paper one. Either way, Laserfiche can use its intelligent capture features to gather relevant metadata for automated filing, processing and easy searching.
When it’s time to review an invoice, Laserfiche can cross-check the invoice to the original purchase order to ensure the correct goods are to be delivered. This is something that your AP department would typically need to find manually, but with Laserfiche’s workflow ability it will retrieve and present the corresponding PO to the reviewer without taking up any of your AP team’s time. With the click of a button the invoice can be approved for payment or routed to a department for approval first. Laserfiche will provide the oversight needed to track the approval status and action history at any time.
Once the invoice has been verified and approved through the digital process, it’s time to process for payment. There are several different ways this can be done. One option is to send email notifications to the AP team once the invoice is verified and ready for payment. Another option is to have an email sent automatically once or twice per month with a list of all invoices ready for payment. This info can also be found any time by utilizing Laserfiche’s easy to use search functions and saved searches.
Once your Invoice and AP processes have been automated, it frees up countless hours for your staff to dedicate to other important matters while providing oversight into the entire AP process. Additionally, your margin for error is decreased and transparency across the organization is increased with machine learning, real-time updates and on demand availability of information. If automated AP/Invoice management is something that could help your organization reduce time waste and improve accuracy and efficiency, contact us today!
View Long Beach City College’s AP process automation Success Story here.