
How would you like to be able to work like this?
You are electronically notified of a supplier’s invoice arrival waiting for you to approve it; you review it in detail (by looking at it on whatever device you choose), then simply “click or tap” to either approve or deny the invoice. If you are the final approver, the invoice is immediately posted directly to your accounting system, ready for timely payment.
But it does not end there. You also have real-time dashboards and comprehensive reports about every supplier, how much you spend with them, what the expense was for and how much you paid, plus the exact real-time status of every invoice in process, under query, approved and even whether it has been paid.
You can also see your real-time budget availability based on every invoice from the moment it arrives.
I think we would all agree that that would be a big step forward and a far better way of working?
What you probably don’t know
Businesses have changed the way they send invoices.
Today, between 60% and 80% of suppliers send invoices by email as a PDF. Your business probably does the same. These PDFs are digital documents, effectively e-invoices. But finance is still printing them out.
This is the way fast and agile business now manage spend
Suppliers’ invoices are automatically captured on arrival, generating the purchase invoice transaction, recognising the correct approval path and general ledger coding, and delivering the invoice into your approval inbox – without touch and in as little 2 minutes from the invoice being sent.
E-invoices do not require the time currently spent to print them out, register them, code them for the general ledger and then send them to the approver. They don’t need you to go through a stack of paper to review and approve so that finance can post them. Equally, in this process, all the valuable information within the accounting software is in filing cabinets that you cannot access.
Here’s the point: The old paper-driven processes are exactly what they are: old. None of work attached to these processes are necessary anymore.
Isn’t it time to “take the time” to explore solutions that will save you time?