Go to digital archiving of your incoming documents
Have you ever lost a supplier invoice? Have you ever found it impossible to confirm to a supplier exactly when you were going to pay him, because you didn’t know where his invoice had gone? But you thought you had already sent the payment!
Paper documents circulate in the organization and are often misfiled and even lost. An invoice can pass through the hands of many people in the same organization before it is finally paid. It is very difficult to ensure adequate tracking of the invoice’s status with paper, and you spend more time wondering who has possession of the invoice than actually processing it.
Even after the payment was made, the suppliers may ask you to retrieve an old document concerning them. If it was misfiled, this quickly becomes a headache.
They then can quickly develop a poor image of you, which can even trigger conflicts if the situation deteriorates. Without a good relationship with your suppliers, you will have trouble negotiating better rates, for example.
Do you recognize yourself?
Such a situation can prevent you from paying your suppliers on time and directly affects the quality of your relationship with them, and the strength of your financial position.
Did you know there are simpler ways to transform your accounts payable process in depth, at your own pace? These solutions do not require major investments, but ultimately can optimize processing of payments.
Here are some examples of quick gains for your company:
1. Ask your suppliers to send you their invoice in PDF version. This is a common and widespread format, easy to generate, that will save them time and money.
2. Since you will receive incoming documents from now on by PDF, for example, it should be possible to extract the necessary metadata automatically for electronic archiving.
3. It is therefore possible to activate alerts when you are missing a document essential to validation of a payment.
4. Whenever you acknowledge receipt of an order or a delivery, automatically save the confirmation in your systems.
Do you want to deploy these steps or go farther? Contact us to see how you could improve your accounts payable processes through actions that are quick and easy to deploy.