Accounts payable
Companies' accounts payable departments process purchase invoices, among other things. Entering, coding, getting invoices approved and submitted for payment is often repetitive work, and is becoming increasingly digitized and automated through information technology.
Paperless accounts payable
The work of the accounts payable department is changing. Receiving, processing and storing incoming invoices will increasingly take place automatically. Accounts payable will take on a different role within companies.
Digitization Accounts Payable
To automate the accounts payable process, invoices will need to be available in data form. Paper invoices as well as PDF invoices (without a data layer) will be digitized for this purpose, storing the information on the invoice in a data file (XML or UBL).
Digital invoice processing already brings benefits. For example, invoices can be stored online and approved faster by budget holders or reviewed by accounts payable. After all, digitizing invoices allows for structure, allowing people to quickly search by invoice name, for example.
Automation Accounts Payable
Most companies already work digitally. But not yet automated. While the invoice is digital, processing is still manual or semi-automated.
To also process invoices automatically, other processes will also need to take place digitally. For example, if the order preceding an invoice is also done digitally, then the digital invoice can be automatically matched with the order. This eliminates the need for approval by budget holders.
The accounts payable professional will then only have to process the exceptions manually.
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Automation with ICreative
Bookkeeping is a thing of the past thanks to smart business process design. Move to fast and paperless automated accounts payable. ICreative's invoice solution streamlines the workflow of invoices in the accounts payable department. This starts with the automatic receipt of invoices, whether received by mail, email, XML or UBL. The validation and approval process can also be fully automated. In addition, cash management, productivity and interaction with suppliers are analyzed and optimized.
Do you check all purchase invoices for invoice requirements before they are paid? AND that the correct VAT code is applied? This is important because of the reclaiming of VAT mentioned on the invoice and the correct processing on the VAT return. Because if the invoice is not in order, no VAT may be deducted and the costs stated on the invoice may not always be deducted from profits.
Time and cost savings can be significant, and thanks to low costs and thresholds, these upgrades are now accessible to companies that considered accounts payable automation unattainable. Are you already in the starting blocks?
By automating the entire invoice workflow, digital workflow is consistently applied to all invoices. ICreative's workflow solution is built based on Basware and/or the Kofax platform Kofax Total Agility (KTA).
Curious about the possibilities within your organization? Then please contact us.
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