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Electronic invoice receipt as a channel refers to electronically transferring the invoicing document from the supplier to the buyer. In this case, there is no paper copy or for that matter electronic PDF copy of the invoice. Our recommendation is to use the most effective invoice process based on your supplier preferences and capabilities and that is what we call Supplier Channel Fit. Many of your suppliers might be getting paid late because their invoices are stuck in the exception review process and they are not ready to be paid yet. Once the invoice is approved, the system automatically sends the invoice to the accounting software.
Today, we’ll provide a step-by-step guide that explains how to achieve paperless invoices processing with specific tools to align to your unique workflows. As a bonus, we’ll even discuss how layering automation onto the paperless workflow can make your process truly effortless and efficient. If you are planning on automating your invoice process, InvoiceOwl is the perfect invoicing automation software for you. This cloud-based paperless invoicing system will help you go entirely paper-free.
Step 5: Promote sustainable practices
Using digital storage, making electronic payments for some transactions, and choosing an AP automation software are all part of implementing a paperless AP system. Paperless invoice processing lets you remove Navigating Law Firm Bookkeeping: Exploring Industry-Specific Insights manual touchpoints from your Accounts Payable workflow. Instead of typing each supplier invoice into your accounting program, IntelliChief’s invoice OCR software can capture and import the data automatically.
Provide comprehensive training sessions, documentation, and resources to ensure everyone understands how to use the digital solution effectively. Adopting green invoicing can also improve a business’s brand image. The electronic invoicing market has grown significantly in the past few years, and it’s expected to completely replace paper invoicing by 2028.
Send the Invoices Online
Yes, we know it is obvious that you should have clearly defined goals for any automation initiative but you would be surprised to see how many companies don’t do this right. In the screenshot above, the system sends the invoice to the order contact for review. The reason for that is an invoice without a purchase order means that the Spend is not authorized, https://goodmenproject.com/business-ethics-2/navigating-law-firm-bookkeeping-exploring-industry-specific-insights/ so it needs to be authorized by the appropriate stakeholder. If you don’t have a purchasing team, the request goes to the order contact for invoice verification. If you don’t have a purchasing team, you want to send the request back to the order contact. If you have a purchasing team or an assigned buyer, we recommend sending the invoice to them.
We recognized the need for a specialized tool to manage the invoice process with a level of detail and flexibility that didn’t exist at the time, and that’s how Stampli was born. With your vendor invoice now verified and approved, it’s time to process the invoice for payment. And again, if all of this work you’ve done so far is stored digitally in a centralized system, invoices can be automatically sent into your financial system for payment. The approval process can be a massive bottleneck for accounts payable teams. It can be difficult to even find the right person to approve an invoice, much less having to chase them around via email and voicemail to receive it. Most organizations have some form of internal payment controls that require supporting documentation, such as a purchase order (PO) that need to accompany an invoice.