Paper is out, and automation is in! Could your HOA benefit from a more efficient process for receiving and paying your bills? Join us for a free webinar Wednesday, August 9 at 2 p.m. ET to discover how you can achieve paperless payables.
So, what are the secrets to achieving paperless payables?
Saying Goodbye to Paper
In a paper-based environment, documents are constantly at risk. Physical copies of sensitive information can easily be misplaced, altered, or destroyed. If these documents are lost or tampered with, you no longer have access to the data necessary to effectively operate your business.
As more and more HOAs realize the inefficiencies manual, paper-based AP processes create, they have started utilizing AP automation solutions to streamline their invoice and payment processes.
Ardent Partners’ research shows that the average enterprise receives 56% of its invoices in a manual format including paper, PDF, email, or fax. Receiving invoices via PDF or email is no better than receiving paper, unless a data capture solution is in place to automatically identify, extract, and convert the data into a digital format. Otherwise, the information must be manually entered, which is highly inefficient.
Automation can have a truly transformative effect on the AP process by removing paper and the manual tasks associated with it. This enables deeper visibility into the process as well as greater control over, and insight into, financial and operational data.
AP automation solutions are designed to mirror your current approval processes and workflows, but without all the paper and inefficiency. By automating the process, your company will be able to track invoices electronically, streamline workflows, and have a central repository for anytime, anywhere access to invoice and payment data.
The AP department’s invoicing software receives an electronic version of the vendor’s invoice, either with or without a separate electronic purchase order. The system pulls information from the invoice and uses it to auto-populate electronic documents, checking it against sources including the master vendor file, the IRS TIN matching program, and the OFAC list, and sends an alert to an AP supervisor whenever it finds an exception.
Time-Stamped Audit Trails
Audits in a paper-based environment are painful. Often an auditor will spend 2 - 3 days with a company searching through filing cabinets of paper invoices. In an automated environment, it can take as little as 2 - 3 hours for an auditor to complete an audit. By providing an auditor read-only access to an online portal, he can quickly search at random for any invoices he would like to review and see the audit trail immediately.
Accounts payable automation provides greater visibility into the entire audit process. There’s no such thing as a paper trail. You simply log into a portal to see the entire history of any invoice—from receipt through payment. It makes it easier on your auditor(s), but more importantly, it makes it easier on you during the audit process. With cloud-based AP automation solutions, employees can access data from anywhere at any time using any device.
Electronic Check Approvals
One of the common myths of automation is that customers lose control in the process. However, automation provides more control over, and increased visibility into, the payment process. With a few clicks of the mouse you can search for, and retrieve, invoice and payment information at any time and from anywhere you have access to the Internet.
Automation makes the payment approval process easier and more efficient. Personalized business rules automate the routing, matching, and circulation of invoices, which are all configured to your company’s specific needs. Once your workflow is established, the payment is automatically routed to the appropriate people for approval when it’s received into the system. The approver then looks at the invoice within the portal, and can either approve it or dispute it.
When it comes to supplier management, the responsibility of managing supplier data and identifying accepted payment types falls on the shoulders of the AP department. This means that someone must do outreach to every one of your suppliers to see what forms of payment they accept. That’s a lot of time spent on supplier management that could be better spent on running your HOA. Additionally, you’re responsible for maintaining and housing the supplier data, which is a huge liability.
With self-managed payment options, it can take up to four days for an ACH payment to post after the money is drafted from your account. Automation solution providers often have outreach specialists who contact your suppliers to verify and update their information, identify their accepted payment types, and perform due diligence on any outstanding payments to get them resolved quickly. Because these service teams reach out to suppliers, customers experience a higher average supplier conversion to electronic payments.
5 Secrets to Achieve Paperless Payables
To learn more about the five secrets to achieve paperless payables, attend our free 45-minute webinar on Wednesday, August 9, at 2 p.m. ET. During the webinar, we’ll go more in-depth on these five topics, show you what you can do with the new time you’ll have after automating, and conduct a live demo of how AvidXchange works with TOPS. Space is limited, so reserve your spot today.
This submission was provided by AvidXchange:
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Non-Profit, Energy, and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and recently was named of the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@AvidXchange.com. Connect with us on social media: Facebook, LinkedIn, or Twitter.