Managing large volumes of invoices within your accounts payable team can become overwhelming, messy, and out-of-control. When exception invoices arise, it can be difficult to fix the issue in order to process it in a timely manner. According to a recent AP Association survey, businesses processing 350,000+ invoices a year cited invoice exceptions responsible for creating 32% of all late payments and 36% of all supplier related phone calls.
This data highlights that exception invoices can greatly delay processing times causing your organization to make late payments, miss out on discounts and consume your AP teams’ time and energy calling suppliers to resolve issues.
To further aggravate the problem, 54% of businesses said their invoices were being sent to the wrong place! So in addition to your organization falling behind in processing, you also has to worry about data breach and security issues confronted while fixing issues! If this happens to many organizations, then why don’t organizations find a better solution?
There are many solution offerings to fix these issues that fall under the category of Intelligent Automation or Digital Business Automation Solutions. By automating your organization’s AP or other financial processes, you can greatly reduce or eliminate manual data entry errors, ensure security and compliance and enable greater control and visibility into your process. Automation can help you avoid mistakes, late payments, etc. and increase your ROI. It allows for improved time management, efficiency and payment optimization.With automation, you can redirect your team’s work focus to more important organizational needs.
The best way to tackle these unnecessary exception errors? Use these 5 steps:
(1) Track your exceptions to see why or when they are occurring
(2) Outline your processing workflow – including the pain points for your organization
(3) Find a Digital Business Automation (DBA) solution that can automate your entire process and resolve your
main pain points
(4) Implement a DBA solution
(5) Refocus team goals
If you follow through with these steps, you can be sure to create a plan unique to your organization and fix the issues that constantly occur in order to better tackle any exceptions or eliminate them in the future.
Author: Kelsey Voelker
Miria Systems Inc.