For many organizations, Accounts Payable remains challenged by inefficient processes and a blizzard of paper-based or email invoices that limit the speed, accuracy, and compliance controls critical to a successful Accounts payable management.
This is where the real opportunity for automation and cost saving lies by streamlining the entire supplier invoice process starting with the electronic capture of incoming invoices. SharePoint Online platform provides comprehensive, flexible document management features to provide a view of relevant invoice data to both finance and non-finance staff with a standard Web browser.
Customer Benefits
- Elimination of paper storage – Eliminate the need for physical paper storage. Digitize all documents and take advantage of records retention and storage capabilities.
- Vendor responsiveness – Quickly retrieve up-to-date, accurate vendor information and respond promptly to vendor inquiries.
- End-to-end management – Integrate all key processes, from receipt and approval to archiving and auditing, and provide complete visibility into the entire process.
- Streamlined work – Provide users with a streamlined user interface that offers seamless integration between data from ERP or LOB systems and full views of all supporting documentation.
- Control and compliance – Retain and archive documents in compliance with government and company policies.
- Storage of related documents such as payment packets, supporting documents, original and annotated versions, and many more for a comprehensive view of each transaction.
- AP users can view invoice documents from within the ERP application, JDEdwards. Non-AP users can use standard SharePoint online Portal.
Key Features and Implementation Details
- Document sets to contain invoice and supporting documents
- Payment Packets to keep related Invoices
- Store annotated/redacted invoicesÂ
- Enable retention
- Store invoice history
- Secure confidential invoices
Conclusion
Streamlining the invoice process does not only remove paper as a form of process and communication, but also makes Accounts Payable a more efficient and organized process. It introduces scalable technologies that can be leveraged across other lines of business. Moreover, it provides users access to invoices and related content anytime and anywhere, helping organizations increase their productivity. Â
