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Hubbroker’s Guide To Automated Invoice Processing
The success of your Accounts Payable department can have a big impact on the rest of the company. The strategic relevance of good, transparent Accounts Payable systems has risen in recent years. Businesses have become increasingly reliant on suppliers to foster innovation as a result of increased outsourcing.
According to a recent Forrester survey, the single most important determinant in a supplier’s desire to engage with and share innovations with a customer is payment timeliness and visibility. The Covid-19 pandemic has highlighted the significance of good cash management, of which Invoice-to-Pay is an important component.
How to get started with Automated Invoice Automation?
Before you can fully realize the benefits of invoice automation, you must first identify and remove the obstacles preventing you from performing at your best. Accounts Payable must face a variety of problems with their AP automation, according to Gartner, a major analyst firm.
It’s not uncommon for companies to invest effort in supplier enablement without seeing significant ...
... results. This comes apart if the instrument is overly complex – too many buttons to press, too many panels to view. Without supplier enablement and onboarding, automated invoice processing is impossible.
Step 1: Start with the Supplier Invoice or Payment Inquiry: When a supplier’s credit control team contacts your AP team for the first time, they should simply send a link to your invoice processing platform’s Supplier Portal. The credit controller can log in and monitor the status of each invoice in real-time, without any lag or additional terms and conditions. Once the supplier has signed in, they will no longer call you because all of the information they require is on the screen, and you will have a new email contact in the system.
Step 2: New Supplier: even in the no-pay, no-PO world, it’s possible to receive an invoice from an unknown or new source, particularly near the end of your purchase. As a result, when this occurs, HubBroker’s platform does a quick and simple verification to validate the supplier and updates your master data immediately, and creates a supplier portal account for their credit controllers.
Step 3: Master Data Update: Credit controllers can update their view of your master data and confirm changes in the HubBroker Supplier Portal. Finally, with this and the correct method, you can keep your master data in sync with your supplier, saving up to 50% on your costs in this area.
Benefits of Automated Invoice Processing
Automating invoice processing and achieving 70 percent efficiency improvements across wide range of suppliers would be a lofty goal for most organizations. HubBroker clients, on the other hand, are able to do so through digitizing invoicing.
They have unlocked the potential of accounts payable and achieved incredible amounts of straight-through processing by using Hubbroker’s platform. They were able to do so by combining smart matching across orders, contracts, and receipts with one-click processes that automatically manage line-level allocations and tax treatment.
The AP team can focus on innovation and genuine exceptions by reducing the overhead of supplier searches with real-time supplier updates. The inbuilt smart matching, which uses supplier master data, orders, receipts, and even contracts to automate the payment of invoices, is the key to these performance levels.
Exceptions can then be managed with one-click invoice approval or by simply attaching the missing PO number to finish the auto-match. AP automation rates can exceed 70% using line-level multi-tax treatment and budget allocation templates that reduce work.
Select suppliers can now upload a PDF invoice to the free site, double-check the content, add that missing PO, or tag the customer before matching the invoice to the receipt or order. It will be accepted only after all of the invoice’s components meet the automation tolerance policy.
The provider can now choose to send in a disputed invoice or load a new invoice that matches; in either case, the payment clock for a straight through travel only starts when the invoice is cleared.
Continuously Improving
The ability to continuously improve a process is essential for attaining a return on investment and should be at the forefront of all digital procurement activities.
As a result, HubBroker comes complete with the dashboard and performance analytics required to evolve, adapt, and enhance your unique Invoice-to-Pay journey. Unlike locked eInvoicing networks or prescriptive services, you have complete control over the Invoice-to-Pay path with HubBroker.
The AP team can design new templates and processing rules, and the workflow may be extended or altered without disrupting the system once our quick start path is in place.
Contact us today to get a complete demo of our solution and how it can meet your unique needs and improve your AP process.
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