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How do I achieve more productivity from my Accounts Payable team that
are over-run with invoices?
My accounts payable process looks something like the following:
This is a manual process requiring hard-copy invoices to be tracked
around the company with an approval slip before being entered into the
Accounts Payable system for payment.
Does it matter whether I am a large or smll company, can I still get
some efficiencies?
Yes - it does not matter how big to be able to justify the change to
a more efficient process. The benefit is the redeployment of FTEs
(Full-Time Equivalent) employees in the vacinity of 30-50%. This
could mean that your company can now grow sales revenues by 30-50%
without any additional labour costs in Accounts Payable.
How is the achieved?
The easiest way is to utilise the power of the Accounts Payable
system and its internal approval process. This is achieved by
scanning the
invoices into electronic images and extracting the
relevant information; Invoice Number, PO Number, Supplier name, Amount,
GST. This information is supplied to the Accounts Payble module
as a CSV (Comma Separated File) with invoice images attached for
importing. The Approval process then takes this information a
sends it via e-mail for approval. Once approved the Accounts Payable
officer is notified (electronically) and can instigate payment.
Please read the attached document on the improved process flow for
Oracle financials.
Oracle
Accounts Payable Process Flow
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