An Accounts Payable department is responsible for processing payment documents and making payments for goods and services acquired by the organization. AP departments are driven by rules that must be applied over and over again during the transaction approval process. Invoices, expense reports and payment request each require approvals before they can be processed for payment. It is challenging and costly to manually apply these rules, route the documents for approvals, and to manage the resolution issues that are identified during the process. docMgt solves these challenges.
Let’s first look at the functions of an AP department and what happens if they aren’t managed right;
The primary functions of an AP department
- Processing payment to vendors
- Printing and distributing checks
- Monitoring vendor statements and investigating billing or payment errors
- Researching returned checks
- Processing credit invoices
- Maintaining permanent records of documentation that supports payments
- Providing Accounts Payable procedures training
- Settling disputes with vendors
- Providing follow-up services on outstanding payments
- Verifying that adequate backup documentation exists
What happens if these functions are not managed right
- Duplicate payments
- Check fraud
- Lost discounts
- Vendor relations damaged
- Increased operational costs
- Scalability issues
- An increase in the number of audits and associated costs
docMgt Accounts Payable Solution
docMgt automates the invoice approval process to reduce cycle times, labor costs and processing errors. Our solution also removes geographical barriers by securely providing access to any document instantly anywhere. This significantly reduces the labor and cost associated shipping, sharing, and retrieving invoice documents for approvals. When you reduce the cycle times for invoices, you have the extra time you need to never miss a quick pay discount again.
docMgt also provides the control to eliminate paying problems and duplicate invoices. Our solution easily identifies problem invoices and routes them directly to the right users for visibility and quick resolution.
docMgt saves you time, money, and improves your vendor relationships through better control and access to the right documents and information.
For more information about the docMgt Accounts Payable solution, view our AP Solution page.