Accounts Payable Process in PaperTrail
Introduction- Accounts Payable
PaperTrail has provided a robust Electronic Content Management (ECM) system to support business-critical processes for many years.
Through our sophisticated solutions we offer our Valued Clients leading edge document solutions with the aim of achieving our goal in providing collaboration, flexibility and agility achieving both cost and service benefits for our clients.
Paper to electronic Document shift
PaperTrail Features allow for the ability to easily import either electronic invoices received from Vendors or utilising Scanning technologies where paper is still received from suppliers.
Our Document Extraction tool set caters for data extraction such as Invoice No, Order No, Invoice Amount and other key information that is required.
This tool reduces the time required to manually capture information from a document prior to processing in your ERP system.
Document and Data Validation
Once your data has been captured or extracted from the invoice, the next step is to validate the invoice against an existing Purchase Order or simply to submit the invoice for approval before processing payment.
PaperTrail allows for data validation, this is achieved by checking your Purchase Order data in your system or Purchase Orders stored in the system. If all values such as Order Number and Order Amount match to the Invoice Amount you may choose to allow the ‘system’ to approve the invoice and submit for processing. However should your process require an approver, then the document is allocated for approval electronically – no paper, no bottlenecks and visibility on all transaction status.
Automated transfer of data between PaperTrail and your ERP is available further reducing capture time and enhancing reporting and budget updates.
Reconciliations and Payment Release
PaperTrail can create Supplier Reconciliations for your payments or your recon can be imported from a 3rd party system and sent for approval electronically.
All supporting documents such as Invoices, GRNs and Purchase Orders can be linked and the entire ‘pack’ is visible to the approver. This allows for ease of view, strong audit and approval process – these approvals can be done out of office so no more piles of paper waiting for your approval!
Accounts Payable process can be customised to suit YOUR company requirements.
The benefits of implementing this type of solution is to streamline business processes and create transparencies in the process.
By implementing document and data validation you allow your team to handle ‘exceptions’ more efficiently and escalate items where required.
Electronic and remote access to the system ensure approvals have an efficient turnaround time.
Written by: Gabriella Agliotti
Project Management Consultant at Egis Software
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