Manually processing invoices is wasteful. If you are looking to streamline the processes within your company with accounts payable solutions that are geared towards saving time and greater efficiency overall, Redmap can help.

Our customers tell us that primary issues with the processing of invoices manually include:

  • Employing financially trained professionals to be data entry clerks;
  • Errors created by the manual checking;
  • Delays in authorisations;
  • Lost invoices; and
  • A total lack of visibility over the process.

Why you Need Accounts Payable Automation

As we mentioned above, there is a host of issues associated with manual invoicing. Accounts payable automation came about to manage the ongoing efforts that many companies have in place to streamline their accounts payable departments.

While the process itself is straightforward, it can be problematic if your company has a lot of invoices or if you have a convoluted process for managing their approval. Problems can include lost invoices, human errors (which can be difficult to track down and fix), invoice duplicates and other issues.

When you work it out, there is a higher cost per invoice. The goal of automated account integration is to streamline the invoice process, which removes the potential for human error and lowers the cost to process each invoice.

Accounts Payable Process

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The illustration above shows the process through which invoices are sent. The data that is extracted from the invoice drives the matching and application of business logic to determine the authorisation requirements of the invoice.

The logic applied to the matching, and therefore the routeing, is dependent on the customer requirements and whether they utilise Purchase Orders or not.

The notification that an invoice requires authorisation is delivered by email prompting the appropriate resource to go to the workflow tool and perform the authorisation.

Why you Need Accounts Payable Automation

As we mentioned above, there is a host of issues associated with manual invoicing. Accounts payable automation came about to manage the ongoing efforts that many companies have in place to streamline their accounts payable departments.

While the process itself is straightforward, it can be problematic if your company has a lot of invoices or if you have a convoluted process for managing their approval. Problems can include lost invoices, human errors (which can be difficult to track down and fix), invoice duplicates and other issues.

When you work it out, there is a higher cost per invoice. The goal of automated account integration is to streamline the invoice process, which removes the potential for human error and lowers the cost to process each invoice.

Retail Accounts Payable Automation

It’s not enough to just sell an exceptional product these days – you also need to be providing an exceptional experience for your clients and suppliers in the most cost effective way possible.

With Redmap accounts payable solutions, you will experience a smooth invoicing process that decreases the amount of time and cost for each invoice, and makes your retail business more productive.

Club Accounts Payable Automation

Managing accounts within your club is made easy with Redmap’s accounts payable solutions. Don’t grapple with manual invoicing and potential human errors when you can enjoy full-picture understanding of your invoicing with Redmap. Spend more time on your members and guests and less time on paper invoices when you use Redmap.

Age Care Accounts Payable Automation

Working in the aged care and allied health industry means that you are increasingly under pressure to deliver a high quality of care to residents. Often, the financial administration in these areas will depend heavily on manual invoicing which leaves businesses open to human error and bottlenecks. Enjoy the comprehensive accounts payable solution that is delivered by Redmap automated account integration and experience AP automation that gives you more time to spend on care and improving processes.

Accounts Payable Strata Industry

The strata industry requires specific cash management invoicing to manage the nuances of this industry. When working with multiple accounts and owners, you need to ensure flawless accounting every time. Redmap account automation brings seamless accounts automation to the strata industry.

Benefits of Automation

Regardless of the existence of PO’s or not, the process of automation will remove the manual data entry and errors found in the current manual process. These benefits alone generally deliver a payback period to our Customers of less than 12 months and are typically sufficient to receive approval of the transformation business case.

The true benefit to the Finance Department, however, goes far and beyond simply removing the manual processing. Visibility is king in the current environment where change is the only constant. Automating your Accounts Payable process with Redmap provides our Customers with a platform to monitor and control their Vendor invoice processes.

Monitoring and escalations are systemically applied to the invoice population. Invoices that have been sat in a yet to be authorised state for a period that is more than the allowable period set by our Customers are automatically escalated and re-routed. This ensures that invoices don’t ‘get stuck’ in the authorising party’s in-tray for extended periods of time. The monitoring and escalation of the process mean that most Customers see a decrease in processing times in excess of 50%.

A link to the invoice image is also part of the uploading of the invoice to the ERP/Finance system allowing them to be viewed from within your system and significantly simplifying queries.

Visibility is provided over the entire process via the Customer configurable dashboard reports. These reports allow the Customer to understand the exact status of every invoice in the system and standard reports include:

  • Invoices by status;
  • Invoices in errored state; and
  • Total amount of all invoices yet to be authorised.
laptop-screen-dashboard

These reports simplify the closing of the period and take the guesswork out of managing the vendor invoice approvals.

Why Redmap?

We have been around since 1998 and have been working tirelessly to deliver an improved document automation process ever since we started out as a scanning bureau.

From our humble beginnings, we grew to become an international organisation that has been responsible for improving the processes of over 50,000 businesses worldwide. We believe in helping our customers to experience exceptional organisation within their business as we focus on stripping waste from manual document-drive processes – and all delivered from a mobile-friendly platform.

Discover the benefit of accounts payable automation with Redmap today and experience true innovation for your business. Contact us today for more information and to get started.