In this technology advanced century, there are different ways of technology developments that transform accounts payable and receivables in the business environment. Not only does it increases the efficiency in processing, but also improves the accuracy of data.
One of the main impact is in scanning. Once an invoice is processed in the system, a barcode will be produced from a barcode machine. It will then be placed on the invoice. Next, the invoice is scanned via a photocopy machine. Because the barcode is linked to the invoice processor, the user can easily find the invoice scanned in the system without having to manually search for the paperwork. This process saves a lot of time, which enable ones to put their focus on other important and more valuable task.
Secondly, the expense management system simplifies the process of expense claims. Instead of filling out paperwork with each transaction details, a user can now scan the receipts to the system. System will then read the scans and in turn, code the transactions with the correct coding. This process can be accessed online via a computer or a mobile phone application. This means the data can be assessed anytime and anywhere. This development not only shortens the time of claim submissions, but also enhances the accuracy, as one can do it as soon as the transaction takes place. It is also easy to back trace queries to claims. Claimants can access to their account for a look back at their claim records which include the coding and receipts.
Next, the implementation of the PO receipting has also streamlined the process of processing invoices in the system. It also ensures the accuracy of the stock on hand in the inventory system. When we receive a delivery from the supplier, the delivery note will be entered in the system as PO received. A barcode will be printed and allows it to be placed on the delivery note. This will be attached to the PO when it is scanned in the system. Therefore, when invoice is processed, rather than going around to check with the person who has raised the PO to confirm the receipt of goods, it can be entered straight to the system by selecting the ‘received PO’ that linked to the particular invoice. This has provided more of the time for an accounts payable officer to ensure the accuracy of data entry when processing invoices to the system.
Finally, the auto reminder notification in the accounts receivable process is a notable feature. When an invoice payment is due to be collected, an email notification will be sent out to remind suppliers of the payment due date. This has freed up the time-consuming process of running reports to identify suppliers with invoices due for payment and making calls to them to follow up.
Overall, the development of technology has made a huge impact in accounts payable and receivable. It has streamlined the process with automation. This allows a higher volume of invoices processed with higher accuracy of data entered in the system.