Accounts Payable have always been among the most arduous challenges faced by businesses in general and accounts people in particular. The invoices make most of the accounts payable activities of a business. A business is required to put a lot of extra effort, time, and resources to cope up with those. Before moving forward let’s take a look at the basics for those who are a novice with the subject.
Accounts Payable (AP)
Most commonly Accounts Payable refers to the short-term liabilities or obligation of a business in its ledger that it owes to its creditors, vendors, or suppliers. Often AP is referred to as the department which manages the payments to vendors and other creditors.
An Invoice is a dated and signed commercial instrument that contains an itemized record of transactions of goods or services between a buyer and a seller. It may contain payment terms of the deal in case of deferred payment. It is usually drawn by the seller or service provider on the buyer or recipient of the services.
The Challenges of Accounts Payable / Invoice Processing
Accounts Payable / Invoice Processing operations go through many challenges. The fact of the matter is that It is among the most troublesome areas of a business financial cycle. Here are the major and most common challenges/issues faced by AP/Invoice Processing operations:
- Cumbersome manual process that prone to make errors.
- Unnecessarily lengthy process due to involvement of multiple personnel and departments for review and approval.
- Duplication, loss, and/or skipping of the Invoices or related record
- Bogus or fraudulent Invoices/Purchase Orders
- Invoice discrepancies with purchase-order and vice-versa
- Limited scalability options
- Tedious vendor/supplier onboarding and management
- Difficult/Lengthy reconciliation process
- Lack of visibility and transparency throughout the process
- Hectic and flawed manual accounting and documentation
Most of these issues equally affect both seller/vendor/service provider and buyer. The manual accounts payable and invoice processing system inherits all these problems and is unable to address these issues. To effectively overcome these issues automation of the process is the only viable solution as it addresses almost all of these issues effectively.
Automation of AP and invoice processing is not a new phenomenon as it’s been here for quite some time but growing business requirements have made the existing conventional AP automation almost irrelevant as they only speed up the process but are unable to address the transparency and trust issues involved with the process. They are merely the faster variants of manual processing. The evolution of technology has made it possible for solution providers to come up with more versatile solutions.
MateSol is the solution provider of the modern era which is committed to offering solutions for chronicle problems by employing contemporary technological advancements. Marisol’s philosophy is to offer smart solutions with integrity and intelligence. InvoiceMate is the product backed by the same philosophy and the enthusiasm of our team to change the way things work.
When we say InvoiceMate is the future of invoice processing and financing, we mean it. InvoiceMate is an Accounts Payable/Invoice Processing and Financing Solution but it is not yet another AP automation software, it’s the next generation automation solution that offers a host of new features that are going to change the way AP automation has been working till now. Let’s have a look at the offerings by InvoiceMate that will revolutionize the AP automation process.
The heart of the solution is the blockchain that adds trust, transparency, accuracy, and security which is missing in the conventional AP automation software.
InvoiceMate is an end-to-end solution for AP processing that begins with the generation of the Purchase order and leads through the whole process till the payment. It speeds up the process without compromising the security, transparency, and sanctity of the procedure.
InvoiceMate uses cutting-edge Artificial Intelligence tools to facilitate smoother operation by eliminating the need for human intervention at every other step of the process.
Following are a few of many differentiating factors of InvoiceMate over the legacy AP automation system:
- Blockchain Security
- Next Generation Automated Workflow
- AI Optimization
- Enhanced Resilience
- Significant ROI Saving
- Unmatched Transparency & Visibility for Concerned Parties
- Elimination of Data-Redundancy
- Always Available
InvoiceMate incorporates all the necessary standardization and compliances to meet the highest corporate benchmarks.
You can contact our team for further information and demo of the product.