Accounts Payable Automation
Processing a single invoice is easy. You can review the charges, validate the vendor, confirm account information, compare the items to a purchase order, apply the appropriate GL coding, and seek the necessary approvals. If you only have one invoice to pay, completing all these steps is easy and you can walk the invoice through the system. However, what happens when you have several hundred invoices, or several thousand? Then you no longer have the time to manually manage each document through your process as there simply aren’t enough hours in the day.
This is the challenge faced by modern Accounts Payable teams across all industries. How do you improve speed, increase visibility, and eliminate manual tasks without compromising accuracy, security, and the essential steps of your approval process? The answer is FileBound from UpSol.
FileBound allows you to quickly apply document management technology to your accounts payable processes to gain control and add automation for cost savings, quality management and scalability. FileBound is designed to be an end-to-end solution that maximises results. By capturing documents at the beginning of their life cycle you eliminate many of the challenges associated with managing paper documents. Captured documents enter an automated workflow for all of the approval decision making and conflict resolution processing. The value of workflow is that rules, roles, and deadlines get configured once and automatically applied over and over again. This takes the human element out of the decision making process which reduces errors and collapses the time it takes to process documents.
NZBN (New Zealand Business Number)
There are changes coming to the way that business transact with each other and a key element of those changes is the NZBN. The NZBN is a globally unique identifier that makes it easier for your customers and suppliers to do business with you. When coupled with AP Automation and E-Invoicing standards, the NZBN ensures the information exchanged between your business and your customers/suppliers is correct and of high quality.
If you are a registered company then the good news is that you already have one, even if you haven’t been using it on your invoices. If you are a sole trader or partnership, then you may need to register you business to get one. If you aren’t sure if you have one already, start by searching for your business here – //www.nzbn.govt.nz/mynzbn/search/
PEPPOL (Pan Eurpean Post Procurement Online)
More content and advise on the PEPPOL is coming soon. Meanwhile, if you have questions about PEPPOL, please don’t hesitate to get in touch.