Accounts Payable departments, like any other operational area, can encounter various challenges and errors in their processes. These errors can impact the efficiency, accuracy, and financial integrity of an organization. Fortunately, MetaViewer’s AP automation solution can practically knock out all these errors, saving enterprises time and money.
Some common errors in AP department processes include:
Manual Data Entry Mistakes
Manual data entry is rife with errors including: 1) incorrectly entering invoice details such as amounts, dates, or vendor information; and 2) duplication of entries, often due to handling multiple invoices or data fatigue. MetaViewer remedies these issues by eliminating manual data entry and letting AP staff focus on higher priority projects.
Lost or Misplaced Invoices
Working with paper invoices can result in lost invoices, leading to payment delays and reconciliation issues. These problems disappear with MetaViewer’s digital invoice processing and cloud-based document management.
Purchase Order Matching and Invoice Inconsistencies
Handling purchase orders, receiving reports, and invoices (commonly known as the three-way match) could cause errors and delays. Manual systems are prone to human error, and can be time-consuming. Fortunately, the efficiency of MetaViewer can automate these processes ensuring accurate matching happens the first time and can instantly flag inconsistencies.
Inefficient Invoice Processing
Delays in processing invoices can lead to missed deadlines and late payment fees. AP staff have difficulty tracking invoice status, especially in paper-based systems. MetaViewer is fast, and not only can it knock out late payment fees, but it can automate the capture of early payment discounts!
AP automation is a great way to ensure your enterprise avoids these costly errors.
Learn more about the top five challenges AP departments are facing below: