Accounts Payable automation or workflow tool would not only help you manage and retain the related documentation but would also help your company streamline related processing, including the automation of purchase-order matching, coding, approval and exception handling. Such a system would also be able to supply you with audit trails for each document and would help with any research, auditing or reporting needs your teams may have.
Creating A Policy On Managing
Storing and retaining documentation can be time-consuming, but in the absence of a policy, organizations are in the wilderness without a map. Once created and enforced, an effective policy will greatly reduce the amount of time related to the tasks of approving and processing vendor invoices, addressing expectations, or storing, retaining, and pulling documents for research, audit, or litigation.
Managing vendor invoices and other payment request documentation is not just about the paper. Back-up documentation attached to an invoice or payment request like account coding, approvals, or other notes supplied on the face of the documents also needs to be stored, retained and accessible.
Tips to Get Started
- Keep the policy clear and concise and to the point
- Invite participation
- Consider referencing other policies
- Maintain consistency
- Emphasize the benefits
- Make all policies easy to find
- Remember, it’s emotional
- Consider helpful software tools
- Be sure to mobile optimize
Concur Invoice can automatically route invoices and manage approvals, turning three weeks of invoice wrangling into a few days of automated online turnaround. Additionally, invoices can be tracked to see who has them, what actions have been or need to be taken and what the payment status is on any selected invoice. Imagine having invoices at your fingertips for the entire retention period. Anyone authorized to use the system can have access to the invoices without fear of documents being lost or destroyed. Any user can become self-sufficient. We actively encourage people to develop their own document management policies, which is why we’ve provided this template. But if you want more assistance, we’re here.