Billing & Payment Processing System (BPS) - Best Practices

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An automated accounts payable process embeds payment controls — like the aforementioned segregation of duties — into the AP process and establishes them as simple and repeatable processes:

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Segregation of duties: AP automation solutions designate separate roles in the accounts payable process by creating separate login credentials and separate dashboards. Not only does this make it incredibly challenging to forge approvals, but it also preserves receipt of all approvals in one central location for easy access at any time.

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Two-factor authentication: adopting an AP automation solution that requires dual-factor authentication will decrease the probability of an account becoming compromised. the process dictates that a password and text message-delivered verification code must be entered before access tot he system is granted.

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Auto AP three-way match: For businesses working with purchase orders, AP automation can take the pain out of matching them to corresponding invoices by doing it automatically and flagging any that are mismatched within your ERP system. The “three-way” part of the three-way match refers to the three documents that will be compared:

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• The vendor’s invoice that was received and will become part of an organization’s accounts payable when it is approved

• The purchase order that was prepared by the organization

• The receiving report that was prepared by the organization 

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With these controls in place, it’s much easier to protect and sustain your AP process, even as you continue adding vendors on a monthly basis. The results are felt in:

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• Improved compliance and supplier relationships & Simplified vendor setup and management

• Improved visibility, insight, and control of the entire accounts payable (AP) process & Ability to focus your AP team on higher-value work

 

When automation is factored into the equation, the benefits are felt even further with:

• Reduced cost per invoice (CPI) &  Instant storing, securing, and cataloging of electronic documents,Streamlined AP workflow processes

• Dramatically reduced paper and storage expenses

• Improved cash flow with fewer data entry errors and early pay discounts

• The ability to work anywhere, anytime, on any device

• Reduced cost per invoice (CPI)

• Instant storing, securing and cataloging of electronic documents

• Streamlined AP workflow processes

• Dramatically reduced paper and storage expenses

• Improved cash flow with fewer data entry errors and early pay discounts

• The ability to work anywhere, anytime, on any device