Summary:
Welcome to the automation guide for InvoiceReady. If you're looking to reduce manual work in your invoice processing, you're in the right place. In this article, we'll explore how you can automate your posting processes using InvoiceReady's robust features, focusing on organization level posting templates, supplier level posting templates, contract-based matching, and purchase order-based matching. Additionally, we'll discuss how invoice senders can provide posting information for seamless integration. Let's dive in!
At the organization level, you can create posting templates and rules to automate how invoices are processed. This involves setting up templates that define how costs are allocated across different general ledger (GL) accounts, cost centers, and more. These templates ensure consistency and accuracy in your postings, reducing the need for manual adjustments.
Example: Suppose your organization frequently processes invoices for office supplies. You can create a template that automatically allocates costs to the appropriate GL accounts and cost centers each time an invoice from your office supply vendor is processed. This template ensures that every invoice is coded correctly without manual intervention.
Supplier Level Posting Templates and Rules
Supplier-level posting templates and rules allow you to tailor your automation settings to specific vendors. By defining default posting rules for each supplier, you ensure that invoices are consistently processed according to pre-set criteria, speeding up the approval workflow.
Example: If you have a supplier that provides monthly maintenance services, you can set up a rule that automatically assigns these invoices to the maintenance cost center and GL account. This setup eliminates repetitive manual coding and ensures that all invoices from this supplier are processed accurately.
InvoiceReady’s Contract Matching module is a powerful tool for handling recurring invoices, such as those for rent, utilities, and subscription services. By linking invoices to contracts with predefined payment plans, you can automate the entire processing workflow.
Example: A lease agreement can be set up as a contract within InvoiceReady. When a lease invoice is received, it is automatically matched with the contract and processed according to the predefined posting information. This automation ensures that the invoice is ready for transfer to the payment system without manual intervention.
Matching invoices to purchase orders (POs) is another effective way to automate your workflow. InvoiceReady allows for automatic matching of invoices to POs, streamlining the accounts payable process by copying posting rows from the PO to the invoice.
Example: When an invoice referencing a specific PO number arrives, InvoiceReady automatically retrieves the corresponding PO and matches the invoice. This process eliminates manual matching steps, reduces errors, and accelerates the workflow.
For an even higher level of automation, you can coordinate with your suppliers to include posting information directly in the electronic invoices they send. This method requires using true e-invoices rather than PDFs, allowing the posting information to be imported directly into InvoiceReady.
Example: Your supplier includes detailed GL account and cost center information in the XML format of their e-invoice. Upon import into InvoiceReady, this information is automatically applied to the invoice, ensuring accurate and efficient processing. This approach necessitates close collaboration with your suppliers to standardize the invoice data format.
By leveraging these automation features within InvoiceReady, you can significantly reduce the manual workload associated with invoice processing. Organization and supplier-level templates, contract-based matching, PO-based matching, and supplier-provided posting information all contribute to a more efficient, error-free workflow. For detailed instructions on setting up these features, please refer to the user manuals and support documentation provided by InvoiceReady.
Ready to take your invoice processing to the next level?
Check the attachment for detailed examples and start implementing these automation strategies today and enjoy the benefits of a streamlined, efficient workflow.
For further information, visit the InvoiceReady Support Portal.