Streamline Receiving, Coding and Routing of Invoices
WolfePak Document Management is a cloud based system that provides an automated AP solution which captures, stores, codes and routes invoices throughout your organization. Getting started might seem daunting, but it is actually quite simple. Outlined below are some best practices to start this process within your organization.
ONE: COMMUNICATE TO CLIENTS
TWO: PREPARE INTERNAL SYSTEMS
- The first step is communicating with your vendors the initiative to receive invoices electronically. Ideally, include a targeted completion date to ensure the projects success.
- Communication can be facilitated by:
- Adding a message to all outbound checks indicating vendors should begin submitting all future invoices to a specific email address by your targeted date.
- Create a form letter to send to all existing vendors with this message
- Send a mass email communication to send communicating these details
THREE: MONITOR AND MEASURE PROGRAM ADOPTION
- Work with your IT staff to setup the routing email address, which is the specific email address where vendors will send invoices.
- Consider making a policy that ties the submission of invoices via email with an ACH program.
- Meaning, vendors that want electronic payments need to submit invoices via email in order for you to remit payment electronically through ACH.
- Integrate systems to gain further efficiencies.
- The WolfePak Document Management module directly pull invoices into WolfePak ERP simply through monitoring that specific AP email address. The Document Management system automatically processes emails with attachments and present for data entry eliminating the need to physically monitor the email address and manually deal with email attachments.
- Establish KPIs and timeline for program adoption. Make sure that you are regularly reporting and tracking your progress.
- Determine steps necessary to encourage adoption of your new process. Consider another communication to those vendors that continue to submit via paper versus via email.
- The WolfePak Document Management makes this type of program management straight forward with its embedded reporting and analytics, which are easily accessible via the reporting dashboard.
For implementation questions or support issues, please contact us at firstname.lastname@example.org.