Don’t let invoice exceptions undermine your real estate firm’s investments in an enterprise resource planning (ERP) platform.
Seventeen percent of supplier exceptions result in an exception, Ardent Partners estimates. Yet, many real estate firms rely on human-intensive, paper-based processes to resolve their invoice exceptions. Several common issues arise when real estate firms rely on this antiquated approach to exceptions resolution:
- Large volume of supplier inquiries
- Data errors and missing or incomplete information in the ERP
- Increased labor costs and time spent processing supplier disputes
- No access to metrics or analytics regarding invoice processes and exceptions resolution
- Failure to meet compliance requirements
- Delays getting information into the ERP
There is significant room for inefficiency and errors when relying on manual-based exceptions processes, which can waste valuable resources, increase operational costs and damage supplier relationships and cash flow.
By fully automating their accounts payable processes, real estate firms can significantly reduce the pain of exceptions resolution. Fully automated accounts payable solutions automate many of the tasks and processes associated with exceptions resolution. This enables accounts payable staff to resolve invoice exceptions faster, easier and more accurately, while maximizing the impact of their ERP investments.
Here’s how fully automated accounts payable solutions accomplish this:
- Supplier portal: With a fully automated accounts payable solution, suppliers can submit invoices electronically. This eliminates the need for employees to manually key in supplier invoice information and reduces instances of error. It also helps real estate firms catch exceptions sooner. Accounts payable departments also can electronically collaborate with suppliers. This not only makes it easier for buyers to resolve exceptions, but also strengthens supplier relationships.
- Flexible workflows: Fully automated accounts payable solutions enable real estate firms to set business rules, requirements and notifications for all invoice exceptions and resolutions. In addition to creating custom workflows and routing instructions, these solutions enable real estate companies to improve audit compliance.
- Real-time reporting: Fully automated accounts payable solutions seamlessly integrate with ERP platforms to provide a 360-view of invoice data to give companies increased visibility. The technology also captures and tracks all actions taken to resolve an exception and provides comprehensive exceptions information, such as the invoice number, invoice amount, line-item detail, supplier number and any purchase order information.
Want to learn more about how full AP automation can accelerate your invoice approval cycles? Download our complimentary white paper, “Stop Throwing Money Down the Drain: 5 Reasons to Embrace Full AP Automation.”