Let's be clear...No, we are not for holding up process in any organization.
If you dont know anything about the CloudX charter then, in a nutshell, we strive to help every client we work with to improve their process through a blend of cloud-based document management, workflow, and automation technology in conjunction with human and technology AP services to speed process, promote visibility, and eliminate manual handling when possible. All this for the most cost-effective approach to leveraging these types of solutions, and for the most part, youve got a recipe for some very happy campers (those using these tools to improve their organizations!).
But every once in a while, its important to stimulate thinking in the marketplace .so here we go.
For many AP software providers, theres a slew of functions that serve the basic purposes of approving and routing invoices for processing. Approving, rejecting, delegating, escalating, matching, and many others are established necessities for any compelling AP automation solution. However, one feature that has gone overlooked, and in many cases has left Accounts Payable leaders wanting something more to address their daily issues is simply this Holding.
Call it a Hold, call it a Pause, call it whatever you like. The point is that no Accounts Payable automation software is complete without this feature set why you ask?
Lets dive in:
- Certain invoices require more interaction before processing can be completed.
- Partial shipments create issues in closing out open invoices (and open PO's)
- Some invoices are received prior to getting any goods shipment.
The common link?In any of these scenarios, its opportune to be able to Pause the invoices that are caught in the midst of these stages. For those operating in a manual, paper based AP process, this is typically done by dumping invoices into a bin (or folder) thats effectively a holding queue. The problem with that is that theres no automated way to manage those with any level of escalation or reminder that the holds need to be resolved. So from our perspective, its beneficial when you can allocate invoices to a Pause/Hold queue so they're easily identifiable, trackable, and provide automated feedback to let you know theyre still looming (based upon your timeline and requirements of course). Invoice processing is challenging enough for most AP professionals, and we believe that being able to Pause invoices is just another way to simplify the process and make your life a little easier.
If youre wanting to learn more about AP automation or whether its even the right approach for you, we highly encourage you to check out the eBook below on AP Automation vs E-Invoicing. You can get a solid grasp on which is better for your business and make a more informed decision as you kick off your automation initiatives!