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Entries by Mosaic Corporation

Streamline Your Accounts Payable: A Guide to Understanding PO and Non-PO Invoices

January 25, 2023 in AP Automation /by Mosaic Corporation

As an accounting professional, you’re likely aware of the importance of an efficient and smooth procurement process. This starts from the initial ordering of goods or services to the receipt of invoices and finally the timely payment for them. To ensure your processes are running as efficiently as possible in your accounts payable department, it is important to have a clear understanding of how purchase order (PO) invoices and non-PO invoices differ in terms of processing.

In this blog post, we will provide an in-depth guide on PO vs Non-PO invoices covering everything you need to know as an accounting professional; from what they each mean when they should be used and their practical differences when processing them correctly through your accounts payable workflow.

What Are PO Invoices and Non-PO Invoices?

PO (purchase order) invoices and non-PO invoices are two of the most commonly used types of invoices in business accounting. PO invoices are those that are generated when a buyer has placed and approved an order with a seller.

Non-PO invoices are invoices that cover costs for services and products that often fall under general and administrative (G&A) costs like utility bills and building maintenance.

The key difference between PO invoices and non-PO invoices is that the latter does not require pre-approval from the buyer before it can be processed.

As such, it is considered less secure for buyers who may not have visibility into what they will be paying for until after their order has been shipped or delivered.

When it comes to processing these two types of invoices, best practice procurement processes require that all purchases must go through an approval process before being processed. This is especially important for non-PO invoices since they allow buyers to incur additional costs without prior authorization. For example, buyers should ensure that any non-PO invoice requests must be verified by someone with purchasing authority before being accepted, in order to prevent any unauthorized purchases or expenses. By doing this, businesses can ensure that their procurement processes remain transparent and secure while still meeting their spending objectives.

Key Differences Between PO and Non-PO Invoices

A PO invoice is created when an organization places an order for goods or services from a vendor. It includes the details of the items being purchased, quantity, prices, and payment terms. A non-PO invoice is sent by a vendor to an organization for goods or services that were not covered by a purchase order. They can also be used for additional orders that have been placed outside of the original PO.

The key differences between PO and non-PO invoices lie in the tracking and approval process.

For PO invoices, organizations need to confirm that the order was shipped and received according to the original purchase order before they approve it. Non-PO invoices require manual entry into the accounts payable system and often require review by more than one person in order to sign off on them before they can be processed. The best practice procurement process requires that all purchases should be made through a formalized PO system as it allows organizations to track all their spending more easily and helps ensure accurate billing.

Automating Invoice Approvals with AP Automation Software

In order to streamline the invoice approval process, companies are increasingly turning to automated systems that can automate the review and approval of invoices. AP automation software can help reduce human error by ensuring accuracy in data entry as well as expediting payment terms for suppliers for both PO and Non-PO invoices. The system can also keep track of all outstanding invoices and send notifications when invoices are due for payment. Automated invoice approval systems also provide companies with real-time visibility into the status of their accounts payable, helping to reduce costs associated with manual processing.

Automating PO and non-PO invoice approvals make for faster and more efficient invoice cycles because they do not require manual processing.

This means that companies can process more invoices in a shorter amount of time, freeing up resources for other tasks. Automated systems also help ensure accuracy, reducing potential fraud and disputes with suppliers. Finally, automated invoice approval systems allow for better visibility into accounts payable and the ability to identify discrepancies quickly and easily.

In conclusion, PO and non-PO invoices both play an important role in the procurement process. Companies must be diligent in reviewing all documentation associated with both types of invoices to ensure accuracy and compliance with government regulations.

Automated systems can help streamline the invoice approval process, allowing companies to take full advantage of all cost savings opportunities for better cash flow. By taking these steps, companies can protect themselves from incurring unnecessary expenses related to incorrect payments or delayed payment cycles. Additionally, automated systems can provide real-time visibility into the accounts payable process, allowing companies to make more informed decisions about their finances. Ultimately, having a well-defined process for managing PO and non-PO invoices will benefit businesses in the long run by saving the company time and money.

So are you ready to automate? Contact us to schedule a demo.

Not convinced yet? Read our blog post Why Every Accounting and Finance Department Needs Accounts Payable Automation.

Eliminating AP Delays: Strategies for Streamlining Accounts Payable Processing

January 13, 2023 in AP Automation /by Mosaic Corporation

Are you tired of facing AP processing delays that slow down your accounts payable team? Processing invoices accurately and in a timely manner is critical to staying ahead of vendors and minimizing financial losses.

In this blog post, we’ll outline proven tactics for accountants or office managers to better manage their accounts payable departments. We’ll discuss ways to reduce bottlenecks when reviewing corporate policies and streamline invoice processing systems so you can avoid costly AP delays. Join us as we dig into the root cause of AP roadblocks and share helpful strategies on how to get back on track!

Overview of the Challenges with Manual AP Processing

Manual accounts payable (AP) processing comes with a variety of challenges and drawbacks. As the name implies, manual AP processing involves manual data entry, spreadsheet manipulation, and other tasks that are traditionally done by hand. This process can become labor-intensive and time-consuming for an organization, resulting in resource strain, slow turnaround times, and potential human errors.

In addition to being less efficient than automated processes, manual AP processing also increases the risk of data security breaches due to its reliance on manual data entry. This means that organizations must have robust policies and procedures in place to ensure that all sensitive information is handled securely at all times. Businesses must constantly monitor their systems to ensure any unauthorized access is detected quickly.

The key difference between PO invoices and non-PO invoices is that the latter does not require pre-approval from the buyer before it can be processed.

Moreover, manual AP processing creates problems in terms of accuracy as well. Even with the most diligent staff members, mistakes can be made in the form of duplicate entries or wrong amounts entered into spreadsheets. Additionally, it doesn’t provide visibility into payments or information about vendor performance which can lead to missed invoices and late payments. All these issues can quickly add up if not addressed appropriately over time.

Let’s take a deeper dive into some of the key issues with manual AP Processing.

Issue #1: Missing Vendor Invoices

The issue of missing vendor invoices can be a huge problem for any business owner. It can lead to lost revenue, missed payments, and a variety of other problems that can negatively impact the overall success of your business. When a vendor invoice is missing, it’s nearly impossible to track down where it went. This can mean having to spend time and money locating the invoice and getting it back in order so that payments can be made on time. Not only does this cost time and money, but it also takes away from the focus of running your business operations efficiently.

To prevent problems due to missing vendor invoices, it’s essential to stay organized and up-to-date with all customer records. This includes tracking all sales receipts, keeping an accurate list of current customers and vendors, and being aware of when payments are due and when they have been paid. Keeping detailed records will help ensure that all invoices are accounted for so nothing goes missing. Additionally, implementing an online system for tracking inbound vendor invoices will provide you with an extra layer of security when dealing with paper invoices that could go missing in transit or otherwise not show up at their intended destination.

Finally, make sure you regularly audit your vendor records to double-check that all invoices are accounted for and paid on time. This will help prevent any discrepancies between vendor invoices and customer purchases from occurring in the first place. By taking small steps towards staying organized you can ultimately save yourself from a major headache caused by missing vendor invoices in the future!

Regularly audit your vendor records to double-check that all invoices are accounted for and paid on time

Issue #2: Incorrect or Missing Line Item Data in Invoices

When it comes to invoices, the accuracy of line item data is essential. Without accurate product names, prices, and quantity information, businesses can’t accurately track their spending or ensure that they are getting the best deals from their vendors. Even worse, if an incoming invoice contains inaccurate or missing line item data, businesses run the risk of being unable to verify that they have received what they have paid for. This can lead to serious financial consequences like duplicate payments and overpayments.

Incorrect or missing line item data can be a major headache for both buyers and sellers alike. Buyers can face delays in processing payments if the information is not accurate, while sellers may find themselves stuck without payment because invoices cannot be processed due to mistakes. Additionally, incorrect pricing information can result in disputes between buyers and sellers that could put relationships at risk and cause unwanted stress for both parties involved.

In order to avoid these issues, it’s important for both sides to double-check invoice accuracy prior to processing payment and ensure that all line items listed are correct and up-to-date. If any discrepancies are discovered, it’s best to address them quickly before moving forward with payment so as not to incur any extra costs or delays in service delivery.

Issue #3: Non-Approved Purchases

When it comes to making purchases, it’s important for organizations to ensure that all purchases made are approved by the appropriate authorities. Non-approved purchases can often lead to financial losses and other undesirable outcomes.

For example, if an employee makes a purchase without invoice approval from their supervisor, the organization may be liable for the cost of that purchase regardless of whether or not it was necessary for the business. This means that the organization could end up spending money on items that were not needed and could have been avoided with proper approval measures in place. In addition, non-approved purchases can also lead to misallocation of resources and time as well as lower morale among staff members who feel they cannot make decisions on their own.

The most effective way of avoiding non-approved purchases is to implement strong internal policies, procedures, and controls over purchasing. These should include setting clear boundaries on what type of items can be purchased, by whom, and when they must be approved by a higher authority. All requests must be documented with supporting evidence such as quotes or invoices and follow an established workflow process so that each step is tracked and monitored closely. Additionally, organizations should consider implementing a system where all transactions made within a certain limit require approval from a designated individual or team before being processed. By having these types of processes in place, organizations are better able to prevent unauthorized purchases from being made which can save them both time and money in the long run.

The most effective way of avoiding non-approved purchases is to implement strong internal policies, procedures, and controls over purchasing.

Overall, manual AP processing presents a number of challenges for organizations including inefficient processes, increased security risks, and accuracy issues that can lead to costly mistakes down the line if not addressed properly. For these reasons, many organizations are turning towards automated solutions to streamline their payable processes and reduce their dependence on manual accounting tasks while ensuring accuracy and security at the same time.

Modernizing Your Bookkeeping Processes to Minimize Processing Time and Reduce Inaccuracies and Errors

The modern bookkeeping process is a necessary part of business operations but can be time-consuming and prone to errors. Technology advancements have improved the accuracy and efficiency of processing systems, allowing businesses to streamline their processes and improve results. The key to modernizing your bookkeeping processes is to find ways to minimize processing time while reducing inaccuracies and errors.

In conclusion, manual AP processing can lead to a host of issues including missing vendor invoices, incorrect or missing line item data, and data security breaches. Implementing strategies such as automating invoice processing, staying organized with customer records, and regularly auditing for discrepancies can help accountants and office managers avoid these costly AP delays. By utilizing these tactics, you can ensure the efficiency and accuracy of your AP department, and focus on running your business operations successfully.

At Mosaic, we have the experience and expertise to streamline your bookkeeping processes and help you save time and avoid mistakes. For more AP tips, read our blog Maximizing Your Accounts Payable Process: Best Practices and Strategies for Success.

Contact Us today to learn more about how we can help you take your business to the next level.

How to Streamline Purchase Requisitions with Automation

January 10, 2023 in AP Automation /by Mosaic Corporation

At some point or another, an organization needs to purchase products, services, or other items for its business. Some of these are recurring purchases like stationary or cleaning supplies, but what about other necessary purchases that are less frequent?

Successful organizations need to manage these purchases in a way that ensures funds are being responsibly spent and are being tracked. The most common and effective way to do this is through purchase requisitions.

We’ll cover what a purchase requisition is, how they work, and how Mosaic can help your organization automate this process to be even more effective for your organization’s needs.

What is a Purchase Requisition?

Purchase requisitions are a key document in the accounting process for many organizations. Unlike a purchase order, which is the document used to acquire goods or services, a purchase requisition is a document that employees utilize to request the purchase of goods or services, essentially it’s the step required before the purchase order.

By creating a purchase requisition, the employee is formalizing their request for the goods or services they need. Purchase requisitions are typically created by employees and include details as to what is needed, how much it will cost, who needs to approve it, and when it’s due. This document then goes through an approval process before becoming an official purchase order.

A purchase requisition should include the following details:

Once a complete requisition is approved by the necessary stakeholders, it will then become a purchase order. A purchase order is a legally binding document that provides all the information about the transaction between the supplier and purchaser, including pricing, delivery dates, payment terms, and other details.

How do Purchase Requisitions Work?

Traditionally, a purchase requisition starts with an employee wanting to purchase something from a vendor or supplier, whether it’s a physical item, digital software, training, or a service, in most organizations, employees need to get internal approval from their manager, department head, leadership, or accounting. Some organizations require a purchase requisition for every form, others have a set dollar threshold, and others only require it for specific departments.

For some organizations, this may be a physical form that employees need to fill out and drop off to those who need to approve it, for others, there may be no real process beyond employees emailing their requests, which makes it impossible to track and difficult to approve.

Typically the information needed to complete this request includes product description and quantity, name of vendor, price, name, and department of the purchaser, and other company or department-specific information.

Why are Purchase Requisitions a Critical Part of the Purchasing Process?

Purchase requisitions are an important piece of the puzzle in accounting and finance, as they provide auditing information to ensure that funds are being spent responsibly. They also allow organizations to track exactly who is requesting what items and from which vendors, as well as how much these purchases cost. This helps organizations to understand their spending and where funds are being allocated, which is invaluable in budgeting for the future.

Purchase requisitions are important to plan for future spending, avoid mistakes or unpaid invoices, and can simplify the procurement process.

To better understand the importance of this process, consider this common operational issue:

An employee in one department at an organization realizes that they are running low on a specific item that they use daily, so they simply go ahead and purchase it using their company credit card.

A few days later, before the shipment has arrived, an employee in a different department realizes the same item is running low, so they do the same thing and purchase the item, in the same quantity, to be used for the same purpose. Without either of them realizing it, that item has been double purchased and now the company is paying double what they should have.

Now in this scenario, it’s not the end of the world, but if this scenario happens frequently, it leads to overspending and a surplus of unneeded items.

What is Purchase Requisition Automation?

Purchase requisition automation is the process of using software to automate the creation, approval, tracking, and settlement of purchase requisitions. This automated system can track the progress of each requisition from creation through delivery. It also helps ensure that all purchase requirements are met while following company policies and procedures.

Why Automate Your Purchase Requisitions?

Automating your purchase requisitions can save time and money while also streamlining your approval processes so you can focus on other areas within your organization such as customer service or product development instead of worrying about the stress of paper processes! Additionally, automating this process ensures accuracy when tracking spending which allows you to easily identify discrepancies in pricing or payment terms if any arise during the purchasing process so you can quickly address them before they become an issue! All these benefits combined make automating your purchase requisitions a no-brainer for most organizations!

Automated purchase requisitions can also be used to generate reports and provide visibility into spending patterns so that better decisions can be made.

Automation also helps streamline the entire process, resulting in less time spent on paperwork and more time spent finding the best solutions for your business.

Benefits of Automating the Purchase Requisition and Approval Process

The benefits of automating your purchase requisitions include improved efficiency, processing cost and labor cost savings, accurate tracking, streamlined approvals processes, and increased visibility into spending. By automating this process you can reduce paperwork, eliminate error-prone manual processes and ensure that all orders are approved by the appropriate level of management before being fulfilled. Additionally, automated systems make it easier to monitor spending, identify discrepancies in pricing or payment terms and quickly address any issues that arise during the purchasing process.

Successful Scenarios of Automated Purchase Requisitions

Now let’s look at some scenarios of what you can expect from successfully implemented automated purchase requisition systems:

Scenario 1

ABC Corporation implemented an automated purchase requisition system which helped streamline their procurement processes by reducing paperwork and manual data entry errors while also ensuring that all purchases were approved at the appropriate level before being fulfilled. This resulted in cost savings for ABC Corporation since they were able to track spending more accurately and quickly address any discrepancies in pricing or payment terms that arose during the purchasing process.

Scenario 2

XYZ Company implemented a similar solution which allowed them to effectively manage their procurement processes while ensuring that all purchases were properly authorized before being fulfilled. This resulted in increased efficiency since their processes were streamlined which enabled them to focus more resources on other areas such as customer service or product development instead of having personnel manually entering data into spreadsheets or shuffling paper around trying to keep track of orders or invoices manually!

How to Automate Purchase Requisitions

To prevent the aforementioned purchase requisition problems, it’s beneficial to introduce a straightforward and easy-to-follow process for employees’ future purchases. However, just relying on traditional forms isn’t sufficient; with web forms and document management systems in place, you can build an automated procedure that is tailored specifically to your company’s requirements. This way, not only will everyone understand what they need to do when making a purchase but also save time by having everything handled electronically!

Harness the power of technology and streamline your purchase requisition process by automating your purchase requisition process. With custom form fields, you have the power to tailor your requirements like department or e-signatures for accounting purposes when needed and view them from any remote location.

An automation solution is the ultimate tool for streamlining processes. By creating and completing a web form, an employee can then have it sent instantly to their manager for approval – granting them rapid feedback and quick notification of its approval. That form can then get automatically pushed to your ERP, where your accounting department can then properly plan for the costs, and also file the form into your document management system, which will establish a record of spending history with that employee.

This simple and secure process can save your employees time, money, and resources.

Your Paperless Purchase Requisition Partner

Mosaic is an experienced and trusted provider of purchase requisition automation solutions. We understand that no two clients have the same needs; so, we provide solutions tailored to meet your customized requirements. Our team of digital transformation consultants has extensive experience in creating automated forms for a variety of organizations, making sure that all data remains secure and easily accessible when needed.

You can trust our team to help you develop a paperless solution for your company that will make purchase requisition easy and efficient.

We also offer ongoing post-implementation support to ensure that your automated purchase requisition system is constantly updated, and running smoothly in order to maximize its effectiveness.

Contact us today to learn more about our services and how we can aid you in your digital transformation journey!

AP Automation vs. Outsourcing Accounts Payable

December 19, 2022 in AP Automation /by Mosaic Corporation

When it comes to automating accounts payable, businesses have a few options: they can outsource the entire process, automate part of it, or keep the process in-house. Each option has its own set of pros and cons, and there is no one-size-fits-all answer.

In this blog post, we will explore the pros and cons of automating accounts payable vs outsourcing. We will also look at some scenarios where each option is more advantageous. Keep in mind that these are just general guidelines – every business is different, and you should make a decision based on your specific needs and goals.

Is AP Automation Software Supplanting AP Outsourcing?

In recent years, automating accounts payable has become a popular option for businesses due to the improved business efficiency and cost savings compared to outsourcing. Automation technologies are designed to streamline processes, reduce manual data entry errors, and eliminate duplicate invoices. In addition, automating AP can provide real-time insights into cash flow and spend visibility.

Automation technologies are designed to streamline processes, reduce manual data entry errors, and eliminate duplicate invoices.

In addition, automating AP can provide real-time insights into cash flow and spend visibility.

However, automating certain processes may not be the best solution for every business. For example, if a company deals with a high volume of complex invoices, automating AP may not be enough to save time and money. In this case, outsourcing may be the better option.

Pros and Cons of Accounts Payable Outsourcing

Outsourcing accounts payable can be a great way to reduce costs while maintaining accuracy and efficiency. Outsourcing AP allows businesses to focus their resources on core activities, while the external provider handles all of the invoicing, reconciliation, and payment processing.

However, payable outsourcing services also carry certain drawbacks. One of these is that businesses may not have as much control over the process, and there may be additional fees associated with outsourcing AP. Additionally, businesses must make sure they are working with a reputable provider who can handle sensitive financial data securely.

AP Outsourcing vs. AP Automation

When it comes to automating accounts payable vs outsourcing, the decision ultimately depends on the business’s specific needs. Let’s take a look at a few scenarios to determine when automating or outsourcing is the better option.

Scenarios That Favor Outsourcing:

Outsourcing AP is often the best choice for businesses dealing with complex invoices or a high volume of invoices regularly. This is because outsourcing allows these businesses to free up resources and focus them elsewhere, while still ensuring accuracy and efficiency in the accounts payable process.

Additionally, outsourcing can be quickly scaled up or down depending on the business’s needs. If your business has lofty goals to scale AP operations, then outsourcing will empower you to do so without having to hire new employees or purchase and implement technology.

Scenarios That Favor AP Automation Software:

Low to moderate volume of invoices.
Need for accurate, real-time reports and data.
Sufficient internal resources, expertise, and budget.
Need to improve efficiency in AP operations.
Need for real-time insights into cash flow and spend visibility.
Businesses with a consistent volume of simple invoice data.
In-house teams with the right skills and resources.
Businesses with a complicated approval process.

Automating accounts payable is often the best choice for businesses looking to improve efficiency in AP operations. Automation software can drastically reduce manual data entry errors, eliminate duplicate invoices and provide real-time insights into cash flow and spend visibility. Additionally, automating AP allows businesses to eliminate any paper processes that could be slowing down their operations.

Automating accounts payable is often the best choice for businesses looking to improve efficiency in AP operations.

Businesses that have in-house teams with the right skills and resources may find automating AP much more cost-effective than outsourcing because the cost per invoice processed is significantly lower. Automation software also provides a high level of accuracy and control, as businesses can customize their automation to fit their specific needs. Furthermore, automating AP is ideal for businesses that need real-time insights into cash flow and spend visibility.

When is a Hybrid Approach Right for Your Business?

Sometimes automating or outsourcing AP isn’t the only option. A hybrid approach is often a favorable solution as it allows businesses to benefit from both automating and outsourcing. For example, a business could use an automation system as a single source of truth to manage data movement between outsourcing partners while automating standard processes in-house.

Ultimately, automating or outsourcing AP will depend on the type of business and its specific needs. Automation technologies can reduce processing costs, labor costs, and late payment fees because the software checks for duplicate invoices and errors in invoices. Conversely, businesses dealing with a high volume of incoming invoices may find outsourcing the smarter choice to manage the invoice processing workflow.

Whether you choose, automating or outsourcing AP can help save time and money while creating more efficient processes. A trusted partner like Mosaic can provide guidance in terms of automating vs outsourcing accounts payable for your AP operations. Our digital transformation consultants will work with you to identify the best solution for your business and create a tailored plan to help you achieve your goals.

Contact us today to schedule a meeting with one of our AP consultants.

The Benefits of Enterprise Content Management

December 1, 2022 in Automation /by Mosaic Corporation

In the digital age, the amount of data that businesses need to store and manage continues to grow at an alarming rate. Not having a system in place to properly manage this data can be disastrous for companies both large and small. That’s where enterprise content management comes in. An enterprise content management system (ECM) is a system that provides a central repository for your entire company’s documents, allowing you to store, access, and collaborate on documents from any location or device.

What Is Enterprise Content Management

Enterprise Content Management is a document management technology that enables businesses to store, manage, and organize documents in real-time. ECM makes day-to-day operations much more efficient by significantly streamlining business processes.

The Benefits of Enterprise Content Management

Implementing an ECM solution requires significant time and effort, and when done right delivers critical improvements to how an organization collaborates and operates.

No More Paper

The right ECM systems enable your organization to digitally capture and store important business documents for more efficient data organization. This provides the opportunity to easily find the documents that you need without the hassle of manual processes like searching through physical files or manually inputting the data into the system. All of your organizational documents can be at your fingertips without printed documents weighing you down.

A Single Source of Truth

Another benefit is the ability to create a single source of truth throughout the entire enterprise, ensuring the accuracy of the data that’s being stored. This helps to improve the overall quality and integrity of the documents, allowing them to be trusted as the source of truth for any collaboration efforts without the confusion of multiple documents + versions floating around.

Enhanced Security

ECM systems are designed to enhance document security and help organizations meet legal and regulatory requirements by providing access control tools such as the ability to assign user roles and the ability to track the movement of documents. This helps ensure that only people with the proper authorization can access the data.

Streamlined Search

Finally, an effective enterprise content management system will also provide tools for streamlining document retrieval and help your company leverage automated, document-driven processes such as automated document search, the ability to manage multiple versions of the same document, and the ability to create automated workflows around the documents.

Going Paperless with Enterprise Content Management

This transition to a digital environment helps businesses save time and money by streamlining the document retrieval process and allowing for more efficient collaboration between employees from different departments. Additionally, the enhanced document security features provided by the enterprise content management software help protect the data from unauthorized access.

Your company's dependency on paper holds you back from more efficient business continuity.

By going paperless with an enterprise content management solution your business will be freed from the shackles of disorganized content and slow paper document processes.

Finding the Right ECM Provider is Key

With the right ECM strategy & implementation, you can streamline operations, reduce costs, and improve the overall quality of the documents that your business produces. Our digital consultant team at Mosaic will work with you to tailor a document management solution to your unique business needs and we will set you up for seamless integration with your ERP.

What Is Three-Way Matching In Accounts Payable?

November 17, 2022 in Mosaic /by Mosaic Corporation

In the world of accounts payable, three-way matching is king. This process of verifying and cross-referencing expenses using three different documents is essential for preventing fraudulent invoices from being paid, simplifying the auditing process, and ensuring accuracy across all records.

But what is three-way matching exactly? This blog post will break it down for you and explain why it’s so important!

Three-Way Matching Explained

Three-way matching is the process of verifying that all of the information, such as the number of units, the cost per unit, and the total order cost, are accurate across all three documents: the purchase order, the invoice, and the receipt. This action helps ensure that no mistakes were made throughout the transaction and makes it easier to review at a later date.

While three-way matching is the most common form of data matching in AP processes, it is important to note that two-way matching and four-way matching are also common forms of data matching.

Two-way matching only checks the purchase order against the invoice, while four-way matching compares the purchase order, the receipt, the invoice, and a packing slip (if one exists).

Why Is Three-Way Matching Important?

There are several reasons why three-way matching is so important in accounts payable. For one, it helps to prevent fraud by ensuring that each invoice is matched with other documentation. This “paper trail” makes it much harder for someone to submit a fake invoice and get away with it.

Additionally, three-way matching simplifies the auditing process. When all of the relevant documentation is stored in the same place and can be easily accessed, it is much easier to review and verify accuracy.

Three-way matching helps prevent common AP mistakes like double payments, overpayments, and underpayments because it ensures that all of the information is accurate before any payments are made.

How AP Automation Can Help

AP automation software can help streamline the three-way matching process by ensuring that all of the relevant documentation is stored in the same place and can even automate many of the checks that would traditionally require manually comparing paper documents.

Manual invoice matching is error-prone and it can drain your payable staff’s time. AP automation software solves these issues with Intelligent Data Capture (IDC).

IDC is a technology-based invoice-matching process that automatically identifies, extracts, and matches critical information from incoming paper and electronic documents, eliminating the need for manual data entry.

Intelligent Data Capture is not only accurate but easy to set up and configure. You can submit a single sample of the common document types you use, and IDC will take it from there. This means you can get your solution up and running quickly without sacrificing any sophistication or flexibility. Because Intelligent Data Capture “teaches” itself, it’s able to adapt as your organization grows and changes.

By investing in Intelligent Data Capture, your organization can save time, money, and resources by no longer having to manually extract data from your documents.

Epicor AP Automation For Effortless Three-Way Data Matching

Epicor AP automation software includes Intelligent Data Capture technology to make two and three-way data matching effortless. With our powerful document management system, you can easily store and retrieve all of your documentation in one place, on the cloud.

An invoice can be easily scanned into the software where it will be automatically matched to the purchase order and receipt. If the given invoice matches the other documents, then it is automatically pushed into the approval workflow for a manager to approve on the go.

If errors or duplicates are found, then the supplier invoice will not be sent through for approval, so your company can rest assured that you won't be losing money on faulty or late payments from human error.

Epicor AP automation software also frees up your payable teams to focus on more important tasks like tracking KPIs to cut invoice cycle times and capture early payment discounts.

As if that isn’t enough, Epicor AP automation software also comes with a full suite of features to streamline your entire accounts payable process from start to finish. These include:

Fully paperless processes for a greener office.
Maximum cost savings.
Centralized document storage.
Real-time reporting, anytime, anywhere.
Seamless ERP integrations.
Accelerated productivity, operational efficiency, and more!

Ready to see how Epicor AP automation solutions can help your organization streamline its accounts payable process? Contact Us to get started with a demo!

Maximizing Your Accounts Payable Process: Best Practices and Strategies for Success

October 27, 2022 in AP Automation /by Mosaic Corporation

To have a successful accounts payable process, it is important to implement best practices and strategies. This will help ensure that your AP process runs smoothly and without any hiccups that will prevent your company from growing and scaling.

In this blog post, we will discuss some of the best practices that companies can use to improve their AP processes. We will also provide tips on how to go paperless and eliminate paper payments. By following these tips, you can rest assured that your AP process will be efficient and effective!

Prioritize Invoices By Due Dates

One of the most important best practices for accounts payable is to prioritize invoices based on due dates and payment terms. This allows you to stay on top of your payments and ensure that you are not missing any due dates or incurring any late payment fees. Prioritizing your invoices by the due date, also helps your accounts payable team keep organized and on track.

Go Paperless

Another key strategy is to work toward going paperless and eliminating paper payments. By embracing technology through digital transformation and automating your accounts payable process with cloud-based AP automation software, you can streamline your workflows, increase security and establish more internal controls.

Going paperless is better for the environment as it cuts down on office waste and your workspace will be less cluttered with stacks of paper

Going paperless is better for the environment as it cuts down on office waste and your workspace will be less cluttered with stacks of paper invoices on desks and overcrowded filing cabinets. A clean space allows for more focused minds!

Track Early Payment Discounts

In addition to prioritizing invoices by due dates, it is also important to track any early payment discounts offered by your vendors and suppliers. This will help ensure that you are maximizing savings and minimizing costs.

With an AP automation solution, your AP department can easily track early payment discounts without taking valuable time away from other tasks. Your AP software solution will process digital invoices faster than manual processes so capturing early payment discounts is a given.

Establish KPIs and Reporting Processes

Another best practice that companies can implement is to set up key performance indicators (KPIs) to measure the efficiency and improvement of their AP departments over time. This allows you to keep track of your progress and ensure that your process continues to run smoothly.

Accounts payable automation software offers greater visibility into AP KPIs and it makes it easy for your AP staff members to track the data.

Gone are the days of manual data tracking, with AP automation, your accounting team is empowered with easy and accurate reports. No more waiting until the end of the quarter to pull those metrics, you will always have accurate AP data with a few quick clicks.

Create Safeguards Against Duplicate Payments

To further optimize your accounts payable process, you should also consider implementing safeguards against sending duplicate payments. For example, you could establish rules around invoice matching or use automated systems to check for duplicates before processing payments.

This is another common problem that AP software solves. As invoices are scanned with Intelligent Data Capture (IDC), the software automatically checks for missing fields or duplicate invoices. You never have to worry about human error or faulty payments with AP automation because the software simply won’t move the invoice on to the next step of the workflow if it finds a duplicate.

Enhance Overall Security

Finally, it is essential to focus on increasing security and establishing more internal controls within your organization. By doing so, you can ensure that your accounts payable process are protected against any potential risks or vulnerabilities.

You guessed it! AP automation software is the key to enhancing your accounts payable process. Access controls, automated workflows, secure payment portals, and advanced data capture technology are just some of the many ways that AP automation is perfect for improving security in your AP department.

With a solution like this at your disposal, you can rest easy knowing that your accounts payable process is safe, efficient, and effective. And who doesn’t want that? So what are you waiting for? Start taking your accounts payable operations to the next level today!

Contact us to get started.

Looking to learn more about all things AP? Check out our Accounts Payable Glossary for the terminology you must know to stay on top of your efficiency initiatives.

Why Every Accounting and Finance Department Needs Accounts Payable Automation

October 13, 2022 in AP Automation /by Mosaic Corporation

To run a successful business, it is essential to have efficient and effective accounting and finance processes in place. Many businesses can improve their efficiency by introducing accounts payable automation into their finance and accounting departments.

AP automation refers to the use of software that automates the process of paying bills. This software can help improve workflows for everyone involved in the AP process, from the AP manager to the CFO/controller to the CIO/IT manager.

In this blog post, we will discuss some of the ways that AP automation can help your finance team run more efficiently and effectively.

How Can AP Automation Help Your Accounting Department?

One way AP automation can help is by providing better insight into invoices and payments.

With AP automation, all invoices and payments are stored in one central system on the cloud. This means that you can easily track what has been paid and what is still outstanding.

Another way that accounts payable automation can help is by reducing data entry mistakes. When all invoices and payments are automatically entered and stored in one central system, there is no need for your finance staff to re-enter data into multiple systems. This can help reduce the number of errors made when entering data manually.

AP automation can also help by eliminating paper invoices and paper checks. With AP automation, all invoices and payments are made electronically. This means that there is no need for manual tasks like printing, signing, and mailing paper checks. This will save time and money for your business. You can also minimize late payments with faster invoice cycles that capture early payment discounts for more cost savings.

Finally, AP automation can help by reducing the burden on the IT department.

When all of the data for your company’s invoices and payments are stored on one central cloud, the IT department can more easily manage and update the data.

This can help improve data integrity and reduce the IT department’s workload.

How Will Accounts Payable Automation Software Impact Each Role?

AP automation software affects each employee’s position in the accounts payable department. Many employers avoid implementing the software for this very reason, but they fail to realize that AP software solutions actually maximize each role’s efficiency and directly contribute to your company’s growth.

Here is a brief explanation of how AP automation impacts each finance employee’s role:

AP Clerk

The AP clerk’s job is to enter invoices into the system, match them up with purchase orders, and make sure that they are ready for approval. With AP automation software, invoice data is automatically extracted from the invoice with intelligent data capture (IDC) so there is no need for invoices to be manually entered into the system. This will help the AP clerk keep the AP process running smoothly while avoiding costly manual data entry mistakes.

AP Manager

The AP manager’s job is to oversee the entire AP process. This includes approving invoices, ensuring that payments are made on time, and managing the finance staff. With AP automation software in place, invoices are automatically routed to the AP manager so they can approve invoices with a simple click from any smart device, even when they are on the go. This improved approval workflow will help the AP manager keep the AP process running smoothly and with faster approval times than ever before.

CFO/Controller

The CFO/controller is responsible for ensuring that the company’s finances are in order. With AP automation software in place, the CFO/controller can easily see what invoices have been paid, what invoices are still outstanding, and what payments have been made. This improved visibility will help the CFO/controller keep the company’s finances in order, avoid costly oversights, and maximize efficiency by tracking AP software KPIs

CIO/IT Manager

The CIO/IT manager is responsible for ensuring that the company’s IT infrastructure is up-to-date and running smoothly. With AP automation software in place, your company’s accounting department will benefit from heightened security, access controls, and built-in fraud detectors. These improved information security measures allow your CIO/IT Manager to have more internal control over the department by simply setting these features, rather than attempting to build them.

Overall, AP automation empowers your finance team to work more efficiently. With more increased visibility into KPIs and automated processes that eliminate costly manual tasks, your invoice cycles will be faster and cheaper than ever. Despite the common misconception, AP automation doesn’t eliminate finance staff roles, it just makes daily tasks easier and enables them for more impact on your company’s growth.

Our expert digital consultants at Mosaic can help you find an AP automation solution tailored to your needs and delivers maximum cost savings. We will also stick with you through the implementation phase to ensure each member of your finance team is properly trained on their new responsibilities. Contact us today to schedule a demo.

Purchasing Automation: Why You Need to Automate the Procurement Process

September 26, 2022 in AP Automation, Automation /by Mosaic Corporation

The procurement process is often fraught with inefficiencies, which can lead to wasted time and money. Purchasing automation can help improve the speed and efficiency of the procurement process, while also providing other benefits such as cost savings, improved vendor relationships, and increased control and visibility.

In this blog post, we will discuss why you need to automate the procurement process and how e-procurement software can help you achieve this goal.

The Traditional Procurement Process

To understand why you need to automate the procurement process, it is first important to understand the traditional way of running it. The typical procurement process includes requisitions, purchase order creation, invoice management, approvals, and making payments.

This process often includes repetitive and unnecessary tasks and forms that are ripe for automation.

For example, many businesses require employees to fill out requisition forms that must be approved by a manager before a purchase can be made. This process often takes days or even weeks and can lead to frustration and wasted time.

In addition, the traditional procurement process is often manual and paper-based, which can lead to errors and inefficiencies. For example, if an invoice is lost or misplaced, it can take weeks to track down and process. This can cause delays in payments and lead to frustration for both the vendor and the business.

The Benefits of Purchasing Procurement Process Automation Software

There are many key benefits of adopting e-procurement software, including significantly increased speed and efficiency, substantial cost savings, improved relationships with vendors, centralized communication, increased control and visibility, and the capability for real-time data reporting.

Increased Speed and Efficiency

E-procurement software provides a central platform for businesses to manage their purchasing processes. This can help streamline requisition forms, purchase orders, invoices, the approval process, and payments. By automating these repetitive tasks, businesses can save a significant amount of time and money.

In addition, procurement process automation can help businesses avoid mistakes that can lead to delays in the procurement process. For example, if a requisition form is filled out incorrectly, it can be automatically rejected by the software. This can save time and frustration for both the business and the vendor.

Substantial Cost Savings

Another benefit of e-procurement software is that it can help businesses save a significant amount of money. By automating the purchasing process, businesses can eliminate the need for paper requisition forms, purchase orders, and invoices while also cutting down on late payments that come with hefty fees. This can lead to substantial cost savings for businesses.

E-procurement software can also help businesses negotiate better deals with vendors businesses can easily compare prices and terms from multiple vendors which can lead to significant cost savings for businesses.

Improve Vendor Relationships

In addition, e-procurement software can help improve relationships with vendors. For example, if a business is using manual processes to manage its purchasing, there is a risk of human error that can lead to delays in payments. This can cause frustration for vendors and may lead them to seek out other businesses to work with.

Centralized Communication

E-procurement automation software can also help businesses communicate more effectively with vendors in a central location. For example, if a business needs to make a change to an order, it can easily and quickly communicate this change to the vendor through the software. This can help avoid misunderstandings and delays.

Increased Control and Visibility

An E-procurement automation solution also provides businesses with increased control and visibility over their purchasing processes. For example, businesses can set up alerts to notify them when a purchase order is created or an invoice is received. This can help businesses stay on top of their purchasing processes and avoid delays.

Real-Time Data Reporting

Finally, e-procurement software can provide businesses with real-time data reporting. This can help businesses track their spending, identify trends, and make informed decisions about their purchasing processes. With more time focused on tracking KPIs, you can set your business up to grow and scale.

Overall, e-procurement software can provide several benefits to businesses that are looking to automate their procurement processes. By automating the purchasing process, businesses can save a significant amount of time and money.

If you are considering automating your procurement process, our team at Mosaic can help you get started with an e-procurement automation solution tailored to your business needs. Contact Us today to get started.

For more automation tips and tricks, check out our blog for useful articles like The Accounts Payable Glossary: Everything You Need to Know About AP Automation.

The 5 Benefits of Automating Your Accounts Payable System: How to Improve Cash Flow

September 15, 2022 in AP Automation, Automation /by Mosaic Corporation

Cash flow is one of the most important aspects of any business. Without a steady influx of cash, your business will quickly run into trouble. One way to help improve your company’s cash flow is by automating your accounts payable system.

In this blog post, we will discuss five benefits you can expect when you automate your AP process.

What is AP Automation?

AP automation is the process of automating the accounts payable function within your business. This can be done through a variety of methods, but typically involves using software to streamline and automate the tasks involved in AP processing.

There are many benefits that come with automating your accounts payable system beyond just improving your business’s cash flow. For more information on AP automation solutions, check out our blog. We have tons of articles to help you understand the ins and outs of automated AP processing, like The Accounts Payable Glossary: Everything You Need to Know About AP Automation.

Now let’s get into AP automation’s impact on your business’s cash flow.

Payment Processing Made Simpler and More Direct

One of the main advantages of automating your accounts payable process is that it makes payments simpler and more direct. When you automate your AP process, invoices are matched to purchase orders and payment history using Intelligent Data Capture (IDC).

Intelligent Data Capture is much faster and more accurate than manual data inputting. This allows you to make payments electronically with great accuracy and little room for error.

With AP automation, your invoice cycles will be sped up significantly, cutting your processing cost per invoice by 86%.

By processing more invoices per month at a lower cost, your business will also have the opportunity to grow and scale with more vendors and suppliers.

This also gives you the opportunity to take advantage of cash-back rebates and early payment discounts that your vendors may offer. In addition, you can avoid costly late fees and interest by making sure that payments are processed in a timely manner.

Reduce Processing Costs with AP Automation Software

Another way that automating your accounts payable system can improve cash flow is by reducing your processing costs.

Manual data entry is not only time-consuming, but it's also prone to human errors. These errors can be costly in terms of the time it takes to fix them and the money you may have to pay in late fees, interest, or overpayments.

In addition, automating your AP process can help you avoid the costs associated with mailing paper checks. Automating your accounts payable process allows you to make electronic payments, which are less expensive than writing and mailing paper checks because fewer supplies and staff time is needed to make a payment.

Try out our ROI calculator see just how much your business can lower costs

Eliminate Data Entry Errors

As we mentioned before, one of the benefits of automating your accounts payable process is that it can help you eliminate data entry errors.

When you automate your AP process, invoices are automatically imported into the system. This means there is no need for manual data entry, which can lead to errors like overpayments, duplicate payments, and late payments.

In addition, automating your AP process can free up your payable department to verify accurate payments were sent on time. This can help you avoid any disputes with your vendors or suppliers.

Improve Your Relationship with Vendors and Suppliers

Another way that automating your AP process can improve cash flow is by improving your relationships with your vendors and suppliers.

When you automate your AP process, you can provide your vendors and suppliers with accurate information about when their invoices will be paid. This can help to build trust and improve communication between you and your vendors.

In addition, by automating your AP process, you can show your vendors that you are committed to timely payments and long-term business relationships. This can lead to early payment discounts or other incentives from your vendors.

Increase Visibility into Your Business’s Cash Flow

Finally, automating your AP process can help you increase visibility into your business’s cash flow.

When you automate your AP process, all invoices and payments are stored in one central location on the cloud with real-time visibility into accounts payable KPIs. This allows you to easily track your spending and compare it to your budget.

In addition, automating your AP process can help you identify opportunities to improve your cash flow. For example, if you see that a particular vendor always pays late, you may want to consider finding a new vendor.

Automating your accounts payable process can help you improve your cash flow in many ways. By making payments simpler and more direct, reducing processing costs, eliminating data entry errors, improving your relationships with vendors and suppliers, and increasing visibility into your business’s cash flow, you can take control of your finances and ensure that your business is running smoothly.

If your business is looking for a solution to your cash flow challenges, then AP automation software should be at the top of your list. Our team of expert digital consultants at Mosaic will work will you to find an all-in-one AP solution tailored to your cash flow management issues.

Contact Us to get started today!