IntelliChief doesn’t require users to log into your accounting system, which means that you can assign GL codes remotely. This is a critical feature if you rely on a shared service center for financial processing. And, remote workflow access lets users code and approve invoices on their mobile devices, giving you the flexibility you need for balance sheet today’s modern workplace. Streamline your accounts payable process to manage invoices at scale and pay suppliers on time with Yokoy’s AI-powered invoice management solution. Smart Coding is all about harnessing the potential of automation and machine learning to streamline your invoice processing workflows.
Challenges with GL Code assignment
This can mean manually routing the invoice for approval, emailing for approval, or sending via a system for approval. Once the invoice is approved, then it can be sent for payment to be processed and posted. After coding your invoices, IntelliChief can automatically transfer the data into your ERP. Line items, unit prices, GL codes, and more — it’s all updated without user input. With IntelliChief, any user who has the appropriate permissions – no matter what department they work in – can assign a GL code to a non-PO invoice.
- It allows you to identify spending and creates a paper trail for internal and external audits.
- But behind the scenes, much more happens to ensure that every expense is accurately recorded.
- Codes are usually made up of numbers and letters and can become quite complex as a business grows and adds expense categories, departments, and locations.
- They’ve invested lots of time and money in implementing AP automation and streamlining their review and approval processes, only to find that complaints around invoice coding persist.
Take your invoices anywhere with the Invoice Simple Mobile App
It also leaves you with fewer errors to correct when you reconcile your general ledger. This functionality is fully compliant with your company’s legal entity settings, meaning that if you don’t allow submitters to code invoices on desktop, this will also apply to mobile. For new invoices of new suppliers that Yokoy has never seen, the software will not automatically code the cost object and category. This is because Yokoy needs to “learn” what has been used in the past to submit on a certain invoice. The efficiency of invoice processing can significantly impact an AP team’s productivity and bottom line. An invoice is unlikely to get paid—or paid on time—before it’s fully coded.
What is a workflow in accounts payable?
General Ledgers (GL) are a company’s record keeping system which categorizes each type of transaction into separate accounts. These accounts include accounts payable, receivable, expenses, income, inventory, and more. General Ledger (GL) codes are a numerical organizational system that helps rapid categorization and recording of a company’s financial transactions. Our business expense and receipt tracker lets you scan any receipt, and we capture key info automatically.
Complex Invoices
- This makes Smart Coding your ally in conquering the complexity of invoice processing.
- GL codes must be accurately updated and maintained in a spreadsheet, etc.
- This is incredibly helpful for budgeting, forecasting, and even during audits when you need to show exactly how and where your money was spent.
- By learning from your past actions and predicting your coding preferences, it not only saves time but also enhances accuracy.
- Integration eliminates manual data entry and ensures everyone is working from the same information.
- Remember, manual processes can cost up to $6.30 per invoice, compared to just $1.45 with automation.
Automated AP workflow seamlessly routes each invoice to the appropriate person for approval. Correct GL codes for each transaction help identify where payment has gone and why it was processed. It allows you to identify spending and creates invoice coding a paper trail for internal and external audits. GL coding also helps segregate your liabilities and expense accounts for your balance sheet, allowing you to report correct financial data and avoid legal issues. AP automation solutions identify, categorize, and record expenses faster than manual coding.
Invoice Approval.
Expense sub-accounts include identifiers for location, department, cost center, and detailed expense category. Accounts payable coding for supplier invoices requires using the company’s general ledger chart of accounts. Bring your expenses, supplier invoices, and corporate card payments into one fully integrated platform, powered by AI technology. Automated systems generate payment requests and initiate electronic payments, improving cash flow management. With a staggering 77% of companies experiencing fraud through manual processes, ensuring accuracy and accountability is paramount. Invoice codes help categorize expenses, allocate costs to specific cost centres or projects, and facilitate seamless tracking and reporting.
- Billy learns your approval workflow over time, so after processing a few invoices, it will start suggesting the appropriate approver.
- Automated invoice processing solutions are seamlessly integrated with Enterprise Resource Planning (ERP) systems, fostering real-time data synchronicity.
- Now that you know who is involved, what they are doing and how much time they are spending doing it – it’s time to factor in their rate of pay.
- Once you’ve coded an invoice, our software can instantly send it on for approval.
- It is a straightforward method of identifying and classifying a transaction.
Stop Wasting Time on Data Entry
Think of it as giving each expense its own ‘address’ in your financial records. Companies without automation spend $6.30 per invoice, while automated counterparts pay just $1.45. Accurate invoice coding is crucial for financial reporting, budgeting, and decision-making. Mistakes, even as simple as incorrect debit or credit recording, can lead to compliance issues and skewed financial data. Enhancing the accounts payable process through digital technology began as early as 1978 with Viscal, the virtual accountant first spreadsheet software that was used for accounts management. From then to the current scenario where most of the accounts payable procedures are automated, AP processing has come a long way.
