Is there a way to automate invoice payments?

JTMan

In many companies:
- Significant number of third party providers.
- Third party providers send PDF invoices by email in multiple different formats.
- Amounts vary from payment to payment.
- Administrator keys in the invoice amount, currency, pay date, wire details (if new), reference etc
- Very manual process.

What is the best way to manage this? Is there any way to automate payments to third parties? Does an 'electronic request for payment' thing exist?

Thanks.

Speedwell

Oh, god. I'm not an expert, but your post sounded to me at first glance like, "how can I set up an automated system to pay by direct debit on my current account every bill presented to it?". Please say you're allowing a trusted human to pre-approve all invoices presented for payment.

JTMan

I am not saying that a human does not need to be anywhere in the process. I am wondering what the most automated / efficient way is to manage invoice payments, ideally avoiding the manual re-keying of data that is already on the invoice itself.

Nody

DD payment is the first answer; the second one would be to use some form of e-invoice provider to do the conversion for you or depending on size outsource it to a BPO for them to enter it (Accenture or Genpact springs to mind who'll have people input it in India etc. at a much lower rate).

Mrs OBumble

It's called EDI, electronic data interchange. Requires that you only accept invoices from others who agree to send them via your gateway.

If you're small enough to be asking for advice here then you're unlikely to have the influence to require it of your suppliers.

JTMan

Thanks.

There really should be a standard way to ask for someone to pay you money and to put the request in a standard electronic form whereby the payer simply clicks an approve button inside online banking.

Duckett

take a look at SoftCo - see link below

http://softco.com/ie/solutions/ar-einvoicing/