How VendorDocs Transforms Your A/P Workflow
Introduction
Every business, regardless of size or industry, faces the challenge of managing invoices efficiently. The process is often riddled with inefficiencies, errors, and delays, turning what should be a straightforward task into a source of frustration for accounts payable (AP) teams. In today’s fast-paced business environment, organizations cannot afford to waste time and resources on manual, error-prone processes. That’s where VendorDocs by Think Beyond comes in—a powerful, automated solution designed to revolutionize how businesses handle their invoice management.
In this blog post, we’ll take a deep dive into the common pain points of invoice management, explore how VendorDocs addresses these challenges, and highlight the tangible benefits for your business. By the end, you’ll see why VendorDocs is not just another tool, but a game-changer for your AP workflow.
The Problem: Chaos in the Back Office
The Invoice Management Nightmare
Imagine it’s Monday morning. Your AP team arrives to find a mountain of emails, each containing invoices from different vendors. Some invoices are attached as PDFs, others are links to vendor portals, and a few are even printed out and left on desks. The team scrambles to track down missing invoices, manually enter data into your accounting system, and chase down approvals from various departments.
This scenario is all too common. According to industry surveys, AP teams spend up to 60% of their time on manual data entry and invoice processing. This not only leads to burnout but also increases the risk of errors, delayed payments, and strained vendor relationships.
The Cost of Manual Processes
Manual invoice management is more than just a nuisance—it’s a costly drain on your business. Here are some of the hidden costs:
Time Wasted: Employees spend hours each week on repetitive tasks that could be automated.
Errors and Overpayments: Manual data entry is prone to mistakes, leading to overpayments, duplicate payments, or missed discounts.
Delayed Payments: Invoices get lost in the shuffle, causing delays that can result in late fees and damage to vendor relationships.
Missed Opportunities: With so much time spent on administrative tasks, your team has less bandwidth to focus on strategic initiatives that drive growth.
The Ripple Effect
The impact of inefficient invoice management extends beyond the AP department. When payments are delayed, vendors may become frustrated and less willing to offer favorable terms. Internal teams may also face interruptions if they’re constantly fielding calls from vendors asking about payment status. Ultimately, these inefficiencies can hurt your company’s reputation and bottom line.
The Solution: VendorDocs by Think Beyond
What Is VendorDocs?
VendorDocs is an intelligent, automated invoice management platform developed by Think Beyond. It’s designed to streamline the entire invoice lifecycle—from receipt to payment—so your team can focus on what really matters.
How It Works
Let’s break down how VendorDocs transforms your AP workflow:
1. Automated Invoice Collection
VendorDocs acts as a central hub for all your invoices. It automatically collects invoices from multiple sources, including:
Email Attachments: VendorDocs scans your designated email accounts for invoices and extracts them for processing.
Vendor Portals: The system can log into vendor portals on a regular basis and download new invoices as they become available
Scanned Documents: Even paper invoices can be scanned and uploaded, with VendorDocs extracting the relevant data.
This means your team no longer has to hunt for missing invoices or manually download files from different platforms.
2. Smart Data Extraction
Once invoices are collected, and VendorDocs uses advanced optical character recognition (OCR) and machine learning to extract key information, such as:
- Vendor Name
- Invoice Number
- Account Number
- Bill Date
- Due Date
- Amount Due
- Balance Forward
- Taxes
- Line Items
This eliminates the need for manual data entry, drastically reducing the risk of errors and speeding up the processing time.
3. Seamless Approval Workflows
VendorDocs routes each invoice to the appropriate approver based on your company’s predefined rules. Approvers receive notifications and can review and approve invoices directly within the platform. If an invoice requires additional information or clarification, the system can flag it for follow-up.
4. Payment Scheduling
Once an invoice is approved, VendorDocs can integrate with your accounting or ERP system to schedule payments. This ensures that payments are made on time, helping you avoid late fees and maintain strong vendor relationships.
5. Exception Management
Not every invoice is straightforward. VendorDocs identifies exceptions—such as mismatched amounts or missing information—and flags them for review. Your team can then focus on resolving these exceptions, rather than sifting through every invoice manually.
The Benefits: Beyond Automation
1. Time Savings
By automating repetitive tasks, VendorDocs frees up your AP team to focus on higher-value activities. Employees can spend less time on data entry and more time on exception management, vendor relations, and process improvement.
2. Reduced Errors
Manual data entry is a leading cause of AP errors. VendorDocs minimizes these risks by automating data extraction and validation, ensuring that your records are accurate and up to date.
3. Faster Payments
With streamlined workflows and automated reminders, invoices are processed and paid more quickly. This not only improves vendor satisfaction but also helps you take advantage of early payment discounts.
4. Improved Visibility
VendorDocs provides real-time visibility into your AP processes. You can track the status of every invoice, monitor approval bottlenecks, and generate reports to identify trends and opportunities for further optimization.
5. Scalability
As your business grows, so does the volume of invoices. VendorDocs scales with you, handling increased workloads without the need for additional headcount. This makes it an ideal solution for businesses of all sizes, from startups to large enterprises.
Why VendorDocs Is the Future of AP
The business landscape is evolving, and companies that embrace automation will have a clear competitive advantage. VendorDocs is not just a tool for saving time and reducing errors—it’s a platform that empowers your team to work smarter, not harder.
By automating invoice management, VendorDocs helps you:
Focus on Growth: Free your team from administrative tasks so they can drive innovation and strategic initiatives.
Build Stronger Relationships: Ensure timely payments and clear communication with your vendors.
Achieve Operational Excellence: Streamline your processes, reduce costs, and improve visibility across your organization.
Getting Started with VendorDocs
Ready to transform your AP workflow? Here’s how you can get started:
Schedule an intro call: Contact us to request a call to learn how VendorDocs fits into your business.
Customize Your Workflow: Work with the Think Beyond team to tailor VendorDocs to your specific business needs.
Go Live: Implement VendorDocs and start enjoying the benefits of automated invoice management.
Conclusion
In today’s competitive business environment, efficiency is everything. VendorDocs by Think Beyond is the solution you need to eliminate invoice headaches, reduce errors, and empower your team to focus on what truly matters. Don’t let manual processes hold your business back—embrace the future of AP with VendorDocs.
Ready to take the next step? Visit our contact us page to learn more and schedule your call today.
