The Smart Way to Process and Pay Utility Invoices with SmartDocs
Virtually all companies process Utility Invoices. While some invoices are simple, the majority involve complex processing and subsequent posting. Regardless of complexity, utility invoices must be paid quickly and accurately. Delays in payment of utility invoices can result in catastrophic impact to operations. The unexpected immediate loss of power, for example, can resulted in an unplanned shutdown of production, retail stores can be plunged into darkness or restaurants having to be closed during peak business hours.
The cost associated with power loss can become significant due to late fees, reconnect charges, loss of business, equipment failures and excess labor.
One would think that this would never happen in today’s digital source to pay solutions but it can and does happen. I worked with one client where the person responsible for review of utility invoices had to take sudden emergency leave of absence and no one thought to check their desk for invoices. After several weeks late notices were sent to the same person and after a period of time, the power to one of the company’s plants was suddenly shut down. While some emergency backup power came online for critical equipment, the damage was done. Production was down, customers were lost and the cost to restart was high.
SmartDocs provides a utility solution, where the above scenario would not have occurred. The SmartDocs Utility Solution utilizes smart bots that continually check with utility service providers to determine if invoice has been issued. It automatically captures the invoice information and submits for processing. AI business rules evaluate the information to ensure accuracy and completeness. The Solution then determines the proper cost object and general ledger account and then prepares the posting. Any distribution to multiple accounts is accounted for during processing.
The Utility Solution allows for human touch points as a final review or continues with automated posting.
As I stated above, processing critical utility invoices incorrectly or late can have a significant negative impact on your business. Most corporations receive numerous utility invoices based on geographic locations or multiple assets. If your company is global the complexity becomes even more significant. Whether you manage utility invoices in a shared service center or process them locally, the potential for lost invoices or delays in processing becomes a business-critical process.
If processing utility invoices is a business-critical component of your source to pay, contact SmartDocs to learn how your company can ensure your utility invoices are paid accurately and promptly.