The Benefits of Stampli
Invoice Verification and Approval
In order to truly verify that an invoice is ready to be paid, AP needs to verify that commercial terms match what was agreed and the goods or services have been delivered as promised. In many cases, it also requires management approval. Stampli presents all the required information on the invoice page itself and makes it very easy people who can provide the missing information or the required approvals.
- All employees are users that can participate, answer questions, add content and supporting documents
- Approvers can easily add more approvers and people to the conversation
- Vendors and external contacts can be invited to participate
- PO and receiving information is shown on the invoice page
This flexible workflow allows for the process around each invoice approval to be as unique as the contents of the invoice itself.
Stampli empowers AP departments to follow a three-pronged approach to substantially reduce the risk of fraud.
- Keeping your accounting system as the one source of truth
- Instituting segregation of duties
- Involve not only the approvers, but also the people that were actually involved in the transaction
Read ’10 Tips for Fraud Prevention in Accounts Payable’.
Duplicate Invoice Capture
Research shows that an overwhelming number of duplicate invoices are being paid by every company every year. While most accounting systems only look at the invoice reference number to identify duplicates, Stampli applies a sophisticated algorithm that identifies suspected duplicates, then presents them to AP alongside the originals for inspection. This algorithm dramatically reduces the chances of processing a duplicate.
Stampli allows the Accounts Payable process to run 5X faster. This allows your AP team to perform to their highest potential. In addition, you can avoid a long approvals process that results in headaches for AP, late payment fees, and frustrated vendors. With a solution that enables true collaboration between everyone involved in the conversation, and artificially intelligent coding assistance, AP can achieve maximum efficiency.
- When you give approvers an easy-to-use communication tool they love their accountability increases and they become more invested in the process
- Artificial Intelligence and Machine Learning accelerate data entry with coding suggestions
Stampli will let your AP accomplish more in less time, and will save you money in ways you might not even be aware you are losing it.
- No more chasing approvals with lengthy email threads and calls
- No more time spent archiving paper invoices, then retrieving them for reference
- No more stressful audit preparations
- Super-fast coding with Stampli’s A.I. Assistant, Billy the Bot
- Avoid duplicate payments
- Easily capture early payment discounts, and avoid late payments