Stop manually entering accounting codes for common accounting distributions
Do you ever find you are entering the same coding details on invoices again and again? For invoices and suppliers where there is a standard set of distributions, you can use Accounting Templates to setup default coding based on fixed amount, percentages, or even left open, so AP doesn’t have to spend time manually entering in codes and amounts every month when the information is always the same.
Benefits you can expect
It will likely take you more time to determine where you need accounting templates than to actually set them up! Though once you start using them, you’ll find it’s an easy way to cut time when manually coding an invoice.
You’ll see real savings when you:
- Remove the guessing of coding by assigning accounting templates to invoices per supplier
- Reduce entry errors because coding and amounts can be automatically applied
- Decrease the overall invoice processing time
How to set up Accounting Templates
Users with the Expense AP role can edit and remove accounting templates and users with permission can create and save their own.
A few things you should think about first:
- Are there invoices you receive on a recurring basis that always have the same accounting distributions?
- Do the allocations across account codes change each time, or are they are a fixed percentage?
- Do you need to setup Accounting Templates for certain roles or users, or do they apply to everyone?
- Will you let users set up their own Accounting Templates?
- Do some Accounting Templates apply to certain suppliers?
Does this scenario sound familiar? Then you should start using Accounting Templates
Control Energy provides power for Sprightly’s eight offices and bills the organization monthly. The bill is divided based on the square footage of each location, meaning the AP professional must manually calculate the amount and distribute to the correct location code every month. This practice is time-consuming and cumbersome and must be done for several utility bills across the organization. In some cases, costs are not just allocated by location, but by department, meaning there might be hundreds of cost centers on a single invoice. Accounting Templates can be used to create a set accounting distribution and automatically applied based on the supplier or added to an invoice at the time of review. Users can even setup their own if you give them permission.
Measure your success
Manually coding an invoice takes time, especially when there are accounting distributions used again and again. By creating and using Accounting templates, you can cut down overall processing lead time. Track your success by monitoring your Processing Time in MediusFlow and use our Benchmarks to compare your performance with other companies using MediusFlow.
So why not investigate setting up Accounting Templates? It’s just one of many options in MediusFlow that allows you to:
- Accelerate your accounts payable workflow to improve your bottom line
- Increase productivity so your team can focus their talents elsewhere
- Reduce the time and cost to process an invoice