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8 Considerations When Selecting An Invoice Processing Platform

Posted by Recordsforce on Sep 1, 2017 11:02:06 AM

So you’re looking to go paperless and store your invoices digitally through an invoice processing 

invoice-processing-platform

platform. That’s great! You need to choose a partner that will give you the results and experience you want, but there are so many options, how do you choose? This post will help those seeking to outsource their invoicing choose the right company for their needs.

  1. Look for a business that can fulfill more than just your current needs

    Before deciding on an invoice processing vendor that will only solve the problem you have today, consider where else you might go paperless in your business. Pick a vendor that can work with you in all of your company’s paper processing opportunities, some you may not even be aware of. Common business departments that have gone paperless are: Accounts Payable, Human Resources, Payroll, Manufacturing, and Quality.

  2. Make sure the company is well-established
    Your invoices should be in the right hands. Choose a company that has a long history of getting it right with a variety of projects. How long has the company been around? Is this the founders’ first foray into processing or do they have proven experience in the field? Check their client testimonials and ask them for references - they should be comfortable in providing them.

  3. Both the vendor you choose and your documents should be easily accessible
    Ease of access is also an understandable concern when transitioning between invoicing methods. The ideal company’s website should be easy to navigate and explain each of their services in great detail. Find out what document management systems they use. Their process should be streamlined into one system capable of hosting a variety of projects so you don’t have to worry about navigating multiple applications for each of your projects. Additionally, the best invoice processing services will have their own customer portal system that allows you to track your projects through each step of the process, as well as a ticketing system ensuring constant communication with their support team when you need it.

  4. Research the quality of their vendors

    Confirming that the company holds their vendors to the same quality standards you want them held to is critical. When you ask about the vendors handling their shredding, network support, IT security and other important services, the company should be exceeding your expectations for them.

    Take their document management system into special consideration. Is it intuitive? Look for a company with a document access system that is easily translated to a widely known method, such as a filing cabinet system, so the transition from physical storage to digital is as simple as possible for your users.


  5. The vendor’s work should easily flow into your business systems
    Can the company integrate with your established software? This is a major necessity which is often overlooked. They should be capable of working with your current software - PeopleSoft, Quickbooks, SAP, Oracle, Microsoft SharePoint or Salesforce as examples. Can the company control which users within the file storage portal have access to certain files?

  6. Prioritize document security and privacy

    When you’re outsourcing documents containing sensitive information, security is imperative. Ask the company what steps they take, both digital and physical, to ensure your information stays safe. Some of the most important considerations to take when researching workplace security are as follows:

    • Do they run background checks on every new employee?
    • Is their facility equipped with thorough alarm systems and only accessible to employees?
    • Is their warehouse temperature-controlled and waterproof for physical document safety?
    • Do they have a standard in place stating that only clients can authorize the destruction of documents?
    In addition, research their auditing standards - the more rigorous, the better. A sure sign of the company’s dedication to client security is implementation of the SSAE-18 certification, a rigorous operations audit that demands the company pursuing it to match security and privacy requirements. The company will also be able to confirm that all employees sign confidentiality agreements and adhere to project-appropriate privacy regulations such as HIPAA.

  7. Confirm their commitment to high quality work
    What does this company do to ensure they’re providing you with the highest quality end result possible? The company should take multiple steps in their quality assurance process - make sure they prioritize physical document integrity, scan quality, and accurate indexing. Ask them to tell you about the system they’ve developed to customize their quality control process for each project they work on.

  8. Verify their transparency with clients
    An invoice processing services’ credibility is determined in part by how transparent they are with the state of a client’s projects. They should have a system that lets you track the status of your documents as you send them in, from the moment they arrive in the mailroom to the moment you can access the digitized versions. In addition, they should readily welcome (if not offer) tours and site visits so you can see their process firsthand.

    With this information in mind, you should feel confident in asserting your needs when searching for the best invoice processing company. Luckily, you don’t have to look much farther - Recordsforce meets all of the qualifications listed above. Take a look at the case study below to see how we were able to create a simple solution for the Rogers Corporation.

 

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