Automate Your Invoice Processing and Save Big Money

Manual data entry creates hidden expenses and inefficiencies inside an Accounts Payable department. Every invoice that comes into your organization contains data that must be transferred from paper to financial and document management systems. Usually, the task of keying data is dispersed across a department, making it difficult to measure its negative impact. But when employees are keying data, they’re pulled from their core duties. This creates a higher labor cost, because it takes more time to get the important work done. Downstream decisions like payment approvals can also be delayed when information doesn’t reach financial management systems quickly enough.

Benefits in a nutshell:

Eliminate the typical issues of paper-based, manual invoice processing that inflates costs and slows productivity, including:

Manually sorting documents
Keying data manually into one or more back-end systems
Miskeying invoice data
Physically routing documents through an organization for approval
Making copies of invoices
Manual cross-checking of line item and invoice totals
Completing a two-way match of invoices to purchase orders
Missing out on early-pay discounts
Filing and retrieving documents
Paying the same invoice more than once
Locating lost or misfiled invoices

How does automated invoice processing work?

With our automated Accounts Payable solution, scanned vendor invoices are entered into an automated workflow for approval upon receipt. Invoices are dispatched to the appropriate business units where authorized personnel receive timely alerts that prompt them to sign off on documents to meet payment deadlines.

Game-changing features with true benefits that make an impact.

On-Premise or On-Demand solution

Benefits:

No upfront investment
No lengthy deployment

Automatic data entry and archiving

Data is automatically captured using OCR and intelligent extraction technology to completely eliminate manual data entry. The original invoice image is automatically stored for later search and retrieval.

Benefits:

Reduce data entry errors
Immediate document access for dispute resolution
Document sharing across authorized personnel

Automatic document capture and routing

Scanned or fax invoices are sent to secured infrastructure for processing.

Benefits:

Keep track of all received invoices
Save manual handling and routing time
Avoid lost invoices

Electronic coding and payment approval workflow

Each invoice is processed based on predefined rules matched to invoice attributes such as supplier, amount, buying entity, etc.

Benefits:

Ensure appropriate payment controls take place
On-time approvals and vendor bill settlements
Timely response to payment inquiries
Accurate and on time invoice booking

Audit trail and reporting

The system keeps track of all invoices, documenting every touch point that occurs in the workflow process.

Benefits:

Monitor and measure invoice processing efficiency
Identify and resolve processing bottlenecks
Manage resources more efficiently

Vendor Invoice web portal

Secure web-based service for vendors, enabling them to access their invoice at their convenience 24/7. Vendors can display list of invoices by status: invoices being processed, on hold or approved for payment.

Benefits:

Improved vendor communication
Free up AP staff time not spent answering emails and phone calls

Duplicate Invoice Check

Users receive an immediate warning when the system detects a potential duplicate invoice. These warnings can be adjusted to suit vendors' business pattern and even turned off when applicable.

Benefits:

Eliminates the risk of entering and paying an invoice twice

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