Cutting the cost of your financial administration and improved efficiency in the fiscal process is vital to the success of any business. Endless hours are wasted chasing unmatched and unauthorised supplier invoices and dealing with the fallout from decisions made on the basis of poor information management.
The heart of the process is ensuring bills are paid on time with minimum query management. Traditional paper based print and mail solutions can be labour and paper intensive.
Automating the processing of invoices by integrating straightforward workflow and document managment software within your exisiting systems removes the manual repetitive nature of these tasks.
Our solutions deliver YOU more time and cost savings for accounts payable/receivable departments.
Invoice processing is part of a suite of accounting and billing solutions we provide to our customers who wish to speed up the processing by integrating our software into your billing platform.
Having a complete view of the accounts payable (AP) process and through automating AP through a streamlined end to end invoice management system endless hours aren’t wasted chasing unmatched and unauthorised supplier invoices. Paper based based systems can be prone to error taking time to manually input invoices, matching and validating invoices with purchase orders and handling supplier enquiries and exceptions. All of which can compromise key business relationships due to poor communication which leads to senior management involvement, more disputes and delays.
Our solution, AP ProcessFlows will automate consolidate and reconcile orders, invoices, payments and related documents to help manage allocations, cash flow and payments by allowing you to take control of your AP process.
AP ProcessFlows will transform the way you handle incoming customer bills, make efficiency gains in your AP process and give you accurate analytical management information ensuring you manage supplier relationships online, paperlessly and build your payment decision making accurately. Distribution of supplier documents internally is effortless and you manage the paper flow within your organisation.
How can we reduce the cost of invoice processing?
There is no need for a company to sink under a mountain of supplier invoices and remittances. Processing an invoice is expensive and time consuming by automating, AP ProcessFlows Invoice Processing gives you these benefits:
- automatically match and verify scanned invoices with PO’s
- reduce print and postal costs by issuing electronic purchase orders directly to your supplier systems
- allocate incoming invoices by receiving supplier invoices into your system
- automatically post invoices for payment
- automatically queue exceptions for query
- deliver information on exceptions to the AP desktop
- make payment status available to everyone
- reduced invoice processing costs
- increased efficiency and time saving
- supplier conflict, enquiries and exceptions promptly resolved
Why automate Accounts Payable Processes?
In today’s competitive market place and tough economic climate running your business processes efficiently is paramount to a successful organisation. Most orgnaisations have implemented CRM, ERP and Accounts. Yet 75%-80% of business data, transactions and records are in an unstructured format – paper, fax, email, office documents and this is prevalent in Accounts Payable.
The AP process in many businesses is still a manual process consequently AP departments have personnel solely processing supplier invoices
AP historcially suffers with a number of issues these can include:
- collating invoices from different suppliers, cost centres and in many different layouts and formats – post, fax, email, EDI
- inputting supplier invoices is labour intensive and if linked to different cost centres coupled with currency conversions can lead to data entry errors
- longer lead times due to manual routing, processing and sign off procedures involving different departments and possibly different countries
- administratively intensive due to collation of documents in order to match invoices with PO’s, P.O.D’s and contracts
- inability to maximise financial benefits associated with payment schedules such as discounts for early payments or late fees for late payments
- risk of document loss or damage as documents may have multiple input points
- no audit invoice processing and payment system to match document flow with accounting system
- archive costs for financial compliance and audits
Stages of the AP ProcessFlows
- capturing PO’s, delivery notes
- scanning of invoices
- document matching, invoice processing
- exception handling
- approval process
- updating accounts systems
- document archive
Our AP ProcessFlows is a real time rules based supplier invoice processing system which could save a company upwards of 65% of their current costs.
Providing open solutions means that our systems can be extended to incorporate any business process. As the Company grows and the priorities change other document management applications can be integrated into other business processes such as Accounts Receivable, Purchase Order Processing and Authorisation.
Our solutions are tailored specifically to your business requirements.