Invoice processing is part of our accounts payable APProcessFlows application suite.
Processing an incoming invoice is expensive particularly where organisations are complex and involve many people.
It can take 10 to 40 days to manually process a single invoice.
Manual Processing includes:-
- Invoices arrive by post, fax, email and are categorised
- They are forwarded to the person responsible for that invoice
- The invoice is matched to the purchase order, verified, approved and signed off for payment
- If it exceeds the organisation’s limited amount it may to go to senior management for authorisation
- The invoice is input into the accounting system ready for payment
Accounts Payable departments are challenged with cutting operating costs whilst ensuring invoices are paid promptly without hurting the supplier-company relationship. Manual AP processes are costing companies on average £2-£4 per invoice and reducing employee productivity by almost 50%.
Employing our APProcessFlows application into your system provides a start-to-finish solution enabling organisations to benefit from a ROI together with measurable business efficiency gains in the AP process.
APProcessFlows works by:-
Using an intelligent capture tool which scans any invoice that enters the company; extracts invoice data automatically from any invoice and then learns and stores as it goes. Allowing the collection of data to be truly automated and ERP accounts systems to be automated without manual entry. Every supplier invoice has a different layout; using our invoice processing technology content of an invoice is captured in whatever format; paper, XML, EDI, digital images and faxes. Our intelligent capture solutions are able to handle all types of documents regardless of how they arrive.
Invoice processing automatically matches and verifies scanned invoices with PO’s making the AP process centralised up to date information is available at your finger tips. Hold all relevant documents and facilitate delivery and comparison of documents. This enables search and access to documents for processing and audit and negates the need for paper storage.
Action needs to be taken on invoices this is achieved by automatically matching invoices to PO and or POD documents, compare values and escalate exceptions to other areas of the business reducing processing time and errors.
How does our software work?
- Integrate current systems
- Automatically allocate the right invoice to the relevant transaction
- Automatically allocates invoices for payment
- Automatically queues exceptions for handling
- Deliver information on exceptions to the AP desktop
- Make payment status available to everyone
- Reduce invoice processing costs
- Time savings and increased efficiency
- Resolve exceptions quickly
- Early payment discounts
- Reduce supplier inquiries
If you have a complete view of the Accounts Payable process through a streamlined and automated end-to-end invoice management system you gain control over all processes and financial implications.