Invoice processing is part of our accounts payable AP ProcessFlows 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 or email and are then 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 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 reduce employee productivity by almost 50%.
Employing our APProcessFlows application into your system provides a start-to-finish solution enabling organisations to benefit from an ROI together with measurable business efficiency gains in the AP process.
APProcessFlows works by:
An intelligent capture tool scans invoices that enter the company.
It extracts invoice data automatically from an invoice and then learns and stores it as it goes.
This enables the collection of data and ERP accounts systems to be automated without manual entry.
Each supplier tends to have an invoice in a unique layout and format so there’s no uniformity.
Using our invoice processing technology the content of an invoice is captured in whatever format from paper, XML, EDI and digital images.
Our intelligent capture solutions can manage all types of documents regardless of how they arrive.
Invoice processing automatically matches and verifies scanned invoices with POs making the AP process centralised.
Information is available at your fingertips when you need it.
Documents are stored within the process allowing you to facilitate delivery and comparison of documents.
This helps with search and access to documents for processing and audit and negates the need for paper storage.
Action is taken on invoices and is achieved by automatically matching invoices to PO and/or POD documents, comparing values and escalating exceptions to other areas of the business reducing processing time and errors.
How does the software work?
- Integrates into your current system(s)
- Automatically allocates the right invoice to the relevant transaction
- Automatically allocates invoices for payment
- Automatically queues exceptions for handling
- Delivers information on exceptions to the AP desktop
- Makes payment status available to everyone
- Reduces invoice processing costs
- Time savings and increased efficiency
- Resolves exceptions quickly
- Early payment discounts are applied if needed
- Reduces supplier inquiries
By having a complete overview of the Accounts Payable process through a streamlined and automated end-to-end invoice management system you achieve greater control over your business processes and financial implications.