For organisations who wish to be competitive, it is vitally important to reduce costs and make processes efficient. One such method is through automated invoice processing.
Manual data entry is time consuming and error prone, leading to late, missed or incorrect payments
An inability to swiftly search and retrieve historic invoices
Physical data storage is costly result in lost and misplaced invoices
An intelligent accounts payable solution begins by scanning and digitising all paper invoices and incorporating all electronic invoices into a queuing system, which matches the invoice with the supplier. The relevant line items are extracted from the invoice using OCR technology and the invoice is matched up with a purchase order. Next, a workflow method is used to direct all invoices to the relevant departments for review and authorisation. Finally, the invoice is digitally archived in the organisations financial system.
An increase in process transparency. Digitised invoices immediately seen by relevant department.
A reduction in costs and an increase in productivity.
Optimise data accuracy. No manual entry means no entry or balancing errors.
No missed, delayed or incorrect payments.
An organisation can take advantage of early payments to suppliers.
Overall, better cash flow visibility, budgetary control and performance management.