For accounting departments, paper-based, manual invoice processing is an age-old problem that poses a range of operational and strategic challenges.
54% of businesses said invoices were being sent to the wrong place**, and 28% said that “too much data entry” was one of their top challenges.*
36% of technology leaders say that employees are less efficient due to siloed data management practices.****
The average cost of processing a single invoice manually is £8-£15. In light of this, 63% see reducing processing costs as a top priority.***
53% of accounts payable teams can’t provide answers to supplier queries about invoices due to a lack of visibility, meaning they need to call back with more information.**
The biggest bugbear for 38% of accounts payable departments is “too many paper documents”.*
74% of professionals expect remote work to become the standard in the future.*****
The case for automation in accounts payable departments is clear. Employees can spend less time on cumbersome data entry tasks, freeing them up to work on more meaningful projects.
Managers can increase their value to the business by streamlining processes, improving cash flow projections and capitalising on incentives.
At the C-suite level, CFOs get peace of mind knowing the accounts payable function is providing consistent strategic value to the organisation.
No matter the format of your invoices – mail, email, fax, EDI or more – our solution includes intelligent indexing capabilities to extract information, powered by AI and machine learning.
Customer benefit: paper usage and manual data entry become a thing of the past, as all key data in invoices is recorded automatically.
Invoices are routed digitally through approval chains, or go straight through approvals based on pre-defined rules integrated into the software. Exceptions trigger notifications so that they can be dealt with quickly and visibility maintained.
Customer benefit: the entire invoicing process is streamlined, reducing cycle time and cost. Meanwhile, standardised processes make life easier for both experienced staff and new team members being trained in their roles.
All invoices are stored digitally in a format that meets regulatory requirements, such as GDPR, while being instantly retrievable and enabling retention policies to be applied.
Customer benefit: regulatory compliance with effortless archiving and retrieval for all digital accounts payable documents.
Our solution provides an interface that integrates with ERP and financial management systems. Invoice information across the entire accounts payable process can be managed with ease, with documents and data automatically synchronised between systems.
Customer benefit: complete tasks through a unified platform. Switching between different applications is no more.
Our AP solution is built for the agile working world. Access information anywhere, any time and across any device. In an era where flexibility for all employees is key, we have your back.
Customer benefit: bottlenecks and delays are reduced due to increased flexibility, ultimately leading to improved productivity. Supplier relationships can be improved as invoices are paid faster, and there is a greater chance of capitalising on early payment discounts.
Users get end-to-end visibility of the invoice lifecycle, delivering valuable insights into accounts payable performance. This information can be accessed by decision makers whenever and wherever they need it. Invoices are visible as soon as they’re captured, rather than having to wait for them to be manually entered into a system.
Customer benefit: more informed decision-making, improved cash flow management and better workload distribution.
We'll explore how automated AP solutions can help your business.