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The next steps to Automated Invoice Processing

January 20, 2016

Invoice scanning software is now very familiar within accounts payable departments.

Common software requires the use of stick-on barcodes from your chosen ERP, to capture and digitise supplier invoice fields, such as supplier, date, and invoice number without the manual keying of information. This saves time and allows for the electronic storage and retrieval of invoices.

Some invoice scanning software can also offer Optimal Character Recognition (OCR) technology and provide input/integration of the captured supplier invoice data to your ERP or financial system.

While the introduction of scanning software for invoice capture is a positive step forward from a paper-driven process, anyone considering or using barcode driven invoice scanning software should consider the increased efficiency and benefits of using a complete accounts payable automation solution.

Accounts payable automation is the next step

Accounts payable automation (AP automation) takes invoice scanning to the next level by adding intelligent capture, automated workflows and approval processes to save you significant time and money in the processing of invoices.

Accounts payable automation begins with an intelligent capture engine to capture your invoice data from paper invoices. Our solutions can also gather invoice data from any other invoice format and bring them into the same workflow – whether they are Emailed PDF, EDI, XML or other electronic formats.

These solutions will extract both header and transactional line item data from the invoice and can automatically match this information against a purchase order. If there is a complete match, the invoice is posted into your chosen ERP for payment in a fully automated process. If no purchase order exists, the software sends the invoice to the correct person for allocation.

AP automation then offers automated workflows to handle the processing and approval of the invoices, and also automated integration of the data to your ERP or financial system. The most advanced technology can offer cloud-based mobile access to the process which delivers the highest efficiency and flexibility into your accounts payable process.

The greatest savings with AP automation solutions can come from early payment discounts (and reduced late payment penalties) and a reduction in resources required for the manual keying of data. Our solutions provide a rapid return-on-investment (ROI).

Free Invoice Scanning Webinar

If your accounts payable department wants to move beyond invoice scanning to an automated process we encourage you to join our free AP webinar on Thursday 4th February at 10:30am (GMT).

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