In today’s competitive business environment, running your operations more efficiently is paramount to a successfully evolving organisation. When looking at efficiency, most organisations have already solved the issues surrounding their structured operational data, by implementing CRM, ERP, Accounts and other line of business systems.
However according to Gartner, up to 90% of business data, transactions and records are in an unstructured format – paper, fax, email, office documents – and nowhere is this more prominent than within the Accounts Payable department.
It is common for Accounts Payable (AP) departments to deal with a large volume of documents (unstructured data) from PO generation to invoice receipt and approval. Large volumes of documents generally require a large amount of manual processes and input, which can result in duplication of work. All of this takes time and costs the organisation money.
ProcessFlows can supply a solution to automate the Accounts Payable process, removing the errors and costs associated with manual data entry and routing, along with the requirement to store vast amounts of paper.
AP ProcessFlows is a real-time, rules based, supplier invoice processing system which could save your organisation upwards of 75% of your current AP costs.
In addition, AP ProcessFlows will provide data integrity, real time reporting, right-place, right-time approval and many other efficiency gains that will reflect throughout your business.
AP Departments can often face a variety of business pains, including:
The AP process in many businesses is still largely manual. As a result, AP departments often have many personnel whose sole responsibility is to process supplier invoices.
According to research carried out by the Hackett Group, manual AP processes are costing businesses on average £2 – £4 per invoice to process and reduce employee productivity by at least 50%*. Other research suggests that where invoices go missing or have a complex approval process, the costs can be as high as £20 per invoice.
What is evident is that regardless of the processes you have in place for approval and systems you have in place for Accounting, if you are manually handling the data then there is a huge opportunity to improve efficiency and reduce costs by streamlining your AP process.
For most organisations, AP ProcessFlows will pay for itself within a 12 month period.
AP ProcessFlows is a solution that manages documents that drive AP processes and maximise the benefits of fast, efficient and precise document processing. Regardless of how documents are received (fax, email, post, EDI etc), our solution captures, organises and delivers them, along with supporting content, to the appropriate individuals for review, approval and automated processing.
Our solution allows users to quickly and easily access invoices and supporting content/documents, as well as make decisions, from the applications and devices that are most convenient for them. For example, employees can quickly retrieve invoices, PO’s, delivery notes directly from within their familiar ERP/finance applications, including SAP and Oracle. Managers can review and approve invoices and input additional data directly from Microsoft Outlook or via mobile devices such as an iPad, iPhone, Windows or Android. A ProcessFlows’ real-time dashboard also provides managers with increased visibility into the status of invoice processing, enabling them to identify bottlenecks and slow down processes and adjust workload distribution of the fly.
Electronic documents such as emails, PDF, Word, EDI can be captured automatically when they are received. Paper based documents via the post can be scanned directly into the system, invoice scanning is a key function of the solution. Documents are stored within a central, secure, fully audited electronic filing cabinet. Whether the document is electronic or scanned, our solution will use the correct method of data capture, such as our advanced OCR, IDR, ICR technology, to read the document contents, extracting all the key information, not just the header information but also transactional line items. Documents will be automatically routed around the organisational to the relevant individual/department by a variety of methods including supplier, contact and transaction value for approval/authorisation. Employees can authorise a document from their desk or while on the move from any location where they can connect to the internet via a smartphone or mobile tablet. Once approved, a transaction file will be created, which can be automatically imported into the organisations ERP/finance application. This removes the need for manual input, resulting in the transaction being inputted correctly first time, without error. The document will remain stored securely and easily accessed via the organisations ERP/Finance solution.
If a business wants to significantly reduce costs and in the same stroke become highly efficient, then the AP process is the place to start. But don’t take our word for it; find out how LexisNexis’ Accounts Payable Manager, Isobel George, made the decision to switch to a fully automated Accounts Payable process – See our LexisNexis Case Study and Video.
For more information you can call us on +44 (0) 1962 835053, or email firstname.lastname@example.org.
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