When handled manually, the accounts payable function of invoice processing, verification, matching and data entry represents a significant overhead for most businesses. The majority of invoices arrive in paper form, while others arrive via email attachment. The need to process both paper and electronic forms requires manual effort that cannot be scaled, is slow, inefficient, expensive and error prone. That is, unless you have the right tools!
This short webinar will give a practical demonstration of how the 4 levels of a successfully automated accounts payable solution operates (see below). We will give practical demonstrations using multiple invoice types with different formats and information but all will be recognisable to you and your organisation
Date: Wednesday 5th October, 10am for 1 hour
Level 1 – Invoice Data Extraction
Automatically extracting header and line item information from paper and electronic invoices eliminates a heavily manual, time consuming and laborious task that is not scalable and error prone.
Level 2 – Exception Handling
With an automated solution, AP staff only deal with exceptions rather than processing all invoice information. This fundamental change means they are more likely to identify invoice errors and save money for the organisation.
Level 3 – Three Way Matching
Three-way matching is a standard payment verification technique that ensures everything arrives in the correct quantity and at the right price. Automation ensures that PO, invoice and delivery data matches before approval.
Level 4 – Approvals & Migration
AP staff normally do not approve invoices so having automatic approval workflows speeds up invoice processing. And once approved, the invoice data is ready to be migrated to your accounts package or ERP without any manual intervention.