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Finance - Accounts Payable
Processing invoices can be a challenging task for any organisation. In the midst of cost and regulatory compliance pressures, accounts payable departments are striving to improve and extend the services they provide for their own organisation, while looking for innovative ways to reduce costs, increase efficiency and enhance business relationships.
Labour-intensive manual accounting systems and growing volumes of paper and fax based invoices have been plaguing finance departments for decades, which has been compounded further with the introduction of e-mails, attachments or XML and e-invoicing.
To keep up with these growing volumes, Accounts Payable teams have traditionally responded by increasing headcount, and costs to the finance department, without addressing the manually intensive, cumbersome, error prone processes that drives it.
Finance departments relying on manual accounts payable processes are finding that adding staff doesn't solve the inherent problems of unrecorded liabilities; duplicate, inaccurate or unauthorised payments; and misappropriated cost allocations. These departments are struggling to meet their organisations' basic need for visible, timely, and accurate financial reporting and control. And compounding the problem, their manual processes make it difficult, if not impossible, to address the critical issues presented by the growing raft of regulation and compliance.
Processing invoices from the time they arrive at the organisation to the time of actual payment can cost the company as much as £60 per invoice, depending on the level of automation applied. Swift and accurate processing is crucial to reduce costs, leverage early payment discounts and to improve key supplier relationships.
Capital Capture - provide Intelligent Capture solutions for Invoices to reduce cost, time and effort required to process invoices by capturing invoices independent of the media used, automatically extracting invoice information, providing manual and automatic validations, automating workflows and processes and setting up a seamless communication stream with suppliers.
Highlights:
- Perform format-independent Invoice Capture, (Fax, Email, Scanned Images or e-Invoices) centralised and/or distributed.
- Automatically extract invoice information including Line Items
- Detect and correct data quality issues with invoices such as missing P.O. numbers, or wrong shipping costs
- Automatically notify suppliers of invoice status and invoice issues
- Provide media-independent feedback mechanisms for suppliers to quickly troubleshoot data quality errors on invoices
- Deliver clean, accurate and process-ready Information to Line of Business applications
- Automate Invoice verification and approval workflows
- Improved cash flow management
- Decreases the time needed by external auditors or other external parties to access business documents
Overall, Capital Capture Intelligent Capture solutions for Invoices can help you to:
- Reduce direct invoice processing costs by automating processes
- Leverage early payment discounts
- Increase accuracy by reducing data entry errors
- Enhance financial reporting capabilities
- Speed up exception handling through automated exception detection and confirmation
- Meet increasing demands for e-invoicing and strict regulatory and compliance regulations and mandates
- Integrate seamlessly with other applications (ERP/Accounts Payable)
For more information about our finance - accounts payable capture solutions and services, please contact us on 0207 314 7700 or fill in our contact form to find out how we can develop a solution tailored for your organisation's digital imaging requirements.
