How Much Is Your AP Process Costing You?
A Recent Study found that the median cost to process a typical invoice is about $9.00.
Too many organizations struggle with the AP process. Whether your vendors are sending you paper invoices through snail mail or as an attachment in an email; how do you keep up with it all? All the sorting, separating and routing. Keying in invoice information isn’t easy – it’s enough to bring anyone down. And what about the costly errors? When you’re keying in data, hour after hour, day after day, there are going to be errors of some kind and once the errors are in the ERP it costs you more to correct than it did to key in the first place. Do you find routing invoices around to buyers and managers bogs the process down? Is everyone even following the proper process?
Managing Invoices Manually is Expensive, according to AIIM
You should implement a cloud or on premise capture solution to eliminate the typing bottleneck with InvoiceAction to improve the controlled processing of your Accounts Payable Invoice Process. An AIIM study states many companies say they see up to an 80% reduction in their total invoice processing costs after automation is implemented. InvoiceAction ensures your invoices are captured automatically and processed from any source including Scanners, Emails, Network Folders, EDI, FTP and Fax Servers.
The InvoiceAction Process
By implementing InvoiceAction you can process invoices locally or remotely; once captured, invoices are automatically classified and sorted – dramatically saving time versus the manual alternative. Next, the system applies advanced Optional Character Recognition to read and extract the invoice meta data eliminating the need to manually key in invoices. Rules based validation ensures the data is accurate. An example of data validation rules can include: Vendor look ups, 2-way or 3-way matching, row and column computations, duplicate invoice detection and early payment discount alerts and more.
Users are notified of work either in the InvoiceAction application or they’ll receive an email alerting them to jobs that must be processed. The system can be setup to enable the user to manually perform GL coding or dynamically routes the invoices to the appropriate staff to complete this process. Once all the data has been validated and confirmed, the captured meta data is released to your accounting or ERP system or can be exported to a file for import into the same systems. The entire process occurs with a minimum number of clicks and very little if any data entry.
The invoice image and business information have been captured and sent to the ERP, the next step is to automatically push the content to the MaxxVault document management system to store the invoices and the data for eventual search. MaxxVault can be implemented on premise or in the cloud to complete the process.