The Account Payable team of any enterprise faces a constant challenge in the form of manual entry, approval delays, and never-ending amounts of paper. Invoices received through email, and postal mail makes the approval process tedious. Even though some organizations have centralized their operations to handle payment traffic, they still rely on manual data entry processing of invoices which is very inefficient
Manual Invoice Workflow Challenges at Medsleep
We identified a similar challenge at our client Medsleep, a leading network of clinics that provide quality sleep medical services across North America. Their finance department was under pressure to improve some business processes, including sales order processing, invoicing, credit management, and cash allocation. These processes were identified as manual, time-consuming, and thus, inefficient. It primarily involved paper documents and was prone to human error. The AP team, therefore, ended up handling a large volume of work that wasted crucial hours and valuable dollars. Re-keying data by hand was slow and cumbersome. There were bottlenecks during busy times that resulted in delays in getting orders to customers. Errors created confusion amongst the teams, which in turn produced incorrect fulfilment of orders, making it more chaotic.
End-to-End Process Automation
Connectis Group provided the solution for this complex problem. We implemented a customized end-to-end process automation solution which included Artysl’s InvoiceAction and our client’s Intuit QuickBooks Enterprise 2020 on-premise.
Artsyl’s Invoice Action was the right solution because of its tight integration with the QuickBooks accounting system and SQL, which, in effect, enabled further customizations to meet MedSleep’s unique requirements. We worked closely with Medsleep to continuously test and deploy and make refined adjustments based on client feedback throughout the process. Once the solution was fully deployed and Connectis trained the Medsleep staff and continues to provide ongoing support.
Benefits of Integrated Workflow Automation
We studied the impact of the QuickBooks-integrated Workflow Automation on the AP processing team at Medsleep. MedSleep’s accounts payable process now features one centralized and paperless workflow that eliminates tedious and cumbersome tasks.
Elimination of Manual Processing
Now with InvoiceAction, all the batches of invoices have been defined to be routed to different levels of Approvers within the company, reducing the need for manual intervention.
No Dual Entry
InvoiceAction AP workflow facilitates syncing of invoices, payments, and vendor information between systems through two-way sync with QuickBooks. Thus, it eliminates dual entry.
Minimize Human Errors
There is a considerable reduction in the laborious manual task of typing each value into QuickBooks as InvoiceAction captures line item details, table column details, and field-based values from each image of the invoice. It saves time and eliminates the incidence of human errors.
Seamless Document Capture
It is easier to maintain an accurate cash balance and execute payment runs as Artsyl’s intelligent data capture removed the tedious and time-consuming aspects of managing accounts payable.
Process More Invoices in Less Time
It reduced the typical amount of time required to process and pay invoices from 10 days to 2 days – and the high volume of monthly invoices is no longer a burden to manage.
Boost Efficiency of Finance Department
The new setup caused a fourfold increase in the efficiency of the AP team. They are now able to focus on accuracy at every step and precisely forecast for every department. Therefore, these improvements have caused a noticeable impact across the company.
Cut Invoice Processing Cost
Finally, the entire process now results in reduced accounts payable cycle times, better cash flows, reduced paper handling costs, and increased accuracy.
The next step in this digital transformation process is to implement MaxxVault Document Management Solution, which integrates with QuickBooks and InvoiceAction to eliminate physical filing cabinets for archiving and retrieving AP documents. The manual search takes a toll on the AP clerks when a vendor calls to enquire about any outstanding invoices. With MaxxVault in place, the invoice documents and captured metadata are processed by InvoiceAction are pushed into the DMS automatically, further saving time and boosting efficiency.
If you’re using QuickBooks on premise or any other ERP and have a large volume of invoices that are a burden to process today and you need to improve the speed of invoice processing – Connectis can advise you of the best steps to improve your process. Call 905-695-2200 or email firstname.lastname@example.org to discuss your unique environment confidentially, and perhaps we may help you to implement an end-to-end workflow automation that will bring a surprisingly fast ROI to your business.