Is your business looking for an invoice processing solution to help automate your Accounts Payable department? With the Intelligent Accounts Payable automation from AAC Systems you will be able to match invoices, prevent invoice duplication, avoid late payment penalties and increase the efficiency and productivity of the whole department.
No matter what type of business you run, which market you operate in, your Accounts Payable (AP) department is under pressure. Today’s AP Manager faces a whole range of challenges. These include avoiding late payment penalties, detecting duplicate invoices, tracking down lost or misplaced invoices, or simply pressure from Finance Controllers looking for better visibility into cash and obligations.
It is still very common for AP departments to be use slow, error prone, manual methods for data entry, review, validation and even authorisation. Therefore the costs of processing an invoice remain unnecessarily high.
How AAC Systems’ can help:
Using a more automated approach, such as our intelligent Accounts Payable (AP Agility) solution, AAC Systems can help you to transform previously labour intensive processes into a highly productive and lower cost practice that enhances cash flow and operational efficiency.
AP Agility will enable your business to capture invoices across all the various channels that you use including paper, fax, email & portal. This ensures efficient control as soon as the invoices are received, whilst simultaneously reducing the risk of invoice errors. Improvements in software and scanning hardware over recent years have greatly improved both the speed and accuracy of data capture. Incoming invoices can be scanned and the system can identify which supplier sent the invoice. In addition, if invoices are received electronically, such as in PDF format, these can be imported and the contents read. The automation of invoice processing saves time as well as checking for duplicate invoices and other invoice errors. Consequently the relevant data can easily be extracted from the invoice and validated against existing system information. Today, actual purchase order numbers can be identified and the total/line amounts checked automatically against the invoice.
Benefits of Intelligent AP Automation:
Increased Processing Speed – Capture paper invoices immediately and electronic invoices automatically as soon as they are received. Eliminate data entry delays by using automatic recognition and 2-way or 3-way invoice matching.
Workflow Automation – Automatically trigger electronic invoice approval workflows for coding and appropriate approvals for on-time payment.
Enhanced Visibility – Convert all invoices into standard format electronic files and data that can be accessed from the computer desktop, at any time, by anyone who is authorised – even by multiple people at once.
Improved Control – Implement a formal, auditable process for capturing invoices, regardless of format or content, and implement security measures and retention policies to reduce risk of compliance failure.
Better Data Quality – Validate all invoices as they are captured so approval processes run smoothly. Improve business decisions by providing high quality supplier data.
Optimised Cash Management – Take advantage of early payment discounts and avoiding late payment penalties. Prevent duplicate invoice payments.
For a confidential conversation on your options for Intelligent AP Automation, contact AAC Systems Ltd.