Invoice processing is a paper-intensive (and labor-intensive) function that results in large volumes of manual data entry, expensive and time-consuming exceptions processes and less-than-optimal turnaround times. So what’s the solution for financial institutions?
Automated accounts payable processing can streamline all elements of manual processing with an end-to-end solution that can be integrated much more quickly than an on-premise solution. Here’s how the process works:
- Invoices are received, prepared and digitized
- Data is extracted, and business rules are applied to drive workflow
- The streamlined workflow allows for approval, denial, partial pay or pend.
- Integration is made with existing enterprise resource planning (ERP).
Among the benefits of AP processing:
- Reduce costs by as much as 60 percent
- Reduce physical storage space by as much as 35 percent
- Reduce lost documents by an average of 66 percent
- Allow companies to get line-item detail without relying on internal manual data entry
- Reduce invoice processing turnaround times, allowing companies to reduce or eliminate late fees and benefit from early-payment discounts
- Increase control over information and regulatory compliance
Companies that fail to automate their accounts payable processing are going to find themselves left behind, losing profits and business as they try to cope with the problems of manual data entry and physical paper processing. But companies that are willing to embrace that technology by outsourcing their invoice processing will see their business grow as they become more efficient and able to grow along with the demands of the business.