Because it’s a paper-intensive function, your organization’s invoice processing can be expensive and error prone, thanks to the high volumes of manual data entry, time-consuming exceptions processes and slow turnaround. Those elements result in the following challenges associated with invoice capture:
- Routing invoices for appeal
- Resolving errors and exceptions
- Overall payment costs (including staffing, processing, etc.)
- Lost or missing invoices
- Lack of visibility across the invoice-to-pay process
What’s needed is a different method, one that takes invoice capture to the next level, replacing manual processing with automation, converting paper invoices to digital documents. But this sort of solution requires technological expertise and knowledge of the process. Instead of making the investment in hardware, software, training and staff, your organization should find an outsourcing provider who combines decades of experience in the BPO arena with a continuing commitment to technological evolution.
In such an automated invoice capture process, invoices are received, prepared and digitized. The data is then extracted, and business rules are applied to drive the workflow. The streamlined workflow allows for approval, denial, pay or pend. Finally, integration is made with your organization’s existing enterprise resource planning (ERP). This eliminates the cost and complications associated with manual process, and because you’ve outsourced your invoice processing to a reliable provider, your company avoids the costly investments in technology and staff.