Why you should be thinking of automating your invoice processing...
Here are three scenarios you might relate to:
You've invested time, effort and expense improving your purchasing process, but you still have to manually handle the associated invoices...
Solution: Fully automate the processing of order-based invoices
Intelligent matching algorithms automatically connect inbound invoices to Purchase Orders and goods receipt notes. This ensures invoice details are in-line with expected values so you are able to ready for the invoice for payment with zero manual user intervention.
The solutions we provide utilize best-in-class matching capability, letting the system do all the work needed to achieve the highest possible automation rates. On average, our customers are achieving 68%* to as high as 97%* touchless processing.
*Real time statistics taken directly from cloud customers
Your team spends far too much time chasing "Dave in IT" to approve invoices; meanwhile, you’re fielding multiple calls from frustrated suppliers who want to know when they’ll be paid.
Solution: Complete visibility of all in-flight and historic invoices
The workflow will automatically send reminders to users with outstanding tasks to perform. and an intuitive mobile user interface makes it simple for “Dave in IT” to approve invoices now, even if he’s out of the office.
Whenever the status of an invoice changes, suppliers can be kept up-to-date with push notifications, reducing the number of inbound queries your team needs to handle.
Should you still receive a query from your suppliers, or you simply want to understand the status of all invoices in the system – both in-flight and historic items – the information is available right at your fingertips. In-built reporting and dashboards let you:
- Easily find invoices view status, and see a complete audit trail of when and by whom each task was completed;
- Create management dashboards to view supplier performance, open invoices, processing bottlenecks, and more;
- Connect in real-time to external reporting tools, allowing you to integrate management information into your corporate dashboards.
Your team wastes large parts of their day acting like robots, repeating the same actions week after week, month after month to correct the same old issues and mistakes time and again. Not only is this highly inefficient, it’s very tedious for the team.
Solution: Automate handling of routine exceptions
The industry is buzzing about Robotic Process Automation (RPA) for good reason: it removes repetitive tasks through the creation of robotic processes. A win! Some of this functionality comes built into an AP automation platform, such as creating rules to automatically code and process freight costs on an invoice, provided costs fall within defined tolerance levels.
avvaneo will help determine whether whether built-in functionality, or opting for a specific RPA application is best to meet your needs now, and extend functionality in the future to include such additional benefits as:
- Automating GL account set-up
- Posting an allocation journal entry
- Validating and updating vendor master data
- External compliance checks such as VAT ID verification
- Automating or simplifying month-end closing activities