Accounts Payable Straight Through Processing Cost Savings

Tim Nissen | Accounts Payable Straight Through Processing Cost Savings.

The IntelliChief Capture Enterprise for AP Invoices solution is a realized departmental application highlight: Accounts Payable straight through processing cost savings. It’s architected for organizations looking to thoroughly automate their AP processes, with the goals of eliminating manual functions of ERP data keying, invoice matching and voucher creation.

Invoices received as paper documents, email attachments or other means are scanned or imported in to Capture Enterprise. Information from the header, body, and footer of the invoices is extracted. This information is then verified and validated with ERP-stored data, leveraging database lookups, defined business rules, calculations and confidence thresholds. The vendor associated with each invoice is automatically identified, and other critical pieces of information including line items on single and multiple-page invoices are processed.

The solution offers Accounts Payable validations, such as mathematical calculations and automated two-way and three-way matching. Invoices that fail validations, fall below confidence thresholds or fail the invoice match process can be reviewed and resolved immediately, or routed through IntelliChief Workflow for exception handling. Non-PO based invoices can be routed for GL coding and approval. After all invoice types have been fully matched, approved, coded or otherwise resolved, the data extracted and validated via Capture Enterprise will be delivered for voucher creation within ERP/financial application without manual data entry.

New invoice layouts are set up in minutes by AP professionals as they process invoices, without reliance on IT staff, thus resulting in reduced invoice processing costs and cycle time. Capture Enterprise users have reported more than a 50 percent reduction in invoice processing costs and over 75 percent straight through processing on Purchase Order based invoices. By drastically reducing invoice cycle times, organizations are well positioned to take advantage early pay vendor discounts, or even negotiate more favorable terms with their suppliers.

See how – view this 3-page portrait of practical document management automation success: //bit.ly/2cLO2aT

 

Related: IntelliChief Capture Enterprise – OCR Software for Converting Images to Text, Automatically Processing Documents & Eliminating Manual Data Entry