Accounts Payable Straight-Through Processing Cost Savings
The IntelliChief Capture Enterprise for AP Invoices solution allows your business to take advantage of Accounts Payable straight-through processing cost savings. It was designed from the ground up for organizations looking to automate their AP processes from start to finish. With IntelliChief, your company’s goals of eliminating manual ERP data keying, invoice matching, and voucher creation are finally attainable.
How Does Straight-Through Processing Work?
Invoices received as paper documents, email attachments, or other means are scanned or imported into Capture Enterprise. Then, information from the header, body, and footer of these invoices is extracted. Next, this information is verified and validated with the data stored in your ERP using 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. If all of the necessary information is available for a particular document, it can be processed without user intervention.
But What About Exceptions?
IntelliChief 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 matching process can be reviewed and resolved immediately or routed through your configured 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 your ERP or financial application without any manual keying.
Other Benefits of Accounts Payable Straight-Through Processing
New invoice layouts are set up in minutes by AP professionals as they process invoices, resulting in reduced invoice processing costs and cycle times. Capture Enterprise users have reported more than a 50 percent reduction in invoice processing costs and over 75 percent straight-through processing on PO-based invoices. By drastically reducing invoice cycle times, organizations are positioned to take advantage of early pay vendor discounts or, at the very least, to begin negotiations that can lead to increasingly favorable terms suppliers. Without IntelliChief, it’s markedly more difficult to get these types of conversations off the ground.
Are you ready to learn more about Capture Enterprise, including the five stages required to automatically process documents as well as departmental application highlights? Click here to learn more.