Accounts Payable Workflow & Invoice Processing

View webinar on-demand: Accounts Payable Invoice Capture and Approval Workflow, What to Expect?

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“Finding the right solutions provider to automate our invoice and expense processing operation was critical for our organisation to reach certain cost reduction and efficiency benchmarks. After reviewing many proposals and interviewing the top vendors, TIS emerged as the leader of the pack in terms of solution quality. They exceeded our expectations regarding the technical capabilities of the system”,

Kevin Ingham, Head of Accounts Payable, Atkins, UK.

 

Why AP automation?

 

Double payments, lost invoices, lack of transparency along the process, high cost and time-intensive processes, are all problems related to manual invoice processing and data entry.

Companies are looking for ways to cut costs and improve efficiency, as well as limit process cycles and eliminate errors. By using AP automation across the entire process of invoice processing, eFLOW Invoice Reader can answer all these needs. 

Complete AP automation from purchase to payment

 

eFLOW Invoice Reader captures and classifies all information in invoices in both paper and electronic formats. Line items are extracted and interpreted in both single and multi-page invoices.

The extracted information is then fed to your ERP system(s) such as SAP, Oracle and JD Edwards.

How will AP automation benefit your business?

• Better cash flow management. eFLOW Invoice Reader makes dynamic invoice data available on a daily basis. With such detailed and reliable reporting available so early in the transaction cycle, you can clearly see all your payables liabilities and make informed cash flow decisions.

• Cost savings. Benchmark data indicates that processing an invoice manually costs over £10* . With eFLOW Invoice Reader, it’s less than £1 – a potential saving of over 90%.

• Efficiency. Invoices are processed within hours of receipt, so staff spend more time on value-added tasks and your reporting is available immediately.

• Improved vendor relations. Vendors greatly appreciate payment to terms with no need to chase, and paying on time (or before time) could allow you to negotiate better deals. Early settlement discounts of 2.5% can translate into significant annual cost savings for your business.

 

Other things you might want to look at: 

Particularly interested in integrating to SAP?

Accounts Payable in the Public Sector

Interested in processing other document types?

How Coca Cola saved over €140,000

More about AP automation technology 

 

*Source: The Hackett Group Procurement and Accounts Payable Benchmark 2007. Based on an average invoice length of 5.5 items or 1.5 pages and a cost per invoice line item of $2.84, giving a total cost of 5.5 x $2.84 = $15.62 or £10.39 (May 2009 exchange rates).

 

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