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Financial Process Automation

Banish the “Stare and Compare” with Invoice Automation

It’s lunchtime. And while you have a mountain of invoices to process, you’re grabbing a quick meal to go before heading back to the office. Standing in line to place your order, you look up and see the menu above. Sandwiches, salads…and then you notice something that makes you look again. Invoice Automation. That’s odd, you think. Why would invoice automation be on a to-go menu?

You walk up to the counter to place your to-go order, consisting of a turkey sandwich and a drink. Curiosity peaking, you ask the person behind the counter; “Can I really get this automation package to go? Does this require a lot of preparation to get this set up and running?”

You’re surprised to hear, “Nah, you have an ERP system right?” You nod yes, and the counterperson explains, “It’s works with your existing ERP system and it’s really an out-of-the-box solution. It’s easy to set up and better still, you’ll get a fast return on your investment.”

“Does it handle all types of invoices?” you ask.

“All types of invoices—all types of paper, faxes, emails all kinds of invoices—even the ones that are difficult to read. It’s our most popular solution,” the counterperson responds.

Excited by this prospect, you decide to purchase. He hands you a package that reads Invoice Processing Agility and you leave with it (and your sandwich) and head back to the office.

Setting your food aside you carefully open the package and see a welcome notification:

Welcome to Invoice Processing Agility

Inside your “to-go box,” you will find the tools you need to automate all your invoices from scanning to posting to your ERP, quickly and efficiently.

  • Stop the Stare and Compare: Invoice processing automation automatically matches purchase orders with all your invoices and alerts you when there’s no match. (Did you know most of our customers easily achieve over 80% of straight-through processing?)
  • Transform All Invoices Regardless of Format: Invoice Processing Agility (IPA) automatically receives, captures, extracts and processes invoice formats; email, fax, TIF, PDF, EDI, XML and more.
  • Built to Scale. We realize your invoicing needs change over time and we built IPA to expand and scale as needed.
  • Insight into Your Financial Process: IPA enables you to look into your processes and see exactly where all invoices are at. Not only will this help your team, but it also allows you accurately provide suppliers that status of their payments.

Power Your Financial Processes: See invoice processing agility in action in this 3-minute video:

  • Cutting Invoice Processing Costs by 70%: Capita Group, a financial services group based in the UK, was inundated with paper invoices and had over 40 employees manually keying and re-keying inbound paper invoices. Slow and error-prone, Capita realized their current process was not sustainable (let alone efficient). With invoice process automation they cut the cost of invoicing to 25% and reduced back office staff by 50%.
  • Moving to 100% Paperless Process: With 23,000 suppliers and over 10,000 invoices daily, Sonae struggled to streamline their AP processes. They knew moving to a 100% digital solution was the answer. Employing data and extraction technology, it was an easy transformation to process “paperwork” faster. Plus the automated invoice-matching and approval process allows Sonae to migrate to exception handling only and saved $14 million dollars savings annually.
  • From Hours to Minutes for Invoice Processing Construction development company, Koppens Developments underwent tremendous growth over the recent years. With a team of 3 people to process invoices, it quickly became unmanageable, in addition to managing possible cost overruns. Implementing Kofax automation solutions, an invoice that took over a day to process now takes 3 minutes. Plus the automated matching of invoice line items to purchase orders helped Koppens gain visibility into actual costs, faster.

You’re pleased to learn, one of the bigger benefits of invoice automation is making you and your team happier and more efficient, moving away from the “copy and paste” and “stare and compare” treadmill to a more strategic financial perspective.

So maybe it’s not quite that simple to walk up to and order invoice automation solution with your lunch order, but it’s easier than you think. Contact us today and we can show you how.

If you’re interested in learning more how invoice automation can help your organization, get your copy of the Aberdeen white paper here.