Transparent processing of incoming invoices is critical for efficient business operations. An invoice – whether electronic or on paper – must be digitised in an email inbox, so that the finance department or the accounting department are immediately notified.
Invoices, which are not directly captured in the company's headquarters, but received at branches or subsidiaries abroad, can be handled via one centralised process. An automated solution enables companies to monitor the accounts payable department process in such a way to uncover bottlenecks in the invoice workflow and ensure operational efficiency is achieved.
Delays in invoice release caused by distributed processes involving colleagues from other departments and regional offices can be made more efficient. Furthermore, by improving transparency and controlling the Accounts Payable processes are greatly improved.
Financial departments are faced with a serious challenge. Today they must be seen more as a profit than a cost centre and must contribute actively to the growth of the company.
By streamlining and automating invoice processing AP departments can save time and resources, reducing processing time from weeks to a matter of days. Finance and accounting departments no longer need to bother manual data entry and can instead focus on other core activities, completing more tasks with the same number of employees.
In addition, AP optimisation helps accelerate the processing of invoices and reduces the processing time from weeks to days. Ideally, invoices matched to a purchase order can be processed automatically - so-called Straight Through Processing.
Manual processing of invoices often leads to entry or balancing errors, which can lead to time-consuming post-processing or – in extreme cases – missed or incorrect payments. Additionally, manual processing often results in misplaced or lost documents inside a company. The company suffers lost productivity, increase costs and delays in final payments and reconciliations.
Automatic data extraction and system-based approval workflows reduce the level of manual interaction to a minimum. Invoices are verified immediately after digitisation so that manually copying and passing on physical documents is eliminated.
As a strategic area inside an organisation the finance department is responsible for the optimised management of a company's cash flow. For this reason, it is important that all incoming supplier invoices are monitored and paid at the best time.
With ABBYY's solution organisations can automate the entire accounts payable process so that cash flow is optimally managed and finance departments have all information ready and at-hand.
ABBYY’s solution for Accounts Payable automation allows companies to have business critical data at their fingertips, enabling a transparent and integrated monitoring process for the accounting department.
Find out how ABBYY Invoice Capture addresses your organization needs.
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