Automating vendors invoice processes
why and how?
Finance departments are dealing with more and more supplier’s invoices, besides by manual handling. However, this way of processing prevents your team of being efficient on day-to-day tasks, because of time-wasting and significant running costs related. To put an end to these major issues, invoice processing automation has become a necessity for businesses.
Challenges related to Manual accounts payable processes
From the invoice reception, up to its approval throughout all co-workers or departments involved, manual accounts payable processes bring about multiple challenges, issues, and risks:
- Important subsequent operational costs,
- Repetitive, long-lasting, and boring tasks for your accounting clerks,
- Lengthy routing and approval processes,
- Risk of data entry errors,
- Cumbersome and unsecure physical storage,
- Difficulty to track files, to comply with legal and tax requirements,
End-to-end automation for truly touchless invoice processing
With an industry-leading AI based capture and recognition engine integrated to your document management platform, automating every phase of your supplier invoices processing is effortless from the invoice capture, up to the creation of an accounting book entry in your ERP or financial solution.
In 6 steps, a user-friendly AP feature brings true productivity to your organization:
1. Capture any format invoices, paper and electronic from any source (MFP, Scanner, email attachment, network folder, …)
2. Automatically extract relevant invoice information, thanks to AI an Optional Character Recognition (OCR),
3. Execute an easy visual check of extracted data against invoice image,
4. Smoothly run payments approvals with online workflows, throughout your whole organization,
5. Archive all your AP documents (invoice, delivery notes, PO, …) in a single point of storage,
6. Automatically create invoices to your accounting system with data extracted.
Open Bee DXP platform helps your company to get rid of manual invoices processes’ issues once and for all and helps your finance department to achieve faster and more precise invoice processing. Our AP automation module brings the greatest advantages to any business who needs to continually maintain their productivity, such as processing large volumes of invoices in a minimum amount of time while eliminating data loss and error risks. Faster processes not only end late payments, but also enables to benefit from early discount payments and improve vendors relationships.
Finally, it delivers an easy access to all financial documents, which are always securely archived and stored. Taking away all those physical files is also a huge gain of space in the office! All is clear, as your visibility on AP processes progression and managing company’s outlays becomes simple. All of this can be summarized by important savings on processing costs and on time, therefore allows businesses to become more effective with their cash and forecast their future needs.