Accounts payable automation
Streamline your accounts payable processes with Open Bee
Automate every phase of vendor invoice processing; from reception of the original document to the creation of an accounting book entry.
Time and cost savings, streamlined, accurate processing, easy acces to data, real-time monitoring and greater control… the benefits of managing vendor invoices are numerous.
Combine document capture and advanced imaging technology
with workflow capabilities to empower your finance department
- Multi-channel Capture: both paper and emailed invoices are seamlessly captured
- Intelligent recognition: OCR, Semantic analysis and deep learning software examine invoices, capturing all relevant data, including line items
- Financial ERP integration: Direct integration with the ERP system via either formatted output files or dedicated connectors.
- Approval Workflow: Invoices are gathered into a workflow, and automatically sent to managers to review and approve.
- Automatic linking: Purchase orders, supplier invoices, and delivery orders are automatically matched by the software to ease the approval process
- Archive: Invoice images and corresponding audit trail transactions are recorded within the legal preservation document management system
Achieve faster, more precise invoice processing
- Eliminate manual keying in of Information and associated errors
- Reduce process cycle times by more than 70 percent
- Save significant amount of money in operational costs (Cost per invoice reduced by 60%)
- Enjoy a Return On Investment realized in 3 to 6 months
- Gain increased visibility into processes thanks to a full audit trail and real-time information
- Eliminate duplicate payments
- Reduce paper dependency
Do you need more information about the DMS?
Documentation
- Datasheet: Streamline your accounts payable processes
Open Bee’s Accounts Payable solution automates every phase of supplier invoices processing, from the approval of the document to the creation of an accounting book entry in the ERP/business
- Garnier-Thiebaut simplified invoice approval
IndustryA company specialised in the weaving, creation and commercialisation of household linen, products are marketed in over 80 countries.
The company employs 170 people, and our turnover is approximately 20 million euros a year. - Catalogue: Make document management a breeze
With a proven expertise in paperless and workflows operations, we will help you digitizing your document related business processes to gain agility, visibility, scalability and profitability
DMS – Document Management System
FAQ
What invoice matching exactly means?
2-way match in the accounting jargon is the reconciliation process of an incoming invoice (paper or electronic) with its purchase order stored in the ERP-system in terms of quantity and price.
What is Open Bee’s automated invoice processing solution?
Open Bee offers an automated invoice processing solution that brings end-to-end automation to your accounts payable processes. It utilizes an industry-leading AI-based capture and recognition engine, which combines machine and deep learning algorithms with semantic analysis. This solution is integrated with our document management system to streamline your invoice processing, approval workflows, and provide unmatched insight into every step of your invoicing process.
What are the benefits of accounts payable automation?
Accounts payable automation offers several benefits, including:
- Reduction of processing time and paperwork,
- Elimination of manual data-entry, minimizing human error,
- Improved internal controls through the ability to track the accounts payable process,
- Accelerated invoice approval,
- Encouragement of early payments,
- Centralized archiving of all invoices and orders.
What types of documents can be recognized by the solution for automation?
The solution is designed to recognize and automate the data extraction and classification of all types of structured and semi-structured documents. This means that regardless of the nature or complexity of your document, its recognition is automatically improved, leading to optimized processing.
What are the benefits of implementing accounts payable automation?
Implementing accounts payable automation offers numerous advantages for your organization. By streamlining and automating the processing of vendor invoices, you can unlock significant time and cost savings. Automated systems provide accurate and efficient invoice processing, easy access to data, real-time monitoring, and enhanced control over financial operations. Manual accounts payable processes have challenges such as lengthy processing times and high error rates, while automation reduces the risk of mistakes, document losses, and payment delays. It also eliminates ongoing costs associated with manual filing and storage, allowing your accounting team to focus on major financial projects and more value-added tasks.
How does the Accounts Payable Automation module integrate with other Open Bee modules?
Open Bee’s Accounts Payable Automation module seamlessly integrates with other Open Bee modules, providing a cohesive and comprehensive digital transformation solution. By leveraging Open Bee’s modular building blocks architecture, organizations can select and activate the modules that best align with their specific business requirements.
– Discover all the possibilities of Open Bee DMS
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