Your Accounts Payable Department will reduce their invoice processing time and associated costs by automating manual processes and improving information accuracy with top performing OCR technology.
Challenge
In many instances, 80% of the time spent on entering vendor invoice data is directly related to finding data. For example, your vendor number is in your accounting system but not on the vendor invoice. This is a time consuming activity, that could be better spent doing other work, and is costing you in terms of inefficiency.
Accounts Payable Departments are under ever increasing scrutiny - regulatory and internal practices, with accuracy in results becoming a top priority. It is common practice that vendor invoices circulate amongst various departments for approval before arriving to the Accounts Payable Department for final processing. The manual handling of paper for approval typically results in the company not being able to take advantage of discount terms.
For most Accounts Payable Departments the workload and paper burden have increased, making it more difficult to maintain accuracy without increasing the number of staff to help process invoice backlogs.
In most scenarios outdated workflows, manual processing, and legacy accounts payable systems is attributable to the inefficiencies and inaccuracies. In a typical Accounts Payable environment, vendor invoices cross multiple departments and copied multiple times before they are approved and manually entered into the backoffice accounting systems. These workflow inefficiencies tend to make your staff function ineffciently.
Solution
Automatic capture and workflow alternatives are essential in the preparation of paper and electronic documents for fast and easy processing. Calleo's provides proven OCR/Workflow technical solutions to address the Accounts Payable inefficiencies.
With innovative document identification techniques, the solution takes you through the entire accounts payable process, which will help reduce the overall Accounts Payable processing time, increasing efficiency, and optimizing people performance.
The technical solution will automate the capture of information from documents and forms, identify predetermined fields (such as vendor number, quantity, item description, price, taxes, invoice date, etc.), and delivers reliable, retrievable information into your back office accounting (e.g. ACCPAC, SAP, etc.) and other business application systems. The technology is designed to handle complex, multi vendor, high-volume forms processing, as well as information capture directly from remote offices. More...
Benefits
You will recognize the following benefits by fine tuning and fully automating your Accounts Payable processes:
- Lower cost per transaction
- Improved cash flow
- Improved staff efficiency
- Less data entry errors