Too many financial departments are still manually inputting and processing accounts payable data. And while receiving invoices electronically is sometimes regarded as the Accounts Payable department “going digital”, the reality is that these electronic invoices are still printed so they can be put through an approvals process. The costs and risks associated with these paper based, manual processes are significant.
Convergent’s “5 Levels of Accounts Payable Automation” delivers greater efficiency and capacity to the finance department by empowering it with a fully digital solution.
Level 1 – Data Capture & Extraction
Automatically extracting invoice header and line item information from both paper and electronic invoices eliminates the need for manual data entry, a slow and frustrating task that is error prone and not scalable.
Level 2 – Data Matching
Matching is a standard payment verification step that confirms you received the correct quantity and were charged the right amount. Convergent’s solution automatically matches GRNs and Invoices to P.O.s and creates exceptions when anomalies occur.
Level 3 – Approval Workflows
When invoices require approval they can be routed digitally to the correct person or department and moved through a defined approvals process within minutes. You’ll also have full visibility of where invoices are in the approvals processes to identify bottlenecks and slow approvers.
Level 4 – Data Migration
Approved invoice data is automatically posted to your accounts package or ERP without any manual intervention.
Level 5 – Document and Information Management
Because the entire process is digital, the rows and rows of lever arch folders will disappear literally overnight. The space savings are great but the true benefit is being able to instantly access any invoice or related content with just a simple search. You can also group or filter invoices so that you’re able to view the information you need just the way you want.
The benefits are obvious but huge:
- Faster invoice processing
- Greater accuracy
- Eliminate manual entry
- Eliminate paper
- Reduced financial risk by ensuring monthly accounts are presented with accurate information and on time.
But most importantly, you can redirect all the time and resources that you’ve gained into more productive areas such as procurement or accounts receivable.
Contact Convergent today to learn more about The 5 Levels of Accounts Payable Automation.