Real World Benefits of Account Payable Automation
Keeping your organization’s AP department to stay organized and efficient is vital in today’s climate. The systems, processes and professionals dedicated to AP are imperative to business operations, ensuring that payments are made on time, every time, and without mistake
Reduce the time of manually processing an invoice from 3 minutes to 30 seconds
Reduce data errors with self-corrections through machine learning
91% Cost Reduction
Reduce the average cost of an invoice processed from $11 to less than $1
38% On-time payments
Improve the number of on-time payments and save on late payments
Did you know that AP processes are targeted 61% of the time by cybercriminals?
The reality is that AP is responsible for so much more than just paying incoming bills and invoices. Organizations can find themselves at risk of losing money due to preventable, mismanaged manual invoice practices, poor AP processes, accidental duplicate invoicing and fraud.
Process Fusion is committed to achieving the highest of security standards with the proper controls, as defined by industry standards and frameworks on an ongoing basis.
AP Security Inefficiencies are Widespread, But They Don’t Have to be
As a CIO, this is an opportunity to help improve your compliance, reputation risk management, and security data processes using intelligent AP automation technology
Complete control over data
Streamline operations, add layers of compliance, and increase workflows by customizing AP processes
Increased data accuracy
Minimize fraud and ensure accurate data inputs, as soon as documents are received into your accounting system
Advanced tracking and analytics
Gain greater visibility into your document lifecycle through processing of invoices from various sources and formats
How It Works
CapturePoint is a key component for a modern accounts payable automation solution. It covers five steps between invoice arrival and posting.
Supports multiple input channels like e-mail, web-based invoice scanning, MFP, FTP, mobile capture, fax, etc. It ensures identical document processing independent of form or format.
Optical Character Recognition is used on the document, with all eligible data values being stored in the database. Leverage machine learning to auto-classify documents and it creates a modal that will get smarter as more variations of the documents are processed through the system. CapturePoint uses the database and compares the document’s content to automatically identify the information.
Data recognition, extraction & validation
CapturePoint identifies and extracts data from relevant invoice fields. It supports country-specific validation rules and an invoice matching against master data in addition to PO matching. Based on the document type, the system lifts field-level and line-item data without templates, anchors, keywords, or zones. Data is validated against other data to ensure consistency.
Data approval process becomes easier thanks to the intelligent workflow approval that includes automated invoice processing with possibility of manual verification by staff for missing info and instant posting for valid PO-matched documents.
Data Export, Archiving & Reporting
Documents and metadata is exported to the desired ERP system or repository for subsequent invoice data export. Automated indexing of invoices by key fields ensures fast and easy invoice retrieval. Visibility reporting allows for recording of valuable analytics that measure performance and provide more information for extraction accuracy.
Reduce Security Fraud with AP Automation
Schedule a 15-minute consultation call with us and see how we can work together to meet your unique business challenges.