Real World Benefits of Account Payable Automation
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 65% of invoices still come by paper or sent through email and printed?
Process inefficiencies in AP affect your organization, from long invoice lifecycles, lack of visibility, high data errors, lack of visibility, high costs and a lack of control over liabilities. As a CFO, this is an ample opportunity to improve your document processes using intelligent AP automation technology.
Ardent Partner recently released their latest industry report on AP metrics that matter in 2022. The report presents a comprehensive, industry-wide view into what is happening in the world of AP today by drawing on the experience, performance, and perspective of AP and finance executives worldwide.
We’ve summarized the industry report for you into a short infographic.
AP Costs and Inefficiencies are Widespread, But They Don’t Have to be
AP automation can help financial leaders who want more document control by reducing human error costs and improving business operations with increased visibility into invoice lifecycles.
Classification and Extraction
Automate operations, reduce human error, & increase workflow by accurately processing electronic information.
Auditing and reporting
Gain greater visibility into your document lifecycle through processing of invoices from various sources and formats.
Advanced tracking and analytics
Optimize cash flow, enable dynamic discounting, and plan forecasting as soon as documents are received in your accounting system.
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.
Lower Total Cost of Ownership and Processing Costs
Schedule a short 15-minute consultation call with us and see how we can work together to meet your unique business challenges.