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Concerned about the labor crisis and the impact on retaining key finance talent?
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 below.
Download infographicAP Costs and Inefficiencies are Widespread, But They Don’t Have to be
Completely eliminate the waste and frustration of manually inputting vendor invoices, impacting cash flow due to errors and lengthy approvalsCLASSIFICATION 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.
Kickstart Automation with Precision
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
Faster
Accuracy
Cost Reduction
On-time payments
How It Works
PF360 Capture 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.
Classification
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. PF360 Capture uses the database and compares the document’s content to automatically identify the information.
Data recognition, extraction & validation
PF360 Capture 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 Validation
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 Retain Key Finance Talent
Schedule a short 15-minute consultation call with us and see how our breakthrough solution can meet your unique business challenges
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