Companies achieve best-practice invoice & payables processing.
From satisfying supplier demands, to meeting increasingly stringent financial controls and internal margins, much depends on the success and efficiency of the AP team. Technology is changing the way AP departments function. Automation is driving productivity and efficiency, as well as cost reduction. To ensure invoices are promptly paid and mishandling does not compromise hard-earned business relationships, organizations are increasingly depending on the benefits of integrating an AP solution with their back-end enterprise system.
Using third party scanning software to scan and capture accounts payable documents, along with e5 Work Allocation Management, this solution provides the foundation to achieve “best practice” invoice processing. e5 is a business workflow solution fully integrated with imaging software which provides sophisticated, web-based and email-enabled work distribution, producing a complete audit trail of actions taken. e5 also provides management with a comprehensive view of all active and completed work, the work item status and the performance against pre-defined service levels.
The e5 solution delivers complete end-to-end automation, empowering people, reducing paperwork and providing the necessary tools to manage and track business critical information. Additionally, the solution enables organizations to adopt and adhere to best practice principles in Accounts Payable Automation and enhance corporate governance with the integration to back-end financial systems. Both the imaging software and e5 are enterprise-wide solutions and can be expanded outside the Accounts Payable Department, with the ability to integrate into other line-of-business applications.
Accounts Payable processes are automated and streamlined along the entire invoice lifecycle.
- Invoices are captured and digitized at the point of entry, transformed into retrievable information and routed around the organization for approval.
- The imaging software classifies, extracts and validates metadata down to the line-item level to ensure the highest data accuracy.
- The detection of potential recognition errors in the invoice process helps to significantly reduce risk and ensures that only accurate data is submitted to the Line of Business system.
- e5 manages the review, coding and approval process that is required for non-Purchase Order invoices, pre-approved invoices, supplier maintenance, and Purchase Order based invoices that require exception handling for approval.
e5 provides the following benefits:
- Minimize keying of data by as much as 75-80%
- Reduce data entry errors
- Decrease processing times
- Increase data integrity and control
- Eliminate incorrect or duplicate payments
- Reduce administration overheads
- Reduce organizational costs and improve effectiveness in handling invoices
- Save on storage, filing and invoice retrieval costs
- Increase time to provide better customer services externally and internally
- Create an opportunity to educate suppliers and internal users on how to adhere to the new business practices – support to streamline AP automation
- Minimize chasing invoice approvals and authorisations – generate reports within the e5 environment providing all the necessary information
- Improve visibility of invoices and better cash flow management by providing accurate information on those soft commitments in the organization but outside of the finance system
- Track and have visibility of invoices – The accounts payable team will know at what stage are all invoices, who the invoices are with and why, and what the exception conditions are, without relying on physical pieces of paper and manual reports
- Increase staff productivity which enables better internal practices for tasks such as reconciliation at month-end as well as policy & procedures
- Provide an enterprise platform to further streamline highly repetitive, time sensitive, human touch processes such as :
- Human Resources – personal files, time sheets, leave forms etc
- Accounts Receivable
- Contract Processing
- Policies and Procedures