How much time do you spend addressing errors? Processing incoming invoices involves scanning piles and piles of paper every month. Then you have to enter every invoice scanned in the system, either through OCR, manual data entry or both. This process is error-prone and results in inaccurate data being input into your systems. These inaccuracies are responsible for irretrievable documents, delays in processing, overpayments and late payments.
A typical Accounts Payable employee manages about 20 invoices a day, and each invoice costs $17 to process! What often takes the most time and costs the most money is validating all of the billing documents. The three-way match significantly slows things down. You don’t have any way of comparing documents (other than one invoice at a time) or checking whether the amounts and details match.
Did you know that a typical accounts payable department takes up to 16 days to process an invoice? Yet some suppliers may stop doing business with you if they constantly have to chase your payments. That can be harmful if you depend on those suppliers for your production. But if you have a good relationship with your suppliers, you may get discounts for paying early.
According to the Aberdeen Group, 80% of supplier invoices are still paper-based. Even when invoices arrive digitally, most organizations continue to print them. Paper documents circulate in the organization and are often misfiled and even lost. It is very difficult to ensure adequate tracking of an invoice’s status with paper. You spend more time figuring out who has the invoice than actually processing it.
Your suppliers print their invoices to a virtual printer or send them by email. OL Connect captures the invoices BEFORE they are printed, without scanning or OCR.
Extract data from invoices without scanning or OCR, without keying in information and with 100% accuracy, thanks to some unique data mapping capabilities.
Automatically publish inbound invoices to your ECM system, complete with indexing information. Automate the approval workflow.
Compare the transaction line item details with the original purchase order and delivery note in the system. When everything matches, release the payment. Handle only exceptions.
Put in place a communication workflow to ensure everyone is in the know, in real time. Notify your manager when a situation requires attention or automatically send payment information to your supplier by email.
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