Significantly bring down the cost to process your invoices and increase productivity of your Accounts Payable / Shared services organization with our proven solution for Vendor Invoice Management.
VENDOR INVOICE MANAGEMENT
After setting up their business operations to run on transaction processing systems such as SAP, enterprises often need to optimize these processes to remove bottlenecks and improve efficiency. One key area for such optimization is Accounts Payable to reduce the manual activities from invoice receipt to verification, posting and payment. The way a company handles vendor invoices directly impacts the efficiency of the Accounts Payable team as well as procurement managers and requestors.
CHALLENGES AND OPPORTUNITIES
Poor process design and lack of automation increases:
- Invoice cycle time.
- The cost per invoice, high percentage of late payments and missed early-payment discounts.
- Resistance from suppliers to negotiate better terms and pricing.
- The percentage of duplicate invoices and payments.
- Overall supplier dissatisfaction.
There is a clear opportunity to deploy AP automation solutions are fully integrated with your ERP and cater to the entire process flow from invoice digitization to exception identification and handling to approvals and automated posting.
SOLUTIONS ADDRESSING BUSINESS NEEDS
The extracted information is validated for correctness in terms of formats (eg: date) and also against the SAP database. Any values found to be incorrect are flagged for manual entry at the validation step
These solutions come with many business rules that can be configured for different types of invoices. Exceptions are identified automatically by the system based on these business rules and workflows are triggered to appropriate stakeholders for exception handling.
Invoice approvals can be facilitated using various tools. Users can approve these invoices in the ERP screen or in a mobile device or on an approval portal. The solutions come with mobile integration out of the box for your users to easily view invoices pending approval along with all indexed information, images and up-to-date process history.
After invoices are cleared of all exceptions and have been fully approved, they are automatically posted in the backed ERP (eg: SAP) application. The handling of price or quantity blocks are also handled via automated workflows to make the invoice free for payment
While these solutions provide state of the art technology to automate and optimize your existing Accounts Payable process, they also offer another invaluable benefit – a depth of best-practice knowledge and concepts gathered over the last few decades and codified as business content within the solution itself. This content has been obtained by creating and redefining invoice automation solutions for the world’s leading companies over several decades.
Automation tools are also available for the requisitioning and order creation processes as well as for the payment authorization process, thus helping you automate your entire Procure-to-Pay cycle beyond just core Accounts Payable.
FROM THE KNOWLEDGEBASE
Financial transformation with invoice automation
THE AVAALI ADVANTAGES
Avaali provides advisory, implementation and support services for Accounts Payable Optimization with some of these best of breed solutions. We provide process consulting to unearth bottlenecks in as-is process and design to-be processes based on best practices for optimized vendor invoicing. Our consultants can deploy these solutions rapidly with preconfigured workflows for exception handling and approvals, solution accelerators and Rapid Deployment Solutions. Implementation from design to go-live is completed in three to four months, and ROI is usually fully realized in less than two years. Our customers have gained up to 70% reduction in invoice cycle time and 50% reduction in AP FTE’s within a month of go-live.