Accounts Payable Invoice Automation

Procurement and finance divisions of organizations are increasingly making strategic decisions relating to supplier management resulting from insights into their source to pay process, thus resulting in negotiating better discounts, better vendor relationships and quicker payment cycles. There is increasingly more focus on leveraging technology to streamline and make this process more efficient than ever.

Key Challenges in Accounts Payable Invoice Processing

  • The Accounts Payable (AP) is still an extremely paper heavy process in most organizations and has great potential to drive cost savings.
  • One of the biggest challenges the AP team faces is managing the huge volume of invoices that most mid to large organizations process every year.
  • Multiple people/teams involved in the processing of a vendor invoices leads to distributed invoice processing and manging associated information multiple times.
  • Multiple stakeholders mean several copies of an invoice can exist causing a lack of transparency and different versions of the truth.
  • The invoice processing cycle time can be very long and involve multiple manual steps, leading to loss of early payment discounts.
  • Difficult to reduce or prevent duplicate payments, postings and even lost invoices.

What is OpenText Vendor Invoice Management?

  • OpenText VIM is an SAP centric packaged business solution for Vendor Invoice Processing.
  • VIM is an add-on to your SAP system, the majority of the functions and processes run inside the SAP system.
  • VIM uses Standard SAP technology: ABAP and Workflow
  • With OpenText VIM one can better manage the workflow of the invoices
  • VIM supports Digitization and Archiving of Invoices

How does Vendor Invoice Management Solves these Issues?

  • Automate paper to post invoiceseliminates paper early in the process.
  • Invoice data sent via email or in the post can be automatically extracted, and validation checks applied, where workflow and approvals are triggered to enable posting of the invoice.
  • Streamline invoice processing and free up resources with electronic document transmission
  • Optimized collaboration with partners and suppliers to eliminate exceptions and speed up processing
  • Resolve cash flow issues, and enhance discounting program, with improved internal collaboration
  • Efficiently use working capital with early-payment discounts because of shortened processing time

Achieve 5X AP Team Efficiency with Avaali’s APIA Services

Enterprises such as yours are prospecting invoice processing automation services to automate the tedious data entry and three-way matching process, expedite approvals in order to make invoice processing and approval cycle faster, visible and more efficient.

Avaali has executed over 150+ shared service projects globally for large enterprises and has achieved minimum 40% reduction in Accounts Payable cycle time and cost of process for the customers.

Avaali’s OpenText AP Invoice Automation Implementation Serviceprovides best practices approach to quickly implement OpenText VIM solution and ensure that you maximize your returns.