In large companies, huge numbers of invoices can pass through an accounts payable department each day. For businesses that rely on manual processing, a military-style operation is necessary to ensure that invoices are paid on time, duplicates are spotted, and no credit notes are missed. Despite this, errors are still possible. This can cause vendor payments to be delayed or duplicated, result in more vendor queries and create issues for financial auditing.
A managed invoice data capture service, however, can transform your accounts payable department, and lead to a fully automated invoice processing system.
What Is A Managed Invoice Data Capture Service?
A managed invoice data capture service can transform the way that your accounts payable team carry out their duties. Data is captured digitally – whether it’s XML, PDF or paper if you still accept paper – and automatically imported into your ERP system.
With a managed data capture service, this is carried out remotely for you and delivered to an SLA. Invoices can be in any format, and messaging with suppliers to ensure compliant invoices are submitted is managed as part of the service and your Accounts Payable team just focus on the exceptions in the ERP system.
Tools must be provided in your ERP system to manage data-checking, line-item matching and auto-posting of invoices that pass all the checks. Documents with errors, such as missing receipts or price issues are automatically routed to the correct business user to resolve and are posted in the background on release from workflow. Reporting and analytics provide the basis to drive continuous improvement to automation rates, which is all part and parcel of a proper managed data capture service. It’s not just delivering data to your ERP – it’s providing the end-to-end solution that really delivers the true benefits of automated invoice processing.
The Benefits Of A Managed Invoice Data Capture Service
For any business seeking a more efficient, cost-effective, and reliable method of processing invoices, a managed capture service provides several benefits:
Modern data capture technology uses machine learning to achieve exceptional levels of accuracy, so that key data can be captured from any invoice, irrespective of its design or layout.
Outsourcing data capture frees your team up to focus on higher-level work and allows your department to be leaner and more proactive.
Safety & Security
Digital data is passed to your ERP using a secure VPN, while robust integrity checks are carried out daily to ensure that all invoices received are transferred successfully to your ERP.
Positive supplier relationships are vital to achieve the best discounts and most competitive prices. A managed invoice capture service is an important part of processing invoices quickly and efficiently. This reduces time to pay, reduces errors, and improves communication – all of which reinforces your brand’s reputation as a reliable partner, helping in future purchasing negotiations.
Learn More About Invoice Automation
To see how Cogent Consulting could help you move to an automated invoice processing solution, book a free virtual site visit for a tour of our premises and see the live process from data capture to posting in SAP. Find out more here: https://www.cogentconsulting.co.uk/book-a-site-visit/
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