Outsourcing your accounts payable (AP) invoice scanning and data capture processes to a third party managed service is a good way of improving efficiency, cycle times and supplier relationships. In this article, we discuss some of the main benefits of managed invoice data capture services, and what you should expect from a reputable and trustworthy provider:
Avoid Invoice Processing Bottlenecks
Technology can help you process and track invoices effectively with minimal hassle – an invoice automation platform that links with your ERP is one of the best investments a business can make into its AP team.
However, good software alone isn’t always enough to deliver the efficiency and productivity goals set for your AP department, especially when dealing with high volumes of vendor invoices. To do this, many large businesses benefit from working with a partner, like Cogent Consulting, that has the experience and systems in place to capture and process invoice data on their behalf.
At Cogent, we enable suppliers to send invoices in the format of their choice and we deliver invoice data and images to the customer’s ERP system within 24 hours of receipt. Suppliers are able to send any electronic file format, PDF invoices and paper (minimal these days!). We also manage communication back with suppliers to ensure they submit compliant invoices in line with the rules agreed with each customer. It’s a robust process that is delivered to SLA and we check that every invoice received has been successfully transferred to the customer’s ERP system.
Personalised Invoice Processing Support In The Areas You Need It Most
Each company’s AP department is configured in a different way and has differing requirements when it comes to invoice processing. All use SAP or another leading ERP platform, but some are entirely new to invoice automation. Businesses without any automation in place often benefit from a fully automated third-party invoice processing service, in which the service provider manages the entire process on your behalf on a pay per invoice basis. Some businesses adopt this strategy as a long-term operational strategy, while others use it to support their AP team during the implementation of automation software in-house, or during busy times.
Even companies that already have an invoice automation system in place can still benefit from outsourcing their data capture requirements.
Reliable Support, Transparency, and Customer Service For SAP Users
A good managed invoice data capture service will support its customers to achieve the highest possible invoice capture and processing rates. At Cogent Consulting, we do not require customers to install any hardware or software (we work with the systems you already have in place, although we can also consult with businesses about the best software solutions to reach their processing goals) and we manage the service platform remotely. This includes maintenance, upgrades and monitoring.
Our cloud-based managed service automates the extraction of data from PDF invoices, paper invoices and e-invoices. As well as capturing line-item data and header data and transferring this to SAP at prearranged intervals (e.g. daily, weekly etc), our service has a unique verification process that ensures that data is captured correctly.
What Next? Book a Virtual Site Visit With Cogent Consulting and See Our Managed Service In Action
To fully appreciate the value of a managed invoicing service, you need to see how it works in practice in your company. We have run our managed service for over a decade, and process about five million invoices each year on behalf of our customers, so please book a virtual appointment with Cogent Consulting to witness our team at work in our Corby office.
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