The 5 Key Benefits of Accounts Payable Automation

Simplified: The Official Blog of MCCi

Introduction

MCCi / Mar 30, 2020

Are you stuck somewhere in between lengthy, paper-driven processes for accounts payable and trying to determine the best digital solution in a sea of options?

Automating your accounts payable process with ABBYY FlexiCapture and Laserfiche will allow you to stay accountable to your vendors by being able to process invoices no matter where the invoices are coming from. For organizations with multiple locations or officers, this streamlined approach can speed up processing times as well as give you the capability to remotely operate.

Organizations that have implemented some type of AP automation have seen it reduce their costs and the time it takes to process invoices and, in many cases, it also resulted in early discount payments and overall departmental efficiency.

5 Key Benefits of AP Automation

1. Capture Invoice Data with Artificial Intelligence (AI) 

Assists with inbound invoices. Saves your accounting staff from having to manually code in each document and instead automates those into an ERP system or approval routing 

2. Automate the Approval Process 

Instead of hand-routing papers from desk to desk, you can automate that electronically. Staff members will receive notifications via email, log-in and quickly approve those invoices.  

3. Integrate with ERP 

AP automation will not replace your ERP but complement it. Allowing you to better streamline your process and increase efficiency. 

4. Stop Manual General Ledger Coding 

Erases the manual step of having to code with GL Code. 

5. Advance the Security for Records and Compliance 

In the paper format, there is limited security and it can be harder to meet compliance. Our system meets DoD 5015.2, which is the recognized federal requirement for records management. Eliminate duplicate copies in your centralized repository. As well as having secure authentication, allowing you to know who is logged into the system and reporting on that.   

See How It Works

Introduction Overview with Alexis Blue, Director of Business Development
  1. We start with the invoice capture process.
  2. Route the invoices for routing approvals.
  3. Approvals can be completed on the go.
  4. GL coding can be completed once approved.
Demonstration Overview with Amanda Sommers, Solutions Architect, Client Innovations
  1. ABBYY FlexiCapture for Invoices breaks down invoices to its main components.
  2. The system has machine learning capabilities to teach it where something is located for the next time.
  3. System integrations are available with Laserfiche and other ERPs.
  4. Monitoring emails with files and scanning into the system can all route invoices into the system.
  5. Head, body and footer content from invoices can be read and updated.
  6. You may choose from installed clients or web-based versions for easy access.
  7. There is a verification station to allow you to review the accuracy of the invoice. In the case that it’s missing information, you can kick back the invoice for training so it will pick up the information the next time.
  8. Rerouting invoices for review and additional approvals can be built into workflows or it can be manually done when invoices are in question.
  9. Transferring invoices into your ERP system allows you to add metadata to easily find the records in the future. You may also have images enabled in your ERP system so invoice can easily be seen upon review.

Are you ready to speak with a representative to see how ABBYY FlexiCapture for Invoices can drastically improve your AP processes? Chat with our bot right away!

 

 

Related Posts

Enacting a Business Continuity Plan & Lessons Learned

How MCCi was able to seamlessly transition to completely remote work environment plus what you can implement in your business.

READ MORE

Preparing for Data Disasters

Activate business continuity planning.

READ MORE

New Features Released To JustFOIA Solution

Many of these updates began with a suggestion from a JustFOIA user!

READ MORE

5 Ways to Leverage Your Laserfiche Solution for Remote Operations

An important update from our President and CEO regarding COVID-19

READ MORE

The Roadmap to Digital Transformation

A structured framework for content digitization, process automation and analytics that will transform your office into a digital workplace.

READ MORE

FAQs About Our Scanning Services

Our scanning services can help you take care of your project planning prep work, indexing and quality control for records management.

READ MORE
top
FacebookTwitterEmail
HTML Snippets Powered By : XYZScripts.com