What would it mean for your business if you had 100% visibility into your entire invoicing and payments process?
Accounts Payable (AP) automation streamlines invoice processing, the approvals workflow, and payment processes of your accounts payable department. Manual and paper processes can severely slow down the payment cycle. Automating your accounts payable process could reduce invoice processing costs by 80% and strengthen the relationship between vendors and suppliers.
Whether you are a small business or a large public enterprise, automating your accounts payable process could eliminate costly, time-consuming manual tasks. An AP automation solution removes processing bottlenecks, secures an audit trail for compliance, and improves visibility throughout your supply chain.
You can realize significant savings by removing paper from your process, but sometimes the problem isn’t within your four walls. When you issue electronic POs in your ERP, your supplier must have a way to receive them. If your buyers have to extract the PO from your ERP and send it to your supplier via email or your supplier still emails your invoice – you’ve removed the actual paper but not manual processes.
Our e-invoicing solution lets you maximize the benefits of your ERP and paperless processes – while providing suppliers an easy-to-use process for transmitting accurate, electronic invoices.
- Integrates directly into your ERP, use your existing PO requisition and approval process
- Transmit electronic purchase orders to 100% of your suppliers
- Provide suppliers with online access to view your POs, acknowledge orders, and send ASNs instantly
- Suppliers can convert your purchase orders, using the data you provide, into accurate invoices
If your organization doesn’t currently use purchase orders, it is likely that you’re having difficulty managing employee requests and purchases. Implement a formal purchase order process to help better manage budgets and provide your buyers and suppliers easier tracking of orders, receipt of product, and payment.
Designed for Your Business
Our accounts payables automation suite of solutions are designed to fit any business – including capabilities and tools customized for creating purchase orders, automatic approval routing, and delivering to your suppliers. Our solutions allows you to:
- Create PO requisitions or blanket POs
- Automatically route the requisition for approval
- Receive mobile-friendly email notifications for needed approvals
- Approved POs are ready to be sent to suppliers
More and more businesses are shifting their AP processes toward electronic invoicing (e-invoicing) thanks to the considerable cost savings that can be achieved. The reduction in time and effort for your AP staff alone is reason enough to consider it. But, it isn’t always simple.
In an e-invoicing model, invoices are submitted in electronic form via EDI or via a file from the supplier’s billing system. Many of your smaller or niche suppliers may not have the tools in place to convert to e-invoicing.
Corcentric gives you the ability to create a solution that fits your unique business. You can provide suppliers an online portal to access your purchase orders, send electronic order acknowledgements, and convert purchase orders into accurate invoices. Or, alternatively, we can develop a capture process to ensure your paper or email invoices are converted to e-invoices and routed through the matching and approvals process.
Allow your suppliers to convert electronic POs to accurate e-invoices
Your suppliers will have access to all purchase orders, the ability to send electronic order acknowledgements, and the capability to convert purchase orders into accurate invoices.
You have the ability to define the allowable parameters and thresholds for invoice conversion, ensuring your invoices are within your internal parameters. For example, you can:
- Set parameters that only allow your suppliers to invoice once the total quantity is received
- Set a maximum freight charge allowance before the invoice requires additional approval
- Allow your supplier to raise prices on certain commodities based on market changes
You can configure your invoicing rules to fit your specific business’s needs, no matter the complexity.
Capture + convert paper to 100% electronic invoices
Invoice scanning and Optical Character Recognition, or OCR, technology allows you to extract accurate, standardized information from your invoices and convert them to true electronic invoices.
- Your invoices will be submitted to a secure, central, digital, or physical location (based on supplier preference)
- Using invoice scanning, OCR technology, and a QA process, your invoices will be converted to a digital format ensuring accurate, easy to manage, electronic invoices
Convert 100% of your invoices from – PDF, web, mail, fax, email.
Whether you use technology to convert your invoices to e-invoices or give your suppliers the ability to create accurate invoices from POs, you’ve now minimized or completely eliminated manual invoice approvals.
Three-way invoice matching
The “three-way match” is the most effective way for AP teams to ensure that a payment should be made. This consists of a match between the invoice, the purchase order, and the receipt of goods. Manual invoice matching is a slow, time-consuming, and labor-intensive process. It can be difficult to accumulate all the information needed for payment, which often results in delayed payments and upset vendors. One way that AP departments can reduce invoice processing times by up to 70% is by automating the invoice match process.
Whether your POs have been instantly converted to e-invoices by the supplier or scanned and converted with OCR, our solutions provide three-way match capabilities that significantly reduce your costs and time to process.
Automated three-way matching will have an immediate and significant positive impact on your business by:
- Matching invoices automatically, without human intervention
- Speeding up the invoice processing cycle by flagging exceptions
- Dramatically reducing administrative and processing costs
- Tightening up controls with a full audit trail
- Ensuring data accuracy
Configurable approvals process
Though the three-way invoice matching is the most efficient process, it isn’t feasible for all types of invoices. When there are numerous manual steps for routing and receiving approvals, payment delays are inevitable. This often leads to missed early payment discount opportunities or late payments that could affect your supplier relationships.
Automating the approvals process is estimated to reduce invoice processing time by up to 70%. Implementing an automated approvals workflow that is designed specifically to your business needs is our specialty. Our approvals workflow solution will:
- Develop automation and workflows that follow your internal control policies for cost center allocation, approval authority, and high dollar authorization
- Automatically flag and escalate duplicate invoices
- Send mobile-friendly email notifications and alerts to remind approvers
- Most importantly, provide visibility into the status of every invoice at every step of the process
Our integrated payment service is capable of centralizing and managing 100% of your payments – checks, ACH, wire, or vCards – so you can cut costs and defend against fraud while eliminating the tedious task of check writing.
- From day one of implementation, we nearly eliminate your payment processing costs and the burden it’s putting on your teams
- Moving away from paper checks, shifting to e-payments, and consolidating the activity into a single cloud-based platform makes fraud virtually impossible
- Our payments solution can handle 100% of your payments – checks, wire, ACH, and vCard
- We’ll continually work with your suppliers to resolve issues and move them to more secure electronic payment options
- The average cost of a manual process: $10.66/invoice
- The average cost of automated payments: $0.89/invoice
- Checks are the payment method most often targeted for fraud; on average 71% of companies have experienced actual attempted check fraud
An ERP system’s primary purpose is to help employees do their jobs more efficiently by breaking down barriers between business units, increasing efficiency, and providing better visibility for management, finance, and accounting. One key struggle companies have is to integrate their ERP system with their other systems to meet growing business demands.
Corcentric integrates seamlessly with any ERP or accounting system so you can transfer data to and from your financial system with little to no strain on your IT resources.
Our Payables Automation Solutions seamlessly transmit data to and from your financial system through our proprietary processes. This is accomplished with minimal effort from your internal IT staff, as there are no laborious synchronization processes and no complex data extraction algorithms required for integration.
Automate your entire purchase-to-pay cycle for easier purchasing and faster invoice processing
Finding the right accounts payable solution that meets your business requirements is difficult, which is why we designed an AP automation solution that is not just powerful, but also easy for anyone to use.
Corcentric Accounts Payable Automation Enables You To
Standardize the coding and approval workflow so your AP teams can move invoices from receipt to payment faster, and with fewer errors.
Your accounting teams can get ahead of total budget spend reconciliation and relieve those pain points that inhibit efficient and accurate.
By automating the payments process and eliminating manual check runs, your finance team can focus on business strategy and analysis for improving profitability.
Swap the complexity and friction of paper-based, manual invoice processing for the efficiency, speed, and ease of a digital, automated system.
Shorten invoice processing time by 70%
Reduce invoice processing costs by 80%100%
Gain insight into outgoing payments with 100% visibility