An Invoice Automation and Invoice Processing Solution
Eliminating the inefficiency of paper-based invoices and manual processing by implementing an electronic invoice management system can increase control over the entire payables process–from invoice receipt and approver responsiveness through invoice processing productivity and payment.
What is invoice management?
Invoice management is a crucial part of accounts payable. Incorporating a solution into your AP process will reduce costs and save you time. Corcentric’s automated invoice management software kicks into action the minute the invoice is received, regardless of format, and continues all the way through to final approval and entry into your ERP system for payment. This reduces time and cost considerably and provides greater control over spend management.
By automating the entire invoice approval process, Corcentric’s invoice management software delivers the benefits of:
- Configurable invoice approval routing
- Automated three-way matching
- Straight-through processing
- Achieving 100% visibility into the status of each invoice
- Reduction in the need for dispute management
Eliminate the pain of paper
Another significant benefit is relief from the pain of paper invoices. When too much time is spent processing paper invoices, your staff may be caused to needlessly:
- Focus on manual data entry
- Resolve too many errors and exceptions
- Route invoices for approval
- Deal with a lack of visibility for in-process invoices
- Hunt for lost or missing invoices
- Forecast liabilities inaccurately
The cost to your company can be measured by the amount of time wasted, errors not identified, payments delayed, and discounts not captured…all of which can impact your bottom line.
Makes processing invoices a snap
Corcentric’s invoice automation solution is a SaaS (Software as a Service) invoice processing automation solution so there is no software or hardware to buy, install, and maintain. And since our solution is ERP-agnostic, it is compatible with any ERP system currently in place.
Invoice automation can improve visibility and allow you to access invoices electronically to eliminate the risk of:
- Misplaced invoices
- Duplicate payments
- Late fees
- Lost early payment discount capture
The 100% visibility provided by our invoice automation solution enables customers and suppliers to view order and payment information online 24/7, ensuring a reduction in risk and ultimately resulting in better relationships between you and your suppliers.
Invoice automation also enhances controls for Sarbanes Oxley compliance as all review and approval information is maintained with the invoice in an audit history report. This improves the audit review process as well because AP departments can quickly provide access to invoices based on internal and external audit requests.
Spend 70% less time processing invoices
If you are still receiving paper invoices or if suppliers are sending invoices as faxes, emails, or uploads, Corcentric’s Invoice Virtualization Center will scan and capture the data using double blind keying, normalize it, and send it into the system as an electronic invoice. Online notifications remind approvers that an electronic invoice needs to be processed, helping to ensure they are sent to accounts payable on time, every time.
An increasing number of companies are transitioning to e-invoicing and realizing the benefits of considerable cost savings, speed, 100% real-time visibility, and security.
Eliminates approval “chasing”
What if you didn’t have to “chase down” approvers to move invoices through the system? What if approvers only needed to be notified when exceptions occur? How much would that speed up payment and guarantee more time to all stakeholders to engage in more strategic tasks to benefit company growth?
Corcentric’s Straight-through Processing (STP) capability uses two vital processes to make the entire approval process more efficient:
- Automatic three-way matching – Each incoming invoice is matched against the relevant purchase order and receipt of goods using Corcentric’s proprietary algorithm. If the invoice matches (within tolerances you specify and manage) it is then passed straight through to your finance system.
- Automated smart invoice approval routing – Should an invoice not match or if it is above a designated amount, Corcentric’s solution uses its Smart Routing capability to route invoices based on your assigned “delegation of authority” rules written with account amounts, duplicates, or account numbers.