Lose Overpayment, Not Invoices

Shedding fewer invoices is one of the primary benefits to come from eliminating paper from the Accounts Payable (AP) office, according to a recent report from PayStream Team. chukysogiagoc.vn/chu-ky-so-viettel-115.html

‘Data Capture for Documents Payable – Transforming Paperwork into Business Ready Data’ publishes the results of a survey completed by 300 AP professionals, with 31 percent highlighting lowering the amount of lost invoices as a major gain. 

Modern times have seen an increasing move to electronic invoicing in the public and private sector, and across industry and markets. Nevertheless, and again as PayStream Advisers statement, 52 percent of b2b invoices still arrive in paper format – and that’s plenty of paper to handle when you consider the quantity of invoices delivered and received annually. The Networked Economy puts this number in Europe moving between business and government authorities alone at 3. 2 billion, and estimates that of these 20 percent are electronic invoices. That means, though, that payment payments on your 56 billion paper invoices are still flying around European countries every year.

That’s an awful lot of lost invoice potential.

Document record via scanning, OCR (optical character recognition) technology influenced data capture and automatic workflow can eliminate this risk. Safely captured and stored electronically, there is no chance of bodily mislaying the invoice, or of ‘losing’ it during processing through transposition problem – and seamless incorporation with line of business and alternative party systems takes away the need for hands-on data entry and entering into those systems.

Robotizing brings a number of other benefits to the AP department.

Inside their newsletter ‘From the Shadows to the Forefront – AP Automation and the Ideal Vision’ the research and analysis organization Aberdeen Group reports on a study of 100 financial services executives, and who put difficulty with finding and managing paper documents as the lead issue facing AP departments. PayStream Team mark out quicker authorization of invoices, increased staff productivity and lower handling costs among the list of major benefits.

New websites have focused on a number of events how an invoice management solution can help firms eliminate late payments – partly because there’s so much in the press at the moment about the government’s initiatives to crackdown on late payers, but also because getting rid of late payments is a requirement which crops up time and again in AP departments.

And removing duplicate payments is another major advantage to follow from automating. Whether credited to genuine mistake or fraud, overpayment is a major headache for a lot of firms – it’s reckoned that almost a quarter a lot more than it really worth. The information services company Experian estimates that local authorities waste up to? 147 million a year through paying bills more than once.

Through removing newspaper from the system and automating processing, many of the issues which can lead to payments being made over and over again are also removed:

duplicate invoice validation by using a combo of key data beliefs, po (PO) matching and online coding and authorization for non-PO invoices controlled by defined, enforced business processes means duplicate bills are rejected and sent for resolution;
alerts ensure discrepancies are resolved within the credit term and 24/7 access from everywhere in the organisation means queries are settled quickly;
BI (business intelligence) tools can identify duplicate provider records;
so that as invoices are ready for payment faster with data automatically placed to the finance system, there’s much less probability of obtaining re-issued invoices.

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