Accounts Payable (AP) departments, faced with challenges of high invoice processing operating costs, outdated internal systems, and increasing demands of organizational change are turning to software-as-a-service (SaaS) for bringing increased value to their organizations.
According to Aberdeen market research challenges impacting AP productivity include:
- Difficulty locating/managing paper-based documents
- Processing and labor costs are too high
- Challenges processing high volumes at current staff levels
- Lack of visibility into the procure-to-pay cycle
And in the procure-to-pay cycle, invoicing is the most intense part as it typically involves substantial manual labor that can adversely impact the entire supply chain.
Shown below is a typical example of the pain points AP departments face; errors, lack of transparency and productivity.
Automating invoice processing, not only streamlines the invoice process, but improves productivity and efficiency throughout the entire procure-to-pay process, shown below.
SaaS-based invoice automation addresses all these challenges with the benefits of not having to purchase costly hardware and services for implementation and management. The result is reduced cost per invoice, greatly improved cycle times and more effective cash management.
Here are 6 factors when considering a SaaS based invoice automation solution:
- Self-service and e-Commerce options: Rapid onboarding and 24/7 access to invoice data, plus there’s no need for expensive hardware or software investment.
- ERP integration: Your ERP is the cornerstone of your finance department, and while it powers your financial processes, easy integration and visibility can be a challenge. Look for a cloud-based invoice processing automation solution that comes with out-of-the-box integration with major ERPs like Microsoft NAV and Dynamics 365 Business Central, and/or an XML data feed.
- Extraction rates and multilingual ability: Best-in-class extraction rates mean less manual keying and verifications, so your employees can be reassigned to more valuable work. Look for rates in the 80-90% range to ensure optimal process flow. And if your business is global, look for a truly multi-lingual solution that supports a wide range of invoice origins and user interface languages
- Expandable and extensible to full AP automation: Ensure your SaaS-based invoice automation solution includes options for an approval workflow, configurable GL coding and storage.
- Short learning curve: The time it takes to learn a new application and have the ability to translate that learning to the entire team can consume valuable working hours. Your solution should have an easy-to-learn interface like HTML5 that’s intuitive and simple to work with, requiring little to no classroom training.
- Continuous improvement. Your invoice automation solution should automatically provide the latest updates in near real-time, without system downtime or IT intervention.
Automate invoice processing in the cloud with Kofax ReadSoft Online™
Customer demands for one-click transactions will only increase, put the power of invoice submission in their hands.
For your customers, invoice processing could not be easier. All they have to do is log in to a secure server using a web browser to upload invoices and check interpreted data for correctness. Likewise, as an administrator, all of your tasks can be easily performed using an intuitive web interface.
- Upload invoice images for interpretation and data extraction
- Check and correct interpreted data for correctness
- Automatically transfer invoices and data to the target system
Learn more about the features and benefits of online invoice processing in the ReadSoft Online product summary.
Interested in automating your invoice processing with your ERP? Click here for a free trial version or to purchase ReadSoft Online. In about the time it takes to manually key in an invoice, you could be up and running with invoice automation.