Automated invoice processing. Receipt and processing of supplier invoices (paper and digital), which extracts data and validates for payment.
The challenges of invoice processing can cause significant issues for finance teams.
Manual processing is labour intensive and open to many errors and mistakes. Every typo or line item error which makes an invoice not match a purchase order will hold up the entire process. Slow processing can mean late payments, fees and overworked staff that could be more efficiently used elsewhere.
In addition to having to deal with a higher volume of enquiries chasing payments, supplier relationships may suffer.
Multiple stand alone systems that deal with paper and email formats can make visibility and timely access difficult. As a result performance metrics and reporting an be compromised and effective risk management difficult.
In times of increased activity or growth, high volumes of invoice processing, especially in paper format, can restrict a businesses capacity and cause bottlenecks in the invoice process. Recruitment and training of finance staff to deal with this can be costly and time consuming and not always feasible.
Using manual processes and emails or mail is arduous, time consuming and inefficient.
Manual input and processes risk high levels of error, duplication and missed information.
Approvals more frequently get lost or delayed in manual processes, resulting in late charges or bad supplier relationships.
HR cost and effort in times of peak demand restricts scale and capacity.
Multiple systems can make it difficult to access critical information, increasing risk and negatively affecting supplier relations.
Storage of paper is cumbersome and causes issues when it needs to be filed with related digital information.
A modern and effective method of capturing both paper and electronic invoices. With in-built technology designed to ‘learn’ over time to improve match rates and cut down on manual intervention.
Our highly automated invoice processing system captures and extracts invoices in paper and electronic formats, with astonishing accuracy and speed.
Invoices are automatically matched against purchase orders and automated workflows route files to the correct staff member or department for speedier authorisation. An in-built ability improves match rates over time.
Any specific workflow errors or exceptions are highlighted immediately. These are reviewed manually to enhance the chance of resolution. Those that cannot be resolved locally are routed via email and escalation rules for easier resolution and enhanced governance.
The result is far quicker processing and higher volumes of matched data, unhindered by bottlenecks or resourcing issues.
All data captured and processed is digitised, removing the need for our clients to keep reams of paper filing and making future access and distribution quicker, easier and greener.
Our clients also benefit from customised daily reporting for full visibility. This includes invoice transaction history and customisable KPIs so that the whole picture an be assessed more easily.
Full daily reporting and KPIs to assess and manage transaction processing timescales and volumes.
Automatically matches invoices against purchase orders and workflow errors or exceptions.
Where non matches occur that cannot be resolved locally, requests are routed via email notifications and escalation rules.
Captures and extract invoices in both paper and electronic formats.
Same day upload of all images (including PO’s, invoices, cheques and remittances) to cloud-based portal.
Easy access to real time data.
Less mistakes and exceptions and in-built ‘learning’ for continual improvement.
Significant cost saving versus your current in-house processing costs.
Standard integration with most leading ERP software (e.g. SAP, Oracle, JDE, Sage and Microsoft).
Data captured, extracted and uploaded same day. Significant reduction to processing time from capture to validation.
Accommodates any level of invoicing with no need to recruit or plan.
Full Credit Management services including invoice production, voice contact, query investigation and resolution to industry leading KPIs
Multiple payment channels allocated to appropriate customer accounts through automated or manual activities
Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.