AP Automation with Payment Processing Turns Your AP Department into a Profit Center
Service departments such as Human Resources, Warehousing and Accounts Payable are typically viewed as costs centers needed to successfully operate a business. However, today’s Accounts Payable departments are transforming from cost centers to profit centers by using a Business Process Outsourcing (BPO) strategy. How’s that, you might ask?
Understanding AP Automation
Currently, most business-to-business (B2B) payments in the US are still made using paper checks. If that’s the case in your company, NEdocs can help you quickly transform your AP department into a streamlined and profitable operation by reassigning your staff to work on intelligent financial analysis rather than mundane (and expensive) manual invoice and payment processing tasks.
NEdocs’ AP Automation Service reduces the risk of fraud and human error because it includes full security and visibility to reconcile both settled and outstanding payments.
How our AP Automation Service works:
- Your vendors email and mail invoices directly to NEdocs, where paper invoices are digitized and all invoices are imported into Vision360 Enterprise.
- Applying intelligent Optical Character Recognition (OCR) technology, our system locates key fields on every vendor invoice, resulting in automated digitization of your invoice data.
- Our team of experienced professionals provides full quality assurance and accuracy validation based on pre-established rules.
- We then apply your source data (such as vendor master and purchase order files) to ensure complete and accurate information is processed and automated based on matched data. If an invoice matches a purchase order, the system assumes the coding and approval from the order and sends it to your ERP for downstream payment.
- Matching options include header level, line level, multi-line PO, multi-line invoice and blanket PO matching. Vision360 Enterprise makes 2-way, 3-way and 4-way matching a breeze for organizations of all sizes!
- Your data then flows directly to your ERP, or through the Vision360 AP interface where an automated workflow provides continuous approval stream and automatic payments based on established workflow rules.
- Exception invoices and invoices without Purchase Orders are automatically routed to the appropriate staff member for review, approval, or correction.
- To complete the AP Automation process, our services include a variety of payment options: Checks, ACH, and Credit Cards. This secure, fraud prevention service contains an integrated payment portal that provides accurate reports and eliminates the manual handling of weekly payments that you experience today. With a rebate provided to your company you can quickly turn your AP Department into a profit center rather than a cost center!
- Robust reporting, and KPIs enhance the visibility to daily processes, potential bottlenecks and provide the measurement tools required for enhancing your efficiencies.
Sound interesting? Find out more today!
Implementing an AP Automation and Payment Processing Strategy is easy! The NEdocs team will guide you through every step of the process and there’s no disruption to your vendors or internal systems.