Accounts Payable
According to Gartner, up to 80% of business data, transactions and records are in an unstructured format: paper, fax, e-mail, office documents – and nowhere is this more prominent than within the Accounts Payable (AP) department. If a business wants to significantly reduce costs and become highly efficient, then the AP process is the place to start.  According to Aberdeen Research the Average Receipt to Payment cost to process a paper based invoice is more than £10each.  For an electronic version, the cost is approximately 50%.  This assumes the invoice passes 1st time without problem with the average receipt to payment cycle being 18+days. Other research suggests that where invoices go missing or have a complex approval process, the costs can be as high as £20 per invoice.
 
Issues
There are many problems and issues surrounding the typical accounts payable process.
• Collating invoices that come from different suppliers or cost centers in many different layouts and delivery formats – post, fax, e-mail, EDI.
• Labour intensive processes required to input data compounded further if linked to different costs centres and potentially involve currency conversion.
• Errors associated with manual data entry in accounting systems.
• Longer lead times due to manual routing, processing, and sign-off procedures involving individuals in different departments and possibly different countries.
• Inefficiencies due to time spent gathering physical documents in order to match invoices with purchase orders, delivery notes, contracts, and accounting system records.
• Inability to maximise financial benefits associated with payment schedules such as, discounts for early payments, or avoiding late fees for tardy payments.
• Risk of document loss or damage, as documents are received at multiple input points and may be routed or classified incorrectly.
• Costs associated with manual document routing, shipping, couriers, storage, etc.
• Inability to easily audit invoice processing and payments to match up document flow with the accounting system.
• Archive costs for compliance and accounts audits.
 
Innovise - The End-to-End Solution Provider
Working with our partners, we have developed a fully automated end-to-end solution for the Accounts Payable dilemma.  Using “Best in Breed” partners to deliver a real time, rules based supplier invoice processing system which could save an organisation upwards of 75% of their current costs.

In addition our solution will also provide data integrity, real time reporting, right place right time approval and many other efficiency gains that will have a positive impact on your business.