DocuClass Payables – A/P Applications
DocuClass Payables is designed to streamline traditionally time consuming A/P processes such as invoice processing and approval, purchase to pay, electronic invoicing, 3 way matching and partial invoicing handling.
DocuClass Payables not only allows companies capture and access all their A/P related documents, but also provides a comprehensive set of features such as invoice processing automation, transaction record management, collaborative vendor-customer portals, integration with Line of Business applications as well process metrics dashboards.
According to a study by the Aberdeen Group, April 2012:
A well streamlined and automated Accounts Payable operation will process an invoice in about 1/6 of the time, at about 1/12 of the cost compared to manually operated Accounts Payables operations.
DocuClass Payables allows your organization to:
- Process your invoices more efficiently in less time
- Reduce operating costs by
- Reducing work-hours spent on completing invoicing process related tasks
- Eliminating duplicate payments
- Possibly receiving better credit and payment terms
- Have immediate and secure access to all your AP related documents
- Optimize your requisition and approval process
- Raise productivity levels
- Improve Customer – Vendor relationships
- Promote transparency and collaboration between customers and vendors
- Access real-time information on the status of all items in the AP process. For example:
- Approved vs. pending invoices
- Aging reports
- Number of transactions process over a periodo f time, by supplier, account type, cost center, etc.
- Comply with regulations and audits
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Typically, Accounts Payable departments deal with an overwhelming amount of paper. Incoming invoices usually require manual data entry into an ERP system. If you work in Accounts Payable then you already know that when there is a heavy reliance on paper invoices:
- Mistakes happen
- Documents are misplaced
- Overall lack of visibility exists within the organization
For example, invoices sit in a pile on a manager’s desk awaiting approval. When this happens, the result is:
- Loss of early payment discounts
- Potential late payment penalties
- Inaccessibility to the invoices
Incorporating an enterprise content management solution -like DocuClass for accounts payable- can automate accounts payable processes and integrate with your existing ERP system, making all related documents accessible at any time and reducing the need for duplicate data entry. Our accounts payable solutions can eliminate paper and manual data entry improving visibility, increasing productivity, improving quality, and increasing your organization’s efficiency.
DocuClass Payables Improves Visibility:
Routing invoices through a manual approval process provides no visibility. Replacing this with an automated accounts payable process reduces paper and streamlines processes without compromising business requirements. Our accounts payable solution provides users with the ability to capture, access, and manage all documents. Integrate document capture and workflow with your existing ERP system and you will no longer have delays searching for, entering, or approving invoices. Information is stored in a central location and is accessible to anyone authorized to use the system. Security parameters can be set to control all levels of user access.
DocuClass Payables Improves Productivity:
DocuClass Payables captures invoices and purchase related documents in many quick and easy ways. Creating digital records of each invoice (or purchase related document) means less time-wasted filing, retrieving, or searching for misplaced or misfiled documents; ensuring timely payment. Instant communication and the ability to share invoices dramatically increases efficiency and productivity.
DocuClass Payables Improves Quality:
Less errors and mistakes occur with reduced data entry. Auditing capabilities create a log of who has viewed or edited an invoice within the system creating accountability. A central, easily accessible location to view invoices and related documents reduces miscommunication across the department.
DocuClass Payables Increases Efficiency:
Streamlining the process of invoice handling and the associated data collection reduces accounts payable time and cost, and makes documentation available for informed decision-making. Removing manual data entry and tedious processes identifies and removes any bottlenecks, reduce costs, and decrease time spent per invoice.
Technology that automates and streamlines invoice processing.
When you automate invoice processing, you reduce the number of human errors and your data quality substantially increased. It brings direct savings and better control. In addition to significantly reducing the costs, there are many other drivers behind the invoice processing automation:
- Improved accuracy of processing
- Reduced processing time
- Auto-detection and elimination of duplicate invoices
- Increased resistance to fraudulent and incorrectly filed documents
- Automatic detection and adjustments to improper tax and deductions calculations
- Improving vendor relations
Manual invoice processing costs between $10 and $20 per invoice. Replacing manual data with a full data capture invoice automation can yield substantial savings from reduced labor, accounting for 40 to 60% of the overall costs of manual processing.
Benefits of Automated Invoice Processing:
- Streamline your AP process
- Accelerate the entry of invoices and other AP documents
- Reduce invoice entry costs and data input errors
- Maximize early payment discounts
- Minimize late payment charges
- Increase AP staff productivity
- Improve compliance through a strictly audited process
- Integrate AP processing with procurement and matching processes
Control, Collaborate, Engage
DocuClass eShare vendor portal provides real time information, transparency, control, efficiency, and cost and time savings. Optimize your accounts payable processes by enabling customers and vendors to participate and collaborate in processes such as purchase to pay and three-way matching.
- Provide accurate and real time information
- Optimize your accounts payable processes
- Mutually Beneficial for customers and vendors
- Promotes transparency & collaboration
- Vendor management
- Engage your vendors
- Gain better control over your A/P processes
- Acts as a conductor between ERP systems and vendors
Vendors can view real time information regarding transactions; resulting in fewer inquiries. Through the vendor portal, you can upload and register invoices, link POs and packing slips, communicate with customers, and update information.
Allowing the vendor to collaborate through eShare results in:
- Improved cash flow
- Improved customer/vendor relationships
- Prompt and accurate payments
- Reduced operational costs
- Simplified three-way match