Automated Invoice Processing Cloud Service Hits It Out of the Parkhttp://echovera.ca/wp-content/themes/corpus/images/empty/thumbnail.jpg 150 150 Tim Robertson Tim Robertson http://0.gravatar.com/avatar/6847ba38495b3996e0bdf3a15c015e0c?s=96&d=mm&r=g
Imagine processing over 1,000,000 invoices a year – automatically – with a cutting edge invoice automation solution. Now imagine doing this with different ERP systems, across multiple business groups and subsidiaries, all in one dashboard. A tall order for any automated invoice processing solution.
Our invoice automation solution is based on a platform created by a company called Palette. Palette “knocks it out of the park” when it comes to automatically processing high volumes of invoices in very complex situations.
Unlike many of our competitors, this software was designed from the ground up to automate your entire AP or purchase-to-pay (P2P) process. The platform is currently in use in over 4,500 companies worldwide with recommend and approval ratings of over 90%.
Cloud-Based ERPs Grow
While invoice automation has become the norm for organizations of all sizes across Europe, this definitely not the case here in North America. One of the biggest barriers to adopting true AP automation is a resistance to move sensitive processes “into the cloud”.
We find that most of our newer clients are already using cloud-based ERP systems. They have experienced, first hand, the benefits of working in the cloud and are exploring other services that are compatible with their cloud-based ERP.
If invoice automation is something you are considering, you’ll want to ensure that the solution you choose has the following bases covered:
Intelligent Data Capture – You want to use the most advanced technology for data capture. For example, “intelligent OCR” intuitively performs data capture, one of the more time-consuming aspects of traditional processing of email and paper invoices. Then you have “e-Invoicing”, which takes data capture automation even further with the use of sophisticated “capture rules” that provide 100% accuracy and completely removes the need for any manual involvement. E-Invoicing is especially effective when capturing, validating and processing invoices from your high volume vendors.
3-Way Matching – You want purchase orders, supplier invoices and goods receipts to be automatically matched. Exceptions should be flagged for reconciliation.
Workflow – You want invoices to be gathered into a central dashboard from where they are automatically sent to managers to review and approve, with the system then automatically sending them to your ERP for payment.
Archive & Audit – You want your system to automatically archive supplier invoices in the cloud for searching, reporting, and to provide an audit trail.
For more information about our automated invoice processing solution called EchoVera ASAP, click here.
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- AP Automation