Telecommunications Company Uses Intelligent OCR and AP Automation to Automate Invoice Processing and Approval Workflow
Transtelco, Inc. provides telecommunication solutions for carriers, enterprises, and small to medium businesses in the United States and Mexico. Its products and services include voice, data, internet, collocation services, and a fiber optic network. The company has deployed Intelligent OCR, automated invoice processing, and 3 way PO matching with EchoVera’s AP Automation Solution – ASAP.
Key Outcomes from Deployment of EchoVera’s AP Automation Solution
- All incoming email and paper invoices are processed with Intelligent OCR and A.I.
- 2 and 3 way matching automated with ASAP‘s “matching engine” technology
- Fully integrated with Transtelco’s NetSuite ERP
With locations in the U.S. and Mexico, Transtelco realized that it needed a more efficient accounts payable process. Prior to implementing ASAP, paper invoices were received from vendors, approved at each of the company’s locations, and then sent to Head Office for final processing in NetSuite.
Transtelco’s decision to automate their manual, paper-based AP process was based primarily on:
- the need for greater transparency and cost control
- reducing cycle time
- a decreased environmental footprint
ASAP – Cloud-Based AP Automation Solution
Intelligent Data Capture
Intelligent OCR intuitively performs field mapping and data collection of Transtelco’s supplier invoices and processes them directly from email – eliminating the need to print them or perform data entry. The technology can recognize each supplier’s invoices, perform field mapping, and store the relevant data. As a result, most invoices are processed in minutes without any manual intervention at all.
Invoice Processing and 2/3 Way Matching
Invoice status is visible in a central shared dashboard. For a 2 way match, the software matches invoices to internal purchase orders, or to purchase orders imported from an external ordering system or a combination of the two. If the invoice amount and order amount match, the invoice is matched in full, and the account postings and authorization for payment for the invoice are inherited from the purchase order. For 3 way matching, incoming invoices (either scanned or emailed) are automatically matched to the purchase order and goods receipt.
Exceptions Approval Workflow
Exceptions are put in an electronic folder that contains the invoice, purchase order, goods receipt, and messages related to the transaction or error. The folder is sent to a Transtelco approver (or approvers).
The information is presented in a single dashboard on the recipient’s laptop or mobile device. It gives the knowledge worker all the tools and services they need to manage the exception, such as ad-hoc routing capabilities to colleagues and email or portal communications with vendors.
Archive and Audit
ASAP provides Transtelco with a step-by-step documented history of invoice transactions, including communications between internal staff and suppliers. The solution also has a complete searchable archive and a framework that provides objectivity for enquiries or investigations.
The Bottom Line
Transtelco has achieved significant and measurable cost savings & efficiencies in their AP operations.
EchoVera Inc. provides cloud-based and “in-house” electronic Invoicing, Intelligent OCR, and AP Automation and Purchase-to-Pay solutions to companies and organizations looking to reduce costs and increase the efficiency of their accounts payable operations.
Contact Us: Phone: +1 416 968-2335 (Canada)