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Posts Tagged ‘AP Automation’

Invoice Scanning Benefits
05Dec

AP Automation Aftermath:  The Benefits

Written by Ken Kramer. Posted in Blog

Post AP Automation Project Benefits (The Pain Is Worth It)

Ah, the pain of going paperless.   The grumpy AP Clerk that stomps her foot and says “I want my paper”.  The sweat rolling down the AP Manager’s temple as they hit the green light on the scanning project to go to production.  The smiles at the end of the first week, and the “That wasn’t so hard after all.”

There are always bumps in the pavement on the road to any digital AP Process.  It takes a while to get the kinks out of the process, and create a “humming” invoice scanning process.  It’s funny, but we mostly focus on the process improvement, speed and efficiencies gained on what we call the “front end”, or the ingestion and extraction of information from paper invoices.   But there is a whole separate set of benefits that comes from creating a digital repository for later access.  Below are some key benefits, post process:

  1. Rapid Search and Retrieval – Now that invoices are in digital form, and are full-text searchable, you now have the power of instant access at your fingertips. Need to see all invoices processed on the last two days of the month…BOOM.  Want to see all invoices where widget XYZ was ordered in March…BA-BING.
  2. Audit Heaven – Need to provide auditors with a specific set of selected records? Just search for the documents you need, and export to a drive or network location.  No more printing or copying required (insert cost and time savings here).
  3. The Purge – No more file cabinet and record purge parties. With advanced invoice repositories, you can now, with the click of a button, archive off older records according to your records retention policies.
  4. Security for Records – now your accounting records are secure, and can be restricted to only those that need access. Folders will no longer wander away, and disappear forever (or sit on someone’s desk for a week).
  5. Shared Access – With security in place, and an online repository created, other departments can be given access to records, which is a huge help for over tasked accounting clerks. This is an even bigger benefit in companies with a centralized HQ and branch offices that require record access.

This is a just a short list of “Aftermath” benefits from the initial pain of an AP Automation.  Did I miss any?  Take a look at my first post here for the front-end “Benefits of AP Automation”.

21Nov

Accounts Payable Scanning Solutions

Written by Ken Kramer. Posted in Uncategorized

Invoice Scanning, Capture and Automation

Are you still processing your invoices the old fashioned way?  Is paper killing your AP department efficiency and productivity?  inForm Decisions can help with our invoice scanning and intelligent document capture solution: iCapture.  iCapture can automatically extract and process invoices, reducing time to process and freeing up staff for other important duties.

 

 

 

AP Automation Features

AP Automation Features

  • Scan and extract invoice information
  • Searchable invoice PDFs
  • Capture Invoice Data with Extraction
  • Route captured invoices to 60+ systems
  • Kickoff AP invoice workflow
    • AP Automation Benefits

    AP Automation Benefits

    • Reduce time to pay invoices
    • Auto-extract invoice data
    • Free up accounting resources
    • Save money
    • Ease audit pain
    • Invoice access for all

    Other Capture and Workflow Use Cases

    Other Capture and Workflow Use Cases

  • HR Document Capture
  • AP Invoice Scanning
  • Contract Data Extraction
  • PO Scanning and Capture
  • Admin Document Scanning
  • Copier Document Routing
  • And much, much more

    • 10Nov

    AP Automation and Invoice Processing FAQ

    Written by Ken Kramer. Posted in FAQs

    What is required to automate my AP processing?

    Every company is different, with broadly varying needs, and inFORM has a variety of solutions for every organization type and budget. Our EasyAP solution allows you to start simple and progress with scanning your invoices. iWorkflow will give you the ability to route documents and data through your organization with ease. So, to answer the question, just a commitment from your AP management and a quick call is all it takes.

    What type of scanner can I use for scanning invoices?

    iCapture can work with just about any desktop scanner, with support for ISIS and TWAIN drivers. For copiers and network scanners, folder processing allows any scanner or device that can create an image file to leverage the power of advanced capture.

    Can iCapture send extracted invoice data to my accounting system?

    iCapture can send extracted information to a SQL, Oracle or IBM database, and can also output data to a CSV or XML file for import. It also allows customization of the output file to meet your AP System needs for import.

    Can I send my invoices to my document management system when I am done processing?

    Yes. With iCapture, there is support for over 60 Enterprise Content Management (ECM) and Document Management Systems (DMS), including: Microsoft SharePoint, Alfresco, FileBound and many others.

    Aren’t invoice processing systems expensive?

    No. Many organizations are surprised at the investment required to start scanning their invoices. With iCapture, many of our customers can grow their business without the need to add additional staff to accounting to shuffle paper. When you add the ability to take advantage of early pay discounts, the gain of file cabinet space, and the savings on any off site storage, it becomes a simple decision.

    What about the business process beyond document capture?

    Document Capture Software is only one piece of the pie when it comes to invoice scanning and accounts payable processing. The question usually is: How do I automate approvals and notifications, or process exceptions? Inform Decisions also carries several workflow and business process management platforms that can automate invoice approvals , add notifications for staff and help process exceptions within your invoice process workflow.

    28Oct

    Invoice Scanning Benefits: Automating Your AP

    Written by Ken Kramer. Posted in Blog

    The Benefits of Digital AP Automation

    In my previous post, we discussed the pain of paper invoice processing, and all the key cost areas that are affected by physical workflows in AP. (Previous post: True Pain of Paper-based AP Workflow ). In this post, let’s discus the all the benefits of digital invoice processing and AP Document Automation. Below is a survey of accounting and finance professionals, and what they specific as key benefits of a digital invoice processing workflow (Survey data by Paystream Advisors).

    AP Automation and Invoice Processing

    Top Benefits of Invoice Scanning

    As you can see, there are numerous benefits from capturing invoices through a scanning process. All of the benefits contribute in some way to cost reduction, both in hard and soft costs.

    Along with these surveyed benefits, there is also quite a bit of value in time savings, as outlined below:

    Paper – the average time to file a paper invoice in a standard file cabinet system is approximately 5 minutes. This is just the actual time to file, and not other additional costs including copying, keying, etc. Based on avaerage labor rates, this comes to $1.67 for each invoice you process.

    Scanning Invoices – the average time to file is 30s to 90s depending on the level of automation and scanning device that is utilized. Jut in pure time, this equates to $0.50.

    So, if you just look at pure filing time, you are looking at cutting your time based costs by 2/3.

    Hopefully this has presented a compelling reason to move to a digital workflow when it comes to your Account Payable process. As you can see, even a small business can benefit substantially from a scanning process, improving efficiency and making employees more productive.  You can watch a quick video of our AP Solutions here:

     

    For more information, or for a real time demo of our AP Solutions, contact us today.

     

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    AP Automation and Scanning
    23Oct

    Do Invoices Really Have to Be So Painful?

    Written by Ken Kramer. Posted in Blog

    The True Pain of Paper-based AP Workflow

    Ah, the pain of the paper invoice. AP Automation is all the buzz nowadays, and scanning and capturing your invoices and accounting data doesn’t have to be hard. It still amazes me that an estimated 75-80% of all invoices are still in paper form (Gartner AP Invoice Automation Study). The costs of dealing with paper can be exorbitant, even for a small business. Below are some interesting statistics from the AIIM:

    • Companies spend $20 to file a single document (time, materials, copies, etc)
    • It costs $120 in labor to find a misfiled document
    • It runs $220 to reproduce a lost document

    Now those are just generic numbers on the pain of running a paper-based office. Let’s get into some specifics on the cost of processing paper invoices. Below are some key cost areas, and really the justification for any move to an AP Automation Solution:

    Shipping and Mail– Many organizations with remote locations and branches still ship invoices to a central accounting office for processing. This creates time delays, and the opportunity for invoices to be misplaced or lost entirely. Some utilize “digital” invoice shipping, through the use of a scanning copier or a network scanner. This can add additional pain for the folks in the head office, that typically download, rename and save invoices in digital form. Some organizations will even print scanned invoices, to have a single flow of processing.

    Payment Cycles – According to IOMA, 25% of all invoices are paid late. Studies have shown that late payment is usually due to processing delays, and are quite typical in paper-based accounting workflows. Data transfer and entry errors can also lead to delays, as well as increased time to search file cabinets for errant invoices.

    Searching and Locating – In a previous life, my office was right outside a file cabinet row for accounting. There was a nice lady named Joan, who spent her entire day walking back and forth, looking for invoices. During audit time, many others joined her, and the traffic was crazy. They would spend untold hours searching, copying, removing and replacing folders. To top it all off, they would typically have to “put off” the inquiring person, and call them back while they searched.

    Archive and Storage – Long term storage costs can quickly multiply, especially if you are using an off-site storage provider. For growing companies, floor space is a huge consideration, and with the average file cabinet taking up 10-12 square feet of space, costs can quickly add up. Finally, there is the concern of disaster recovery. You cannot backup paper, and all it takes is a fire or triggered sprinkler to destroy important records.

    In this post, I cover all the pains of paper and Invoice Processing. In my next post, we will cover the benefits of a digital AP workflow, and how scanning/imaging your invoices can lead to efficiency and higher productivity. If you would like to jump ahead and see how InForm can help you with its iCapture product, you can take a peek here: iCapture for Invoice Processing and AP Automation

     

    28Jan

    Is Paperwork Capsizing Your Accounts Payable?

    Written by Ken Kramer. Posted in News

    Thursday, February 13, 2014 9:00 am – 10:00 am Pacific Standard Time

    Is Paperwork Capsizing Your Accounts Payable?

    Accounts Payable is one of the most paper and labor-intensive processes, which is why it offers enormous potential for cost savings within an organization.
    In this webinar, learn how companies can save over 70% on the cost of invoice processing alone with AP automation. Saving time and money is just the start of the benefits.

    According to the Association for Information and Image Management (AIIM) organization, companies spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document. (www.aiim.org)

    AP Automation
    • Increase Visibility – Instant, secure access to invoice images and status notifications eliminate waiting periods and provide availability from anywhere.
    • Reduce Fraud – Internal controls are simplified and centralized, and additional layers of security access controls are put in place for strengthened security.
    • Improve Efficiency – Improvements of quality measures with automation reduce the high error rates known to plague paper-based processing.

    >> Join inFORM Decisions to learn how to improve your paper-based AP processes. Register Today.>>

    18Apr

    AP Automation

    Written by Ken Kramer. Posted in Uncategorized

    AP Automation

    Accounts Payable Processing is one of the most paper consuming and labor-intensive processes in any office setting, which is why AP Automation offers enormous potential for cost savings within an organization.

    apheader

    With AP automation, on average, companies can save over 70% on the cost of invoice processing alone. Saving time and money is just the start of the benefits of A/P automation.

    • Increase Visibility – Instant, secure access to invoice images and status notifications eliminate waiting periods and provide availability from anywhere.
    • Reduce Fraud – Internal controls are simplified and centralized, and additional layers of security access controls are put in place for strengthened security
    • Improve Efficiency – Improvements of quality measures with automation reduce the high error rates known to plague paper-based processing
    • Save Money – With invoice scanning and AP workflow solutions, faster processing means avoiding late payment fees and taking advantage of early pay discounts.

    At Inform Decisions, we provide end-to-end solutions for any accounting automation project, including document capture, business process management software and applications for all your printing needs.  Contact us today for more information and a demo.

     

    >> Keyword: AP automation