Did you know that the average cost of processing one invoice is $11.57? It also takes the average business more than 8 days to process an invoice. That’s a lot of time and money wasted and why we’re excited to introduce our new Process Automation platform.
of the received invoices are printed in paper
average time for many businesses to process an invoice
average cost to process an invoice in a traditional, manual way
of the invoices regularly incorrect or incomplete information
Capture and Validate
Through data extraction and validation, we remove the need for manual data entry. This frees up staff time, reduces human error, and provides greater staff engagement through the reduction of these low value repetitive tasks.
Visibility
Through the immediate digitisation of invoices and the inclusion of managed workflows, the platform provides visibility from the beginning of the process, rather than the end. Management, Approvers and Key Accounts staff have great clarity of where every invoice is within the system.
Compliance
Structured workflows driven by the desired business outcomes provides a compliance model appreciated by Management and Auditors alike. The process no longer requires work arounds as process improvement means short cuts are no longer required.
Hosted Platform
A managed platform provides mobility which is even more critical with the ever-growing remote workforce. Access to documents anywhere at any time provides increased staff efficiencies. Data security and disaster recovery is one less headache for internal IT teams.
Automated Matching
Automated document matching provides key checks and balances with staff only required to work on the exceptions rather than every invoice. Purchase Orders, Invoices and Statements are matched to allow both Management and Accounts staff piece of mind.
Purchase Costs Controls
Best practice requires purchases be approved prior rather than on receipt of an invoices from suppliers. Purchasing cost controls allow for greater departmental autonomy and better cash management strategies. Access to up-to-date budget information allows quick decision making.
Auditability
Automated workflows document who approves what and at what time, ensuring compliance and greater financial control. System checks provide ongoing compliance auditability with all data available for future reference.
Fraud Controls
Automated system checks such as ABN and GST registrations and banking detail validations provide substantial fraud control mechanisms which are critical with the ever-increasing cybersecurity threats. Compliant, structured processes significantly reduce the risk profile through multiple check and balances.
Learn more about how we implement process automation within various industries below:
