Accounts Payable Solution: Enabling New Levels of Effciency in Invoice Processing and Exception Handling
The ability to automate and efficiently manage invoices can improve employee utilization, cut operating costs and enable more efficient use of cash. According to studies conducted by the International Association of Payables Professionals (IAPP), the cost to process an invoice manually can range from $15 to $30 or even more. And a recent Aberdeen study revealed that automating the payables process reduced that operating cost by as much as 91 percent. These com¬panies spent 30 percent less time responding to vendor inquiries and have 12 percent fewer late payments.
StylusAP's Accounts Payable Solution provides instant access to invoice and P.O. information and streamlines invoice processing and exception handling. Because StylusAP is delivered as a Web-based service, you never have to worry about buying hardware or installing and maintaining software. The solution is so easy to confgure and implement that you can be up and running in a frac¬tion of the time it takes for on-premises software.
Invoice
Invoice Capture:
- Convert paper invoices to digital images at the point of receipt
- Capture inbound faxes and e-mails automatically, reducing the possibility of errors and lost invoices
- Scan in batch or single-document scanning mode from different locations using your existing scanner(s)
- Streamline searching with built-in optical character recognition (OCR)
- Use intelligent data recognition and auto-indexing to eliminate manual data input, saving time and the reducing the possibility of errors
- Improve accuracy and reduce errors with built-in data validation
- Support both single-page and multi-page invoices
Invoice Storage, Organization and Retrieval:
- Create attributes groups to classify invoice information by vendor, type, location or any other attributes you choose
- Use a pre-defned folder structure to keep invoices organized for quick access
- Maximize productivity by easily accessing documents from within your ERP/accounting application
- Find documents instantly using index values or full-text search
- Retrieve all the documents related to a transaction at the touch of a button
Invoice Approval Automation and Other Processes:
- Assign invoices manually or establish automatic alerts and reminders to streamline the process
- Speed processing with workfow timers
- Enable viewing of the entire transaction with single-click access to all related documents
- Improve accuracy and processing speed with two- or three-way matching
- Easily view each invoice by processing status (e.g. — new, pending, pay, paid)
- Create a separate process for non-P.O. invoices
Exception Handling:
- Set automated escalation procedures based upon vendor, invoice amount or other attributes
- Streamline transaction processing by routing exceptions based upon fexible business rules
- Use eForms to quickly resolve vendor disputes
- Send notifcations and reminders to keep transactions from stalling
- Effciently balance workloads with queue management
- Prioritize invoices according to your specific business needs
- Save your valuable team member resources by using secure Web-based vendor access for checking invoice status and resolving disputes
Activity Monitoring and Performance Reporting:
- Use the process metrics dashboard to monitor payment status
- Create and enforce best practices with preconfgured status reports
- Achieve even greater levels of productivity with Advanced Workfow and process activity monitoring
- Visualize and improve your processes with user-friendly map diagrams
- Reduce the costs of compliance with the workfow audit trail
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