News & Events
Open Scan Releases the Latest Version of its Revolutionary A/P Automation Solution
Denver, CO – November 18, 2011 – Open Scan Technologies, Inc. has pioneered enterprise financial workflows for more than a decade. Open Scan’s latest version of its Payables Process Management solution brings game-changing new features to market. This release of the software greatly enhances line-item data extraction, classification, and intelligent matching to the vendor master. In particular, for PO invoices the system matches and approves them automatically if there is a match. In the case that there isn’t a match, they are presented in an exception queue to a user for verification. For non-PO invoices, the solution can automatically assign the appropriate workflow for electronic review and approval routing, which saves time for everyone involved while improving visibility and compliance. Also, geography and file types are not a concern - when any type of invoice comes into headquarters or remote branches, it is scanned or imported into a centralized workflow for processing.
Traditional paper-based payables processing is fraught with inefficiencies, manual tasks, and lost invoices due to paper shuffle. Companies of all sizes and in all industries can benefit from Open Scan’s payables solution by eliminating manual sorting and data entry, utilizing a faster review and approval workflow, automating PO Invoice approval, and reducing paper storage costs. The result is improved vendor relations, better compliance, and overall cost reduction by as much as 60%.
Research by The Hackett Group has found that top-performing companies process a higher percentage of vendor invoices with automation technology than their peers. The Gartner Group estimates that U.S. companies are spending between $10 billion and $15 billion each year processing A/P transactions. On average, the A/P cost-per-transaction before automation is $9.87. With end-to-end automation, this cost is reduced to $4.56.
# # #
About Open Scan
For more than a decade, Open Scan Technologies Inc. has revolutionized enterprise financial workflows with industry-defining product innovations in payment capture, remittance processing, cash application, payables, and deduction management. Corporations, financial institutions, and government agencies realize unrivaled performance and efficiency as well as measurable savings and increased accuracy of data.