Payables Process Management

Corporate Accounts Payable Process Management Solution

Open Scan Technologies, Inc. provides companies’ Accounts Payable (A/P) departments with a technology solution to automate the processing of hard-copy (paper) vendor invoices. Once implemented, the Payables Process Management Solution streamlines the entire process of managing the vendor invoice, from data entry to exceptions resolution to intelligent approval.

This is how we do it:

  1. Invoice Capture
    Accounts Payable invoices and related documents are converted into images using high-speed scanners and electronic file Adapters. There is no need to sort the invoices prior to scanning.
     
  2. Data Extraction
    Once the invoice is captured and verified, required data is extracted using Optical Character Recognition (OCR) specifically designed by OPEN SCAN for processing invoice line items and static data.
     
  3. Updating Existing Accounting A/P Application
    The A/P solution takes the extracted and verified data and formats it to emulate the existing ERP-specific electronic formatting.
     
  4. Approval & Resolution of Invoice
    Invoice line items that match the related purchase order can be approved without staff intervention. For mismatches or other exceptions, the existing accounting A/P system will create a report that enables intra-company approval routing.

The Opportunity:

  • Research by The Hackett Group has found that top performing companies process a higher percentage of vendor invoices with automation technology in comparison with their peers.
  • The Gartner Group estimates that U.S. companies are spending between $10 billion and $15 billion each year capturing A/P transactions.
  • The average A/P Cost Per Transaction before automation is $9.87. With end-to-end automation, this cost is reduced to $4.56.

Benefits:

  • Streamlines the electronic routing and approval process.
  • Eliminates the sorting of invoices for data entry.
  • Reduces the cost and effort of manual data entry and eliminates the matching process.
  • Reduces manual work; it alsogives the users instant access to the approval / rejection process and all associated documents. This speeds up the process significantly.

 

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