Accounts Payable Automation and Outsourcing
Automation will save you time and money.
Have your accounts payable processes become cumbersome and expensive? Depending on how manual your current processes are you could be spending anywhere from $15 to $35 to process each invoice. If cutting costs within your accounts payable department is on your to-do list, consider an accounts payable automation and outsourcing solution.
We take care of receiving and digitizing your invoices on a daily basis as well as validating and extracting the data for uploading into your ERP or accounting system. You will have access to key metrics and 100% visibility at every step. Optionally, Octacom’s solution assists with invoice approvals, exception management, vendor management and provides a secure and searchable long-term invoice archive. Further, Octacom’s solution provides a Vendor Portal option, which can be leveraged to reduce call volumes into AP by displaying real-time invoice status and payment confirmation details.
How does Octacom’s solution work? We combine services and software to provide an end to end automation solution. Let us help you get some of that time and money back through accounts payable automation.
Watch the Video to See How AP Automation Works
Problem: Manual processes are slow and prone to errors resulting in incorrect or duplicate payments, increased exceptions and costs.
Solution: Having invoices centralized and validated prior to submission to our OdissTM Document Management Software and/or your ERP or accounting software ensures correct information for accurate and timely payments.
Be More Efficient
Problem: Managing incoming invoices, exceptions and vendors will often overwork and overwhelm your accounts payable department. Many hours are spent each day tracking down invoice approval statuses from internal departments or branch offices.
Solution: Accounts Payable Automation frees staff from mail handling, data entry, exception processing and manual paper or email approvals, allowing your employees to focus on more key activities. Your cost per invoice processing goes down and your efficiency goes up.
Decrease Turnaround Times
Problem: Invoice approvals and payments take too long, resulting in missed early payment discounts and unhappy vendors.
Solution: Automation significantly decreases processing times. All data capture and validation is provided as part of a daily processing service. You receive complete and correct invoice data necessary to capture early payment discounts and eliminate late payment fees while improving vendor relationships.
Problem: The accounts payable process and staff have little or no control over incoming invoices; finance needs better visibility and real-time data for outstanding costs.
Solution: True accountability and real-time reporting provides 100% visibility at each step of the process. No more gaps or black holes within the system. Invoice automation allows you immediate accessibility to track and manage all of your invoices in one central location.
OCTACOM’S AP AUTOMATION SOLUTION
Manual Data Entry
Invoice Accuracy Issues
Complicated Approval Processes
Consider Outsourcing Your Accounts Payable Process
Imagine the ease of having all of your documents to a secure P.O. Box, secure email account or Vendor Portal.
Vendors send invoices directly to Octacom via mail, email or vendor portal. Once received your invoices will be processed and uploaded to your ERP within 24 hours
5 Reasons for Higher Processing Costs Without Automation:
- Human Intervention such as managing incoming invoices, sorting, routing and follow up.
- Manual data entry and verification
- Slow manual approval process
- Exceptions processing
- Lost opportunities for early payment discounts
Top 5 Benefits Gained With AP Automation Services:
- Up to 90% reduction in human intervention
- Significant reduction in overall process time
- Improved accuracy with data capture and automated verification processes
- Revenue earned from early payment discount opportunities
- Real-time visibility to entire Accounts Payable process