Most companies still receive most of their invoices on paper, rather than in digital formats. While these physical copies aren't necessarily an issue, many companies still handle these invoices with manual processes, which tend to incur higher costs, mostly due to cash flow and invoice processing inefficiencies associated with these manual processes. By using a manual system, these companies tend to experience higher error rates, more process exceptions and often fail to take advantage of early pay discounts that can further reduce their operational costs.
At the same time, these manual processes also prevent companies from seeing and using their AP data effectively, since this data is often trapped in unprocessed paper invoices and digital documents. Without a way of processing and capturing data from these sources efficiently, this data is effectively useless for immediate business visibility, and businesses can lose sight and control over key business KPIs like cash flow as a result.
There is an easy solution, however — intelligent invoice processing automation software can help manage invoices more efficiently, minimizing the errors and problems associated with manual invoice processing to help you achieve higher levels of efficiency and reliability.
Invoice automation software identifies, classifies and organizes information from scanned paper documents and electronic files, capturing all the essential data from your invoices and translating it into actionable data. With this system, your business achieves almost immediate access to your data without manual processing.
This system of invoice processing lends itself to numerous benefits to your business, including:
With intelligent invoice processing automation software like Artsyl's InvoiceAction system, you can maximize these benefits even further.
Artsyl Solutions Take the Pain Out of Your AP Process and Get You Up and Running Quickly. Artsyl focuses on solving the most painful, manual steps in the procure-to-pay process — document handling and routing, invoice matching/approval and transaction data entry and validation.
Artsyl helps you solve these issues with an intelligent invoice data extraction system, which helps customers achieve more with less manual effort. Artsyl’s docAlpha digital transformation platform provides intelligent capture, data validation, automated workflow and ERP/ECM integration to support straight-through processing of PO and non-PO invoices. InvoiceAction works on top of the docAlpha platform to deliver invoice-specific functions.
This efficient invoice processing system dramatically lowers organization's invoice processing time and costs, improving the visibility of KPIs like accruals and cash flow while also taking advantage of discounts and developing vendor relations.
Artsyl focuses on delivering smart process technology products and solutions to businesses of all sizes and types, providing intelligent automation for routine business processes, so your organization can do more with less manual labor. Artsyl's docAlpha and Invoice Action systems can help your company achieve greater efficiency, visibility and auditability by capturing, organizing and leveraging your information effectively, allowing your data to work to your advantage.
If you're ready to achieve more in your invoice processing procedures, contact us today to learn more about automating manual paper-based invoice processing systems and how you can get started.
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