The majority of companies continue to receive upwards of 80 percent of incoming invoices through mail and faxes. This creates a manual process which is error prone and time consuming. Accounting departments devote enormous resources to manually entering invoice data into ERP systems, verifying its accuracy against Purchase Orders, etc., and correcting errors prior to processing the invoice. Each invoice typically contains multiple pages, line items, and amounts. According to leading analysts the cost for processing an inbound invoice is a minimum of $8 dollars to process, with 70% of that cost attributed to manual data entry.

SEEBURGER's 4invoice solution is an advanced, comprehensive invoice automation solution. Inbound documents are captured via free formation technology, automatically validated against master data stored in account payables systems, and electronically routed through an organization's approval processes.

Benefits of Invoice Processing Automation:

• Slash invoice processing costs Automated processing costs 33-37% less than manual processing*
• Boost cash flow Shrinks payment cycles from an average of 34.4 days to just 4.4 days**
• Capture valuable payment discounts Rapidly identify and realize early payment discounts and rebates
• Pinpoint information more rapidly Easier access to invoice information for all participants in the procure to payment process; from AP to purchasing to original requisitioners and cost center owners
• Simplify compliance with corporate and finance mandates Streamlined adherence to auditing requirements and corporate governance standards

• Freeform recognition  Ensures accurate data recognition and document matching, and eliminates need for individual supplier templates, speeding implementation and expanding collaboration opportunities
• Automatic learning capabilities Continually improves accuracy rates, reduces process-cycle times and manual intervention requirements
• Deep integration with ERP environments  Enables effective operation within any ERP environment
• Integrated image recognition with EDI, XML and other electronic business documents  Provides single platform solution capable of managing multiple document formats and inbound/outbound communications

The overwhelming majority of invoices correspond to procurement generated purchase orders. However, this is a complex process that is prone to errors as the information required for final execution exists in two companies systems (i.e. the customers and suppliers). Too often, inbound invoices do not match an existing purchase order which leads to expensive manual processes and delayed payments. SEEBURGER through data validation techniques automatically matches invoices down to the line item level. 

 

 

* The E-Payables Benchmark Series: Imaging and Workflow, Aberdeen Group, March 2008, p. 5.

** The E-Payables Benchmark Series: Imaging and Workflow, Aberdeen Group, March 2008, p. 13