Solutions

Invoice Processing Automation

Invoice Processing

Avanquest helps automate the processing of invoices by integrating straightforward workflow and document matching software with your existing systems, to remove manual and repetitive workload.

By making existing systems work harder, the impact is lower and its less expensive to evolve than to replace.

Our range of solutions deliver more time for accounts payable departments, to focus on the exceptions and start to gain control.

Invoice Processing is part of the Accounts Payable Plus application suite.

Reduce the cost of invoice processing

Processing an invoice is expensive, particularly in large complex operations where familiarity with every nuance of a company’s contracts just can’t be held in memory. Wherever multiple people are involved, transactions escalate.

Why Automate?

As companies grow, it can start taking anything from 10 to 40 days to manually process a single invoice.

A typical manual process:

  • Invoices come into the organisation by post, email, fax etc and are categorised
  • They are forwarded to the person responsible for that particular invoice
  • The invoice is matched to the Purchase Order, verified, approved and signed off for payment
  • If it exceeds the organisation’s limited amount, it may have to go to a superior for further verification
  • If everything is OK, the invoice is input into the accounting system ready for payment

Invoice queries slow the process

  • Is the invoice from a valid vendor?
  • Is the invoice correct and does it match the PO?
  • Is it a duplicate invoice?
  • Is the invoice for just part of the order value?
  • Does the invoice match the delivery note?

Avanquest Invoice Processing automatically matches and verifies scanned invoices with POs.

The Accounts Payable process is centralised, so the most up-to-date ‘live’ information is available to the whole accounts team at every stage of the AP process.

What our software does

  • Integrate current systems
  • Automatically allocate the right invoice to the relevant transaction
  • Automatically post invoices for payment
  • Automatically queue exceptions for handling
  • Deliver information on exceptions to the AP desktop
  • Make payment status instantly available to everyone

Benefits:

  • Reduced invoice processing costs
  • Time savings and increased efficiency
  • Resolve exceptions quickly
  • Resolve supplier conflict and reduce own production problems
  • Get early payment discounts
  • Reduce number of supplier inquiries
  • Speed up supplier inquiry handling
  • No double handling

Solutions Strategy: Don’t get locked in

Avanquest provides open solutions. That means our systems can be extended to include the automation of any business process.

With an unlimited number of other ‘document-management’ and flow applications within the business, the original investment can be highly leveraged.

As the priorities change within the finance function, extend the software to automate Accounts Receivable, Purchase Order Processing and Authorisation.

Invoice Processing is a part of the overall Avanquest ProcessFlows Accounts Payable Plus application suite.