ACCOUNTS PAYABLE
Automated AP Document Processing Solutions
Benefits of CASO's Automated AP Processing Solutions
Workflow Solutions for Accounts Payable
Benefits of CASO's AP Workflow Solutions
Sarbanes-Oxley Compliance
DOCUMENT SOLUTIONS FOR ACCOUNTS PAYABLE
In today's demanding business climate, successful businesses have recognized that electronic document management systems (EDMS) technology is needed to process the expanding volume of accounting paperwork faster, more efficiently and error-free.
A growing number of companies apply some degree of this technology to their accounts payable (AP) systems to process invoices, statements, purchase orders and customer correspondence. However, they may be missing out on the enhanced productivity and process improvements that recent breakthrough document technology can yield.
When it comes to integrating the latest EDMS technology for the accounting function, companies typically have two choices:
- Implement a new (or enhance a core) EDMS processing solution
- Integrate EDMS technology with their current workflow systems
Whether you need a fast departmental solution or the comprehensive facilities management of electronic documents, CASO provides optimal solutions for all your accounting document management needs.
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Automated AP Document Processing Solutions
CASO understands that your Accounts Payable document needs may become more complex over time. By applying automated AP document technology, companies will benefit from higher employee productivity, reduced processing times, shortened payback period and increased ROI, in addition to the extensive support CASO provides through each stage of the transition process.
Using Best of Breed Solutions from Kofax , we offer three document management solutions that can satisfy your evolving accounting needs - now and in the future.
Solution #1: AP Imaging
The most basic AP automation solution is to simply convert your paper documents into images and archive them in your imaging system. AP Imaging can also automatically read a single value such as an invoice number, regardless of invoice format, for fast and accurate data retrieval from your new or existing image system. The benefits of AP Imaging include:
- Reduces invoice sorting and paper handling time and effort
- Removes the "retrieval burden" from the AP department
- Authorized departments and auditors can retrieve AP documents themselves
- Reduces the need for on-site storage space
AP Processing goes beyond imaging and allows for the automatic input and validation of several data fields in your AP process. Data entry time is reduced dramatically and information can be delivered into your ERP system in a fraction of the time. The benefits of AP Processing include:
- Dramatically reduces data entry time and effort
- Substantially improves accuracy over manual data entry
- Automatically captures several data values for the payment process
- Can load data and images into several systems simultaneously
AP Matching uses breakthrough automation to enable data extraction from an unlimited number of detailed line items. Purchase orders are matched with invoices automatically, virtually eliminating tedious, labor-intensive manual matching. Data is available immediately through a tightly integrated connection to your ERP system. The benefits of AP Matching include:
- Captures header and footer fields and detailed line items
- Enables advanced validation, such as cross-footing business rules
- Offers tighter integration with host systems, allowing active validations and lookups
- Provides fully automated releases directly into your ERP and other systems
Benefits of CASO's Automated AP Processing Solutions
CASO's automated AP document processing solutions provide additional time-and money-savings benefits:
- Faster, More Efficient Processing
- Invoices can be processed on the day received, regardless of the volume.
- High powered scanner automatically records the batch number, date received, vendor and invoice number.
- Invoices and important data can be delivered quickly to your online archival and retrieval systems - with minimal manual data entry.
- Minimize Document Retrieval Time
- Your AP team won't waste time locating and retrieving documents from file cabinets.
- Documents are classified for easy retrieval in an electronic archive system.
- Other departments can retrieve files themselves instead of tying up your AP team.
- Documents are available for retrieval in seconds - not hours or days - and can be viewed by several users simultaneously.
- Never Miss an Early Payment Discount Again
- Invoices are routed immediately to the AP department for timely fulfillment.
- Taking full advantage of early payment discounts.
- Create An Auditable Process Trail
- As they're scanned, each batch of invoices is electronically date- and time-stamped, with the vendor and invoice date included automatically.
- A record of all AP processing is maintained for future inquiries.
Workflow Solutions for Accounts Payable
CASO's Electronic Document Management Systems (EDMS) can provide businesses significant savings by streamlining and automating much of paperwork that accounting departments must effectively process.
Our Certified Document Imaging Architects (CDIA+) develop successful solutions for organizations in virtually every line of business including finance, law, education, healthcare, manufacturing, and telecommunications.
CASO can assist companies to achieve 30-40% productivity improvement over traditional manual invoice processing methods. Paper invoices are scanned, indexed and maintained online for easier retrieval, faster distribution (internally and to customers), and more cost-effective archiving.
4-Steps Online to Accounts Payable Workflow
CASO provides a comprehensive software solution that automates and simplifies the invoice process from data capture to review and approval through to payment.
- Step One - Data Capture: Invoices are captured via scanning, electronic import or e-mail and routed online for initial GL coding. Advanced forms processing software uses OCR to populate many of the fields.
- Step Two - Coding/Cost Distribution: The A/P processor codes each line item on the invoice. Account codes can be loaded from existing systems and selected via pull-down dialog boxes for faster processing.
- Step Three - Routing: Once the invoice has been coded, it is routed online to the approver who can sign off per line item or for the entire invoice. The invoice then can be routed online to other levels for approval.
- Step Four - Approval/Final Process: Upon final approval, the system updates the external A/P system or ERP with cost distribution data. A summary report is created and attached to the image for storage in CASO's Online Document Access system. In addition, an index record is created for each invoice line item, including accounts, GL account number and approval authority.
Benefits of CASO's AP Workflow Solutions
CASO's A/P solutions provide a host of other benefits, including:
- Leveraging discounts for early payments.
- Increasing credit rating by facilitating on-time payments.
- Streamlined approval process by automated routing.
- Reduced data entry (i.e. e-keying information) by incorporating front-end document capture technology.
- Leveraging technology investments through the seamless integration with enterprise business applications.
- Reduced processing costs (paper purchase order invoices cost an average of $10.72 to process)
Sarbanes-Oxley Compliance
A new challenge for Accounts Payable is the Sarbanes-Oxley Act, requiring chief executives and financial officers to certify periodic financial reports or be subject to criminal penalties for non-compliance.
This legislation requires that all documents relating to an audit must be retained for seven years. Related documents include all paper and electronic records created, sent or received in the course of an audit, and work papers containing conclusions, opinions, analysis or financial data pertaining to an audit or review.
CASO's extensive online archival and data retrieval capabilities make it easier and more cost-effective for companies to comply with Sarbanes–Oxley.
All audit-related documents can be stored in our Online Document Access system and retrieved electronically when needed. Advanced security precautions, such as password-only access and advanced encryption technology, ensure the safety and integrity of all company data.
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