Taking those first steps towards digitising your business processes can be daunting. Implementing new processes and technology would send a shiver down even the savviest of organisation’s spines, not to mention the cost of investment. But progress and change are inevitable. Restore Scan have been implementing tailored solutions to resolve specific challenges faced by different operating systems for well over 15 years. We have extensive experience in handling sensitive, business-critical information for both large and small organisations across the UK.
Tackling the primary source
AIIM (Association for Information and Image Management) often describe information as a business’s most important asset, and at Restore we whole heartedly agree. In particular, payment systems are the lifeblood of any organisation. Without them, suppliers don’t get paid and perhaps even more importantly, money is not collected from customers. Yet surprisingly, they are usually considered to be part of the infrastructure of the business – an unavoidable overhead. The emphasis is generally to reduce costs, but the efficiency, accuracy and timeliness of these payment processes can have a dramatic effect on key relationships with suppliers and customers. Poor or overloaded processes can end up misplacing money from accounts or disputed transactions, and slow collections can put huge pressure on cash-flows.
AIIM’s research has found that despite the early predictions for electronic transaction systems (EDI), the invoice is still the primary vehicle for payments. Of late there has been a considerable rise in the exchange of PDF invoices. In spite of their universal file format, they represent a document of standard content but very diverse layout. As a result, although many organizations have adopted electronic workflow of invoice images – scanned from paper or input as PDF - many are missing the true benefits of capturing the information on the document itself using OCR (Optical Character Recognition) and linking it direct to the finance or ERP transactional system. Improved capture software, ICR (Intelligent Character Recognition) can now easily adapt to multiple invoice layouts, and automatically match and validate data down to line-items level wherever it resides on the form. The return on investment from this kind of technology can generally be measured in months, not years.
Key findings of AIIM’s research conclude;
· Overall, 50% of organizations surveyed have yet to adopt any automated AP systems. One third of organizations receiving more than 25,000 invoices per month are still using paper-based processes.
· 50% of Accounts Payable system users report a payback period of 9 months or less.
· The average reduction reported in invoice processing costs is 29.2%. 29% of our responding organizations reported savings of 50% or more from adopting AP solutions.
· Nearly half of implementations were completed in 6 months or less. 81% within 1 year – a single budgeting cycle.
· On top of these major savings, the biggest benefits reported are faster turnaround time on payment and better monitoring and transparency of invoice status.
Moving to paper-less systems for AP processes can make rapid and substantial cost savings, along with management benefits of improved cash management, increased visibility and simpler approval loops. Businesses of all sizes are losing money and customer reputation due to slow and erroneous payment and collection processes.
Implementing the solution
Restore provides cost-effective accounts payable scanning services and solutions that eliminate the problems that can arise from receiving invoices at multiple sites, across different departments or via different media formats.
What you can expect from our accounts payable services:
· Automatic invoice routing
· Reduced pressure on your mailroom, labour costs and overheads
· Improved accuracy in invoice processing
· Increased efficiency in terms of processing times
· Prevention of invoice loss and duplicate payments
· Round the clock visibility of invoice status
· Swift responses to queries from suppliers or customers
· Improved customer relations
We scan, capture and process invoices at our specialist bureaus around the UK. Alternatively, we supply you with the platform to automate your own accounts payable processes within your workplace. Our tailored approach ensures we deliver the finest solutions to address your individual organisational challenges across both the public and private sectors.
Our services are fully compliant with industry legislation, easily auditable and delivered to agreed SLA’s. Whether you receive 100 invoices per day or 10,000, we can help you achieve efficiencies and improved customer service.
0808 278 3271 | email@example.com | restore.co.uk
Automating AP/AR Financial Processes White Paper; Doug Miles, Head of AIIM Market Intelligence Division