Accounts Payable Plus

The Accounts Payable Solution

Accounts Payable Plus - Supplier Invoice Processing System

Running your operations more efficiently is paramount to a successfully evolving organisation.

If a business wants to significantly reduce costs and in the same stroke become highly efficient, then the Accounts Payable (AP) process is the place to start.

The AP process in many businesses is still largely a manual process. As a result, AP departments often have many personnel whose sole responsibility is to process supplier invoices.

What is evident is that regardless of the processes you have in place for approval and the systems you have in place for accounting, if you are manually handling the data then there is a huge opportunity to improve efficiency and reduce costs by streamlining your AP process.

Accounts Payable: Issues

There are many problems and issues surrounding the typical accounts payable process.

Collating invoices that come from different suppliers or cost centres, in many different layouts and delivery formats: post, fax, e-mail and EDI.
Labour intensive processes required to input data, compounded further if linked to different cost centres and potentially involve currency conversion.
Longer lead times due to manual routing, processing, and sign-off procedures involving individuals in different departments and possibly different countries.
Errors associated with manual entry in accounting systems.
Matching invoices with purchase orders, delivery notes, contracts.
Inability to maximise financial benefits associated with payment schedules such as, discounts for early payments or avoiding late fees.
Archive costs for compliance and accounts audits.

Accounts Payable: The Solution

Avanquest Accounts Payable + (AP+) is a fully automated end to end solution for the accounts payable dilemma.

AP+ employs leading edge software to produce a real time, rules based, supplier invoice processing system, which could save an organisation up to 75% of their current costs.

In addition, AP+ will provide data integrity, real time reporting, right place, right time approval and many other efficiency gains that will reflect throughout your business.

In a generic sense AP+ can be viewed as a series of stages to completion.

Capturing (Scanning) purchase orders and/or delivery notes
ICR of Invoices
Document Matching
Exception Handling
Approval Process
Updating Accounts systems
Document Archive

Accounts Payable Plus: Benefits and Advantages

Fixed costs and true ROI (Return on Investment) can be provided upon completion of a discovery engagement as well as the production of a detailed design specification document.