Beach Street Invoice Automation Solution for Alfresco
Companies of all sizes face the challenge of streamlining business processes to reduce costs while increasing process consistency. This is clearly demonstrated in managing large volumes of invoices:
- Manual invoice keying, copying, and routing
- Approval delays, and lack of transparency
- Delayed payments resulting in missed discounts and late fees
- Tracking down PO’s
- Answering vendor queries regarding payment
- Paper shipment, storage and retention
Fortunately, with Beach Street’s Invoice Automation Solution for Alfresco, these business issues can be solved with relative ease, providing all of the tools necessary to improve your company’s invoice processing at a cost, which yields rapid ROI!
Beach Street’s Invoice Automation Solution automates every level of invoice processing from the time an invoice is received through voucher creation and approval for payment. Invoices can be scanned in batches from the mailroom, or automatically captured if received in electronic. Fields are extracted via intelligent OCR and validated against Purchase Orders and/or Contract data, then passed on for rules-based routing and approval. On final approval, the voucher is programmatically created in the ERP. Processors and approvers receive task notifications and reminders at each step of the process, and can monitor the invoice as it progresses through the flow in the system. Comprehensive dashboards and re-porting provide metrics for ongoing process improvement. The result is intelligent automation, trimming manual tasks and accelerating the end-to-end process while reducing overall cost.
Return on Investment
Professional Accounts Payable Associations estimate the average cost to process an invoice is more than $12.00 with manual paper processes. Companies implementing invoice automation processes for invoice data capture and the approval workflow have realized cost savings, with cost per invoice in the $2.50 to $6.00 range. The savings can be significant for companies processing high volume of invoices and easily pay for the automation software with payback periods less than a year for some customers.
Power and Insight
AP managers gain insight into the invoice status and AP operational metrics through invoice status summaries and Dashboards. Custom reports are a key benefit to Beach Street’s Invoice Automation Solution for Alfresco. In addition to tracking invoice progress through the review and approval process, reports such as “Overdue Payments” can identify overdue invoices and which department is consistently lagging, causing late payments.
The Supplier Portal is provided with a simple login screen to allow the Suppliers to access the system, review their invoice status, and upload sup-porting documents.