Accounts Payable Automation
For many organisations the Accounts Payable function including the manual processing of invoices, matching against purchase orders and the payment approval process is a resource and time consuming exercise that adds unwanted costs and inefficiencies to what is essentially already a cost burden on the business. This represents a hidden penalty or loss of margin on the business you are doing and one that typically isn’t catered for in your cost estimates.
This time consuming and costly process compounded by manual processing errors and increasing regulatory payment time constraints has the potential to leave a negative effect on your whole supply chain, reducing your ability to deliver the lowest cost and remain competitive and profitable in the market.
Recognising this, Zavanti has teamed up with Redmap, the provider of world leading Accounts Payable Automation solutions, to deliver smartPayable to our clients.
smartPayables from Redmap provides a framework for Accounts Payable automation and will deliver to you a cost benefit within a very short time.
So how does it work?
Start with automating the capture and extraction of data for your vendor invoices. Equipped with this data, which is both machine read and then human verified, smartPayables will perform a number of matches via integration into Zavanti ERP.
This matching process checks to see if the invoice has a corresponding Purchase Order and indeed if the invoice tendered matches this record. Where it matches, the data is coded directly to the ERP system with all GL and vendor records updated.
Where there is no PO or the invoice does not match the PO the invoice is forwarded to the smartPayables workflow tool for approval. The appropriate manager receives a notification that there are invoices to approve and selecting it will send them to the workflow tool as illustrated.
Return on Investment for Accounts Payable Automation
Reengineering business processes with Accounts Payable Automation will deliver a number of cost benefits to your business:
- Decrease the cost to code invoices by at least 50%;
- Streamline the approval of the invoices and remove all the wasted labour in chasing these approvals; and
- Eliminate all costs in filing invoices for retention.
More importantly smartPayables will deliver immediate visibility of all outstanding payables by decreasing the amount of time it takes to process your vendor invoices. Accounts Payable Automation provides you the tools you need to run your Accounts Payable department efficiently.
How much is your Accounts Payable function costing you?
Contact us for an AP audit today!