The world of accounts payable is changing. It’s time for your organization to change along with it.
Years ago, when Electronic Data Interchange “EDI” was in its infancy, the world of paperless invoicing was in the context of an EDI data stream. EDI saved vendors time and paper but was expensive to set up and maintain, with adoption rates far from 100 percent.
As a result, e-invoicing is moving in a different direction. EDI has largely been replaced by email attachments – a far less expensive and more widely adopted practice. This recent sea change has had a dramatic impact on invoice processing. A major hospital system recently partnered with IPS to modernize its AP practices. The project started with only a handful of invoices received via email every month, compared to 15 percent from EDI. Within a year, 50 percent of the total invoices received by the system came as email attachments.
The point? Email is the new postal service for sending invoices from organization to organization, supplier to vendor and vendor to end customer. And the ability to automatically process, organize and extract invoice data is critical.
Automating your AP processes has never been more critical. Thankfully, it's also never been more possible.
With the extraordinary growth of email invoicing new challenges have arisen. Invoices are easily lost in an overloaded inbox. Invoice data is still “locked” in the email, PDF, Word and Excel files and is not automatically integrated or loaded into your AP application. Believe it or not, the email and attachments are often printed on paper and manually routed. In other cases the invoice is copied and saved to the desktop/server and either OCR’d or manually entered – a situation that is time-intensive, costly and prone to errors and inconsistencies.
In short, automating your AP processes has never been more critical.
And thankfully, it’s also never been more possible.
At IPS, we have the means to automatically flow emailed invoices into your AP system just like EDI. It’s hands-off, cost-effective and completely automated. Payment preapprovals, payment post-approvals, complex coding, routings and allocations – our unique blend of technology, invoice management experience and complex capture rules can handle it all.
It’s not just about invoices in email attachments, either. IPS’ Intelligent Capture software can be customized to transfer data from any invoice – no matter how it arrives – directly into leading ERP systems, like Oracle, SAP, JD Edwards EnterpriseOne, Lawson ERP and Microsoft Dynamics as well as many others.
No matter what your accounts payable system looks like today, IPS can make it 100 percent digital. The results? Vastly reduced transaction costs, Six Sigma-quality data accuracy, slashed invoice processing time, a fully auditable document flow and true back-office scalability.
The world of invoicing and AP is changing. Fortunately, through IPS email attachment automation, your business can keep up – and thrive.