If you said yes, you are not alone. A survey a couple of years ago reported that 84% of small businesses relied on manual processes. As you probably know, manually processing invoices is very tedious and labor-intensive. Accounts payable automation software can help your AP reduce time spend processing invoices.
Did you know that it costs $10 to process an invoice with little or no AP automation according to a recent study2> And with standard AP automation it costs $2.07 per invoice.
But, with Hemingway’s new AI Invoice Capture Solution, the cost is less than $1 per invoice.
What if in coming invoices are automatically imported to your system, the important text extracted, and set to you for data validation. And once you verified that the correct data was captured, they were automatically routed to the proper persons for approval and then the data was uploaded to your accounting system.
Would that be a time saver for you?
Our solution will monitor email address or shared folders and automatically import the invoices and process them. Or they may be scanned or drag and dropped into the system for processing.
The format of vendor invoices varies, and this makes capture complicated. And the critical data needed to be captured can be anyplace on the invoice.
Hemingway’s invoice capture software uses state of the art artificial intelligence techonolgy to extract key information data from invoices.
And it stores the data for use later in the AP automation process.
Since AI capture is not 100% accurate, our solution can compensate by automatically validating the information capture. Here a a few ways that we do this:
Then, the system allows your accounting staff to manually verify the captured data and modify anything that is needed. In addition at this time, the accounting team can add the GL codes.
The issue that plagues many companies is invoice approval process. They find it difficult to get the appropriate approval for an invoice on time. And the AP department has no visibility to the process.
So the accounts payable staff have to contact each person in the approval process to make sure they approve all invoices that need to be paid.
For this reason alone, you should automate your accounts payable process.
Our AP automation system use Laserfiche workflow tools to automate the whole approval process.
Suddenly, your AP department doesn’t have to worry about chasing down approvers. The approval workflow monitors the approval process in real-time and makes sure the AP teams have the approved invoices when they need them
And our solution allows us to set up the workflow following your exact approval process. It routes each invoice to the appropriate approvers. This ensures that every invoice follows your exact approval process. And expedites invoices that are not approved in a timely manner.
And we can make sure approvals happen promptly. And when necessary, send reminders to anyone late. If approvers do not respond, the system can escalate invoices to their supervisor.
Hemingway AP Invoice Approval:
In this step, data is either entered manually into the accounting software or it is automatically entered by a software integration between the accounts payable automation software and your accounting software (ERP). When you choose to use the automatic method, you eliminate the chance for manual data entry errors and you save an enormous amount of time.
The automation method of data entry uses either a software integration sometime called an API with your accounting software. If no integration or API is available, a CSV file can be created by your AP automation software solution. This CSV can be imported into your accounting system.
A new technology, RPA (robotic process automation), can be used. In this method, the software replicates the keystrokes it would manually take to enter the data into the accounting software.
We have helped many companies to integrate our advanced AP automation solution into their ERP or accounting system. One of the popular accounting software that we integrate with is Abila MIP. We have also Tyler, Accountmate, Quickbooks, Microsoft Great Plains, NetSuite, and many more. Most ERP or accounting software systems give us the ability to automate their accounts payable process and reduce their data entry.
How to get the captured data into your accounting system:
Finally, the last step is to archive the invoice in the proper location. There are several ways that people want their invoices archived. We have often combined the invoice, the PO, and the check into one document. And, stores it in the vendor-paid file by vendor and date. This makes auditing very simple. But, no matter what your filing system looks like, a good workflow system should be able to automatically file your invoices in the proper location in the proper format.
Most solutions that automate accounts payable do a poor job of this, they typically sort the approved invoices as PDFs on the network. These documents are not very secure. A user can easily delete them or inadvertently move them to a different folder. Once that happens, it is difficult to find them. You only have the document name to use to search.
With a solution such as ours, Laserfiche allows you to search on vendor name, vendor number, invoice amount, due date, PO number, and even any text on an invoice such as a serial number.
Benefits of Our Invoice Archive
The invoice capture and approval process you created for me using Laserfiche has been a life saver. You have no idea how it has made our department run some much more smoothly.
“When I needed an old finance report, I would have to search for it among 30 banker boxes. Now, those reports are available with the click of his mouse. You just can’t imagine how you appreciate that time savings when you’re busy.”
“The accounts payable workflow they created for us was comprehensive. and well done. I feel much more confident in the process now that there’s less risk of errors.”
They streamlined our AP process and integrated it with PeopleSoft. It saves us so much time.”
The invoice approval system you developed has made the process so much better. And it saves us so much time each month!
After using your AP Approval process, I never want to go back to processing manually.