Accounts Payable Outsourcing
Processing high volumes of invoices and other accounts payable documentation can become extremely time consuming and costly for AP departments. Cleardata provides accounts payable outsourcing services, to streamline multiple tasks, including invoice scanning, matching, validation and approval. We also offer cloud document management solutions to digitally store your documentation, providing fast digital retrieval at the touch of a button.
Outsourced accounts payable enables staff to concentrate on core business tasks, generating faster processing times and quick payments to your suppliers.
Other benefits of accounts payable outsourcing includes:-
- Limited human intervention, leading to higher data accuracy levels.
- Quicker payments, resulting in improved supplier relationships.
- Reduced time spent on the phone dealing with customer queries
- Lower processing costs
Invoices arrive daily in various different formats, for example paper, email or edi and consolidating these documents can be a challenging tasks. Cleardata’s outsourced accounts payable solution, enables all incoming invoices to be processes through a single connection, no matter how they’re received.
Our business has invested in intelligent capture solutions and robotic process automation software, providing automated data capture alongside mailroom, scanning and digital document processing for your accounts payable data.
Download our Invoice Management white paper for information on automating your invoices.
How does the process work?
Outsourced accounts payable works by diverting invoices and other financial documentation to our secure accredited scanning facility. Electronic paperwork is received using a dedicated mailbox.
- AP documents diverted to Cleardata’s Bureau via PO Box
- Paper documents digitised on arrival, using best in class Kodak scanners and OCR technology.
- Kofax Intelligent data capture utilised to capture key information, such as purchase order, reference numbers and supplier details.
- Data validation performed, to check extracted data against existing office databases.
- Automated workflow to route files to the correct members of staff or department for authorisation.
- Extracted invoice data output into a preferred format, for easy import into your systems. Regular methods include csv, excel or html.
Switch to 100% electronic invoicing, using Cleardata’s EDI solution. Click here for further information, or watch our video below:-
- Cleardata’s consultants will meet with you to discuss/review your existing accounts payable processes to understand your current systems and provide a recommendation on the best solutions for your business.
- Our team can help you set up a PO Box to divert your physical documentation.
- Virtual email boxes can be set up to receive digital invoices.
- Cleardata’s bureau uses production Kodak scanners, with the ability to capture hundreds of images per minute. All documents are scanned with BS 10008 in mind for legal admissibility of electronic information. All scanned images are checked by two separate operators to provide excellent quality.
- Intelligent Capture – Our trained Kofax experts can set up profiles to ensure the highest level of capture for your electronic and paper invoices. We will monitor your capture rates and work with your AP team to increase capture by identifying common issues and bottlenecks in your processes and recommending communication with key suppliers.
- Digital output – Documents can be returned in any required format via SFTP for upload into your financial systems. Alternatively they can be uploaded to our Cloud Document Management Solution.
Accounts Payable Automation from Cleardata can help your company save invoice processing costs by up to 75%, effectively providing a complete automated accounts payable solution.
Other benefits of the service include:-
- Reduced paperwork and costs: Accounts payable documentation is diverted to our bureau by PO Box and digitised by our team on arrival. Save time on mailroom activities e.g. opening and sorting mail, categorising data, manual indexing and distribution. Reduce costs on photocopying and copier maintenance costs as well as postage to re-distribute physical paperwork.
- Improve supplier relationships: Efficient, all-round management of your invoicing and accounts payable documentation means that processes happen speedily and any invoice errors can quickly be flagged up and remedied quickly. Suppliers can easily create e-invoices, even if they don’t have an existing e-invoicing system.
- Eliminate duplicate payments: Intelligent capture and processing reduces the risk of human error and ultimately duplicated payments.
- Improve processing speed: Cleardata can process your e-invoices and physical paperwork and upload into your financial systems for processing. This improves the speed of your accounts payable team and reduces time spent on exceptions such as scanning quality issues or manual data entry errors.
- More accuracy: Intelligent capture provides increased accuracy of financial data. Information can also be automatically validated against existing back office systems, with exceptions placed in a queue for your team to process.
To find out more about Cleardata’s Accounts Payable Automation solution or discuss your options, get in touch with us today — our team will be happy to advise. 0800 046 8081.