Financial Document Automation
Gain 360° automation of your financial documents for greater visibility and control of your payments, collections and working capital.
AP professionals can easily cite a variety of drawbacks to paper-based workflow processes, including:
Invoices that go missing or are difficult to find
Lengthy processing and approval cycles
Failure to capitalise on available early payment discounts
Unnecessary charges due to late payments
Limited tracking, reporting and auditing
Employee time dominated by data entry, scanning and other cumbersome tasks
Paper storage and retention costs
The reliance on paper processes and manual workflows has resulted in the average time to process a single invoice over 11 days - while making real-time visibility into invoice approvals, payments and cash flow difficult.
According to Ardent Partners, AP departments can reduce invoice processing costs by 80% by automating manual processes such as keying, paper handling and filing. But invoice automation can impact businesses beyond cost savings alone. Faster processing time, quicker approvals, improved use of man hours and reduced human error and risk are just a few additional benefits organisations can realise through automation.
The average cost to process an invoice is $12.88 per invoice, based on factors that include labor, postage, paper storage, infrastructure and other overhead.
Explore how combining your ERP’s built-in capabilities with proven invoice and payment automation technologies can take your AP team’s performance to the next level.
Discover how Zuellig Pharma Thailand has significantly reduced errors whilst also speeding up the printing process for more than 15,000 documents every day with Bottomline's Transform Content Center system.
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