As 2022 comes to an end, it is time to assess your accounts payable process and look to the future of accounts payable automation. With OnePosting, you can reduce accounts payable, eliminate data entry and drive efficiency. Why not start the new year with ease?
As a business leader, you are likely always looking for ways to improve your business practices and to create more efficient business processes. As your business grows, the overhead of processing supplier invoices can grow where it can become a burden to your teams. With OnePosting you have an opportunity to streamline your operations by eliminating manual tasks needed to reconcile or approve supplier invoices all while avoiding hidden costs of processing them.
Achieving automated 3-way invoice matching is only possible if data can be extracted from supplier invoices with 100% accuracy. OnePosting has developed a unique technology that offers this capability.
There are many benefits of invoice automation, including
- Remove paper purchase orders and invoices
- Manage supplier invoices centrally for your entire team
- Enhance visibility and cash forecasting
- Reallocate staff from paper handling toe more critical tasks
- Ensure compliance with spend controls
- Reduce purchase order to invoice processing costs
- Enable finance teams to take on more valuable work
- Eliminate paper storage and disposal costs
- Minimize the opportunities for fraud
- Decrease errors from data entry, matching and mis-filing
- Auto-reconcile purchase orders against invoices & deliveries
- Facilitate remote working
Scanning vs OnePosting
When scanning invoices, a large amount of key data points get lost. Once an invoice is scanned, a picture is taken of the invoice, the scanner then reads the photo and interprets the data and imported via the scanning software.
With OnePosting technology, we can deliver invoice data with 100% accuracy. We extract the data in a way that is not possible by using traditional scanning or OCR solutions. Rather than trying to find and interpret text and numbers with a photograph, which traditional scanning does, OnePosting reads the meta-data that sits underneath PDF documents, which means that unlike OCR, we don’t have to guess what the content might be, or to use other sources of data such as purchase orders to try to correct obvious errors in data extraction. This technology allows us to undertake automated 3-way matching with certainty.
Let’s take a closer look at how our automation works.
Stage 1: Screen
- Once scanned, anti-fraud measures are taken. For example: Who is the invoice from? Is it an approved supplier?
Stage 2: Store
- Here, our technology detaches the invoice from the email, and saves in it a PDF format to set it up for processing.
Stage 3: Digitize
- In this stage, data is extracted from the invoice including key details such as date, invoice number, etc. and ensures that the calculation is correct, that the invoice is legally compliant and that it includes a valid destination.
Stage 4: Match
- Here we ensure that the pricing and quantities match
Stage 5: Confirmation
- With OnePosting, you can set up unique rules for approval, allowing automated approval if the invoice is a perfect match, or otherwise send the invoice through a series of manual checks. Perhaps you want to set approvals for a specific amount of money? That can be done with OnePosting.
Stage 6: OutPut
- In this final stage the invoice and data is prepared for export. Zero data extraction errors – Zero data entry – Zero filing.
Working with Your Systems
Our Accounts Payable automation solutions easily link to your existing ERP/financial systems, which make it easy for information to flow into your systems without manual intervention, creating a faster and more efficient process, introducing manual checks only when necessary.
With OnePosting and our accounts payable automation solutions can improve your spend visibility and free your team to work on more productive tasks. We can bring productivity, accuracy and ease to your business, so why not give it a try? Connect with us today.