Outsourced Invoice Processing Services
Automated Invoice Processing Solutions
Automated invoice processing services. Receipt and processing of supplier invoices (paper and digital), which extracts data and validates for payment.
Don’t let inefficient invoice processing waste money and ruin relationships
The challenges of invoice processing can cause significant issues for finance teams.
Manual processing is labour intensive and open to many errors and mistakes. Every typo or line item error which makes an invoice not match a purchase order will hold up the entire process. Slow processing can mean late payments, fees and overworked staff that could be more efficiently used elsewhere.
In addition to having to deal with a higher volume of enquiries chasing payments, supplier relationships may suffer.
Multiple stand alone systems that deal with paper and email formats can make visibility and timely access difficult. As a result performance metrics and reporting can be compromised and effective risk management difficult.
In times of increased activity or growth, high volumes of invoice processing, especially in paper format, can restrict a businesses capacity and cause bottlenecks in the invoice process. Recruitment and training of finance staff to deal with this can be costly and time consuming and not always feasible.
Let us turn complexity into clarity and unlock sustained cost savings with AI-driven business transformation – powered by Parseq and our trusted partnerships with leading tech platforms.
Key challenges of manual invoice processing
Using manual processes and emails or mail is arduous, time consuming and inefficient.
Manual input and processes risk high levels of error, duplication and missed information.
Approvals more frequently get lost or delayed in manual processes, resulting in late charges or bad supplier relationships.
Labour cost and effort in times of peak demand restricts scale and capacity.
Multiple systems can make it difficult to access critical information, increasing risk and negatively affecting supplier relations.
Storage of paper is cumbersome and causes issues when it needs to be filed with related digital information.
Our invoice processing capabilities
Reduce cost and significantly increase speed and accuracy of invoice processing
Invoice processing automation is a modern and effective method of capturing both paper and electronic invoices, utilising in-built technology designed to ‘learn’ over time to improve match rates and cut down on manual intervention.
Our highly automated invoice processing system captures and extracts invoices in paper and electronic formats, with astonishing accuracy and speed.
Invoices are automatically matched against purchase orders and automated workflows route files to the correct staff member or department for speedier authorisation. An in-built ability improves match rates over time.
Any specific workflow errors or exceptions are highlighted immediately. These are reviewed manually to enhance the chance of resolution. Those that cannot be resolved locally are routed via email and escalation rules for easier resolution and enhanced governance.
The result of invoice processing automation is far quicker processing and higher volumes of matched data, unhindered by bottlenecks or resourcing issues.
All data captured and processed is digitised, removing the need for our clients to keep reams of paper filing and making future access and distribution quicker, easier and greener.
Our clients also benefit from customised daily reporting for full visibility. This includes invoice transaction history and customisable KPIs so that the whole picture an be assessed more easily.
Full daily reporting and KPIs to assess and manage transaction processing timescales and volumes.
Automatically matches invoices against purchase orders and workflow errors or exceptions.
Where non matches occur that cannot be resolved locally, requests are routed via email notifications and escalation rules.
Captures and extract invoices in both paper and electronic formats.
Same day upload of all images (including PO’s, invoices, cheques and remittances) to cloud-based portal.
With invoice processing, reduce costs while significantly improving speed and accuracy. Streamline your workflow and eliminate manual errors with a more efficient solution.
The benefits of automated invoice processing solutions
Visibility
KPIs dashboard
Easy access to real time data.
99.9% Accuracy
Right first time
Less mistakes and exceptions and in-built ‘learning’ for continual improvement.
Cost saving
20% Reduction
Significant cost saving versus your current in-house processing costs.
Easy
No changes to legacy systems
Standard integration with most leading ERP software (e.g. SAP, Oracle, JDE, Sage and Microsoft).
Speed
Same day
Data captured, extracted and uploaded same day. Significant reduction to processing time from capture to validation.
Volume
Flexible and scalable
Accommodates any level of invoicing with no need to recruit or plan.
Case study
Automated invoice processing delivers cost reduction for Kirklees Council
Kirklees Council were looking for ways to reduce their operating cost due to tightening budgets and increasing financial pressure. They’d identified the back office as an area of potential opportunity for further savings, in particular the management of their financial processes
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FAQs
What is invoice processing?
Invoice processing includes the receipt and processing of supplier invoices, both in paper and digital form. This process includes data extraction and validation for payment and ensures the accuracy and efficiency of financial transactions. Outsourcing invoice processing involves entrusting the receipt, handling and management of supplier invoices to an external service provider.
What are the benefits of automated invoice processing?
Automated invoice processing offers numerous benefits, including increased transparency, accuracy and cost savings. By automating manual tasks such as data entry and invoice reconciliation, errors are reduced, resulting in faster processing times and increased productivity. In addition, automated workflows streamline approval processes, leading to faster payments and better supplier relationships. With customisable reports and real-time data access, companies can gain insights and make informed decisions.
Is outsourced invoice processing safe?
Yes, outsourcing invoice processing is generally secure, similar to outsourcing any other accounting task. However, it is important to take the necessary precautions, such as putting in place Non-Disclosure Agreements (NDAs) to protect sensitive financial information.
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Talk to one of our invoice processing experts today
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.
