Save time and money with automated accounts payable solutions
Without an automated accounts payable solution, your business is spending too much on managing invoice processing workflows.
Manually receiving and data entering invoices, finding purchase order matches, confirming that invoices have been properly approved, confirming that goods have been received – every little step takes time.
Catching duplicates, incorrect charges or other exceptions becomes almost impossible when staff spend all their time keying invoices and manually cross-referencing approvals.
To solve this challenge, you need workflows that automate manual steps and removes human error.
Tech By Design’s accounts payable automation solution makes invoice processing simple.
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Automating Accounts Payable can reduce invoice processing costs and cycle times by an average of 60%
CAPTURE
Electronic invoices that have been emailed, scanned, or created digitally are captured into the system and OCR’d. Key data such as invoice number, supplier details, dates and amounts are extracted for processing.
VALIDATION
Automated checks run to ensure that all the required data is extracted. The invoice data is then passed through business rules to verify that it is correct, amounts balance, and supplier details match existing records. Any issues are flagged and routed to the validation team.
WORKFLOW
Workflow is initiated to match invoices against Purchase Orders or Delivery Dockets, check for duplicate invoices to ensure the invoice hasn’t been paid already, route the invoice for approval, or send for additional processing for certain suppliers.
INTEGRATION
The Tech By Design system integrates with a wide range of accounting and back-end finance and ERP systems and passes the invoice data through to the applicable system for payment.
Simplicity and Accuracy
Suppliers can be encouraged to send all invoices electronically so that staff no longer need to handle paper documents. With the streamlined process, any issues with invoices are flagged and routed to the appropriate staff for resolution, and invoices that don’t require approvals can be submitted for payment with touchless processing. As long as the invoices are legible, the Tech By Design process will provide a 99.9% success rate through our data validation service.
Automated Matching
Instead of manually having to locate a paper purchase order or delivery docket that relates to the invoice, the system will automatically retrieve the purchase order number from the invoice and match it to the purchase order or delivery docket already in the system. Business rules will be applied and any issues with the match, variances outside allowances, or missing supporting documentation will be flagged to the validation team for resolution.
Maintain Control of the AP Process
With full visibility of an invoice from the moment it’s received into the system, AP staff and business managers can track and report on it throughout its life cycle. Errors or issues can quickly be identified and addressed, rather than later in the process as is so often the case with a manual process which leads to higher costs in remedying and reprocessing the invoice. Paper invoices are no longer being handed off for approval and then having to be tracked down when they don’t return. Or lost during the process with no ability to determine where they ended up.
Facilitate the Approval Process
Approvers are notified automatically when an invoice is pending approval, and online workflows enable approvers to approve invoices from any location, at any time, on any device. Approval timeframes can be implemented with automated notifications to send reminders if they haven’t been completed. With integrated workflow, as soon as an invoice is approved it is immediately handed off to the next process, or exported for payment.
Cloud-based Access
Enable your AP staff, Approvers, and Management to work from anywhere, online, at any time, on any device. The Tech By Design solution is fully cloud-based and enables secure access for approved staff to each feature of the system. Approvers can complete approvals from smart mobile devices. Management can check reports from home offices. AP staff can complete any step of the process and have full visibility of the invoice status at any time.
Reduce Fraud and Double Payments
The system will check and verify the supplier’s ABN and bank account number, flagging any discrepancies when the invoice data doesn’t match the recorded details for the supplier. Automated checks will also run to verify that the invoice number doesn’t match one already in the system for the supplier, thereby eliminating the risk of making double payments against the same invoice.
Timely Responses and Payments
Faster processing of invoices increases the ability to meet payment terms, take advantage of early payment discounts, avoid late payment penalties and charges, and avoid the risk of double-paying an invoice when payment terms aren’t met and a supplier resends the invoice. Supplier and internal queries can be responded to quickly due to the information being readily available in the system and easily accessible. Customer satisfaction will increase with the improved responsiveness and faster turnaround of invoices for payment.
Reduction in Environmental Impact
By digitising the AP process as soon as the invoice is received, there’s no longer the need to print and manage reams of paper documents. Paper management costs are reduced, wastage is reduced, storage requirements are reduced, and storage space can be freed up for other uses, or no longer has to be paid for. Savings from reduced printing and paper costs and the associated storage of paper invoices and supporting documents can be channelled back into the business.
Better Utilised, Happier AP Staff
AP staff will no longer have to work through tedious, repetitive manual processes for data entry, physically matching paper invoices and purchase orders or delivery dockets, or following up and tracking down invoices that have been passed out for approval. Instead, their time can be better focussed on value-added work for the department and business, resulting in a more positive working environment.
Improved Supplier Relationships
Late or missed supplier payments as a result of inefficiencies in paper-based invoice processing is a common occurrence. This can negatively impact supplier relationships which in turn can impact your business. By automating and streamlining the AP process resulting in timely payments and fast responses to supplier queries, supplier relationships can be maintained, or improved, and your business’s reputation as a reliable customer enhanced.
If your AP staff are having to manually process invoices and you want to achieve the savings and benefits of a fully automated AP system, get in touch with Tech By Design today and we can help you realise the efficiencies you desire for your Accounts Payable processes.
We specialise in the following solutions
Business Automation
Accounts Payable
Make blown budgets, missed timelines & uncomfortable audits a thing of the past with our ready to go AP automation solutions.
HR Automation
Boost productivity and free staff for higher value work with solutions for onboarding, timesheet tracking, leave requests, performance management and more.
Order Processing
Increase customer satisfaction and tame operational inefficiencies via reduction in manual effort and decreased error rates.
Contract Management
Enjoy tighter security and increased visibility and control over the contract lifecycle, including a decrease in the risk of human error.
Document Archival
Electronic filing cabinets enable efficient retrieval and use of information for improved workflows and content control, including tighter security.
Visitor Management
Manual to automated management of visitors, contractors and staff gives CFOs control of key compliance obligations.
Support Services
Customer Success
Exceptional customer experiences that reduce churn are possible with our success solutions. Enjoy improved productivity and better client satisfaction, whilst being fully aligned with business rules.
Remote Support
Maintain workflows and customer delivery without the expense and challenge of hiring new staff. Our remote support services can be configured to suit your business and the objectives you want to achieve.
Why CFOs choose to work with Tech By Design
Guaranteed results
Based on agreed “success criteria” you get the ROI you want, or you don’t pay.
Ongoing partnerships
No client engagement is ever viewed as just a transaction, we seek to build meaningful partnerships with all clients.
Integrity
We do what we say we will, plus we’ll never tell you what you want to hear, only ever what’s best for your business.
Digital Experience
The solutions we provide are only ever based on leading edge automation technology configured to your needs.
Team Approach
From first engagement to implementation you leverage the extensive skills of our entire team.
Benefits of our automation solutions include
- Reduced costs
- Eliminate lag time
- Greater control, transparency
- Audits are easy
- Boost payment accuracy
- Customer support
- Reduced errors and double handling
- Uncover and fix bottlenecks
- Increased ability to scale
- Clear audit trails
- Avoid/eliminate late payment fees
- Reports at your fingertips
- Take advantage of early payment discounts
- Reduce chances of fraud
- Better cashflow management
- Better customer service and supplier relationships
- Move staff to higher value knowledge tasks
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