Learn how AP and Invoice Automation can help improve your Accounts Payable processes. For more information please visit biels.com or follow our company page on LinkedIn: http://www.linkedin.com/company/biel's-document-management
2. Did You
Know?
• For best in class AP professionals, it takes on average
3.8 days to process an invoice and costs $3.09
• For the bottom 30% of professionals it takes over 20
days at a cost of $38.77
• For a medium sized organization processing 100,000
invoices per year, the cost is over $3.5 million
• International Accounts Payable Professionals (IAPP)
found that it costs – on average - $8 to process an
invoice manually; other firms report processing costs
are as high as $10-$20 for a single paper, fax or email
invoice
• 83% of invoices are still paper based
• 60% of the clerical effort in a typical finance
organization is spent on inefficient paper processes that
a company financial transactions such as bill payments
and collections management.
• Data entry errors average 1.6% of the total AP
transactions
• AP Benchmarking Survey of over 450 AP departments
reveal that 20 percent of respondents say 4 percent or
more of vendor payments have errors
• According to a survey, 75.8% of vendors and 59.5% of
businesses reported invoice processing error rates of at
least 1%, while 14.2% of vendors and 2.8% of
businesses reported error rates of at least 5%.
Did You Know? 2
3. What Are the
Benefits?
Dramatically improve the way your company processes
incoming invoices. You will lower costs, process invoice
information faster with less staff and take advantage of
more early-pay discounts. No matter how many invoices
you process—or where you process them—it will
minimize manual data entry and automatically capture
and deliver accurate invoice data into your financial,
enterprise content management, enterprise resource
planning and document management systems.
With AP automation, managing your AP process gets
easier, too. It’s easier to find past invoices with accurately
indexed images in your document management system.
Accounts payable clerks can focus on higher value-
added tasks, such as resolving vendor invoice
discrepancies. It becomes easier to monitor and control
processing and payments with timely and accurate data
delivered automatically. And your entire AP department
will accomplish more in less time.
• Reduce manual data entry costs
• Capitalize on early pay discounts
• Increase invoice data accuracy
• Improve cash flow cycle management
• Shape it around your business rules
• Automate accounting distribution of your line-item
charges
• Deliver accurate invoice data faster
What Are the Benefits? 3
4. Just Think
About It
Reduce Cycle Times
Prompt payments enable early payment discounts,
eliminate late fees and reduce duplicate payments
caused by suppliers resending overdue invoices. The
result is increased supplier satisfaction and maximized
cash flow.
Eliminate Lost or Misfiled Documents
Invoices are captured online immediately so they never
get lost or misfiled. The copying, faxing and resending of
invoices is eliminated.
Reduce Document Transport and Storage Costs
Eliminates mailing invoices for review and approval
reduces need for physical storage space.
Improve Productivity
Reduced AP invoice preparation, manager approval and
back office processing times increases efficiency.
Instant Access
All this can be stored in a centralized location and can be
accessed instantly, so any invoice or delivery disputes
can be settled with a touch of a button or the click of a
mouse. Just Think About It 4
5. The Key
to AP
Automation:
Invoice
Conversion
Physical & Digital PO Boxes Provided
• Physical Pickup / Digital Mail Retreival
• Mail & Email Processing and Sorting
Invoice Handling
• Preparation
• Scanning
• Quality Control
Data Capture & Extraction
• Pertitent invoice information captured - summary/detail
• Matching extracted invoice information to vendor
master file
Final Output - Digital Files Returned
• File for import into existing ERP/MRP system
• File for import into EDMS
Conversion is Key 5
6. Full On
Integration
Providing EDMS
• Server or Cloud-based EDMS to manage digital files
within Accounts Payable
AP Automation
• Automating purchase orders and receiving documents
directly from ERP/MRP and into EDMS
Direct Integration
• Ability to retreive documents (via EDMS) through tight
integration right within your current ERP/MRP system
• Create AP Invoice Workflows and Approval/Payment
Routing - elimination of inefficient paper-based workflow
Integration 6
7. How Do
We Do It?
Kelley Hartman
Biel’s Document Management
Project Manager
Data Capture & Extraction Methods
Blanket PO
• Full OCR
• Template for Vendor
• Line Item Detail
Non-PO
• Utilities, Expense Reports, etc.
• Line Item Detail
• Point & Click Processing
• Master Vendor File Lookup
• Smaller Vendors
How Does it Work? 7
8. Why Should
You Do It?
Success Story
• Client averaged 1,500 invoices per month
• They calculated their cost to process an invoice was
$3.69 (this includes costs to retreive/open mail, data
entry, shredding, etc.)
• Biel’s was able to complete replace their invoice
processing with our AP Invoice Automation system at a
cost of $2.50 per invoice
Why Should You Do It? 8
Client
Monthly Cost = $5,535
Yearly Cost = $66,420
Monthly Savings = $1,785
Total Yearly Savings = $21,420
Biel’s
Monthly Cost = $3,750
Yearly Cost = $45,000