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How to process 3X MORE

70% of invoices are still sent via paper or as a PDF attached to an email. More than 40% of businesses already use front end scanning and OCR to extract data from images. Unfortunately, the average percentage of straight through processing (STP) achieved by traditional solutions usually ranges from 32% to 55% leaving a lot of manual labor. The main pitfalls are generally a poor quality of supplier master files and the need to train highly skilled employees to tune the reading engine. Streamline for Invoices uses a disruptive solution to provide an automation rate of over 85% and to maintain this performance over time without manual effort.

How to reduce the risk of fraud to 0%

AP departments are inundated with new ways in which they receive invoice information. Payment processing time is accelerating rapidly and additional responsibilities are being given to AP. Costs and fraud are under tighter scrutiny and headcounts are declining. Duplicate payments, fraud and errors are caused by over 50 different factors. Current accounts payable processes and manpower simply cannot protect against all of them. The traditional approach of retrospective auditing is resource intensive and is ineffective in terms of risk mitigation. In contrast, Streamline for Invoices enables a comprehensive preventative approach delivering actionable insight whilst releasing resources to drive process improvement.

How to achieve 100% STP?

To get 100% straight through processing (STP) you must make sure that the invoices integrated into your ERP will not be rejected. Most of the data and controls required to validate invoices, perform 3-way matching or add cost allocation coding are already in your ERP. Streamline for Invoices leverages the existing business rules within your ERP removing integration errors and avoiding associated costly corrections.

ITESOFT supports NetworkRail on accounts payable automation solutions

With 423,000 invoices a year, on average 1,600 going through Network Rail every day and a long processing cycle, Network Rail decided it was time to explore new finance solutions. Their main requirements were a more automated and integrated approach and a similar way of working to limit the impact on users. Their huge efforts during this challenging project have been extremely successful.

Invoice rejection has been decreasing over the last 3 years, thanks to the information we extract on the ITESOFT platform.

Case Study

Our expertise is recognized by

Forrester

Recently, ITESOFT strengthened its process support by purchasing the W4 Software’s Business Process Management (BPM) platform, previously an OEM partner. ITESOFT is a good option for large organizations, for highly regulated markets such as healthcare, insurance or finance and where strong professional services are required.”
Forrester, March 2016, Vendor Landscape ECM Providers Gobble Up Capture Technology

Aragon Research

Enterprises that are looking to find an end-to-end experience with proven delivery and staying power would be wise to look at ITESOFT. ITESOFT offers financial strength, longevity, and a continuously growing and able architecture with many customer case studies to prove the point.”
Jim Sinur, VP Aragon Research

MWD Advisors

Consider ITESOFT for digitization of customer or supplier communications processing (and even organizations’ internal processes).”
MWD Advisors, September 2016

Any questions about streamlining your Accounts Payable Solution?




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