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Accounts Payable Processing

Accounts Payable ProcessingAccounts Payable (AP) is a need of every company. No matter what your business, you have bills to pay. But there is no need for your AP department to cost your company extra money. Missed early payment discounts, late fees, lost invoices, dozens of calls, emails and faxes.

How much is each invoice really costing you? The IAPP (International Accounts Payable Professionals) estimates the average cost by a company to pay an invoice, in time and resources, is more than $10 per invoice. http://www.iappnet.org. This is an additional cost you pay on top of every invoice, shipping bill, utility bill, etc. All because you are still in a paper-based environment.

DocuVantage's Accounts Payable Solution is an easy to use, affordable, on-demand service. There is never any hardware to maintain, software to install or upgrade fees to pay. And you can be up and running in hours or days, not months. Streamline the entire process - document management, routing, approval, collaboration and even records retention scheduling - all for a low monthly subscription fee.

DocuVantage OnDemand® allows you to:

  • Secure and keep track of all incoming invoices and related documents (PO's, notes, disputes, etc.)
  • Ensure early payment discounts and eliminate late payment fees
  • Kofax integration; virtually eliminate data entry errors with automated OCR
  • Compare approved purchase order amounts to invoices and eliminate overpayment
  • Ensure all of your accounting procedures and approvals are adhered to using automated routing for review, approvals, and processing

Beyond invoices and payments, there are many compliance issues surrounding accounting. For example; Sarbanes-Oxley in the United States, Bill 198 in Canada, J-SOX in Japan, etc. All of these require you to keep track and report on all aspects of your accounting system including Accounts Payable. With DocuVantage OnDemand®, you can ensure you are covered and fully compliant.

In audits, lost documents can mean large fines. Don't gamble with your files.

And DocuVantage OnDemand isn't just an accounts payable solution; you can share the same system with your co-workers in other departments. One solution for all your companies document and records management needs. All your information at your fingertips, from anywhere, anytime.

Benefits

    • Cut invoice processing cost down to pennies
    • Rapid Deployment=Rapid ROI
    • You can be up and running today
    • Guaranteed user adoption with the user friendly, flexible interface
    • Take advantage of every early payment discount
    • Easily manage and store invoices with less staff
    • Never double pay an invoice
    • Know the status and location of every invoice in your system
    • Increase vendor satisfaction by ensuring payment questions are answered in one call
    • Enable staff members to view invoices simultaneously
    • Easier compliance, faster reporting and staffing efficiencies
    • Never misplace a document again
    • Eliminate rows of filing cabinets and the costs associated with file storage
    • Kofax integration for production scanning needs
    • No hardware, software or IT resources needed; we manage the application 24/7

      Features

      • Scan every invoice and eliminate the paper copy
      • Capture and secure all invoices (mail, email, and fax) and all correspondence
      • Streamline the life cycle of invoices and accompanying PO's
      • Add Workflow to move all invoices seamlessly through your processes
      • Match approved PO's with incoming invoices. Never be overcharged again
      • Automatically route correct invoices for payment. Flag disputes for staff review
      • Have a complete record of who viewed, modified, approved and edited information
      • Automate invoice approval via workflow
      • Add notes to imaged invoices
      • Full Text Search to quickly find and retrieve information; easily complete reports by vendor or date
      • Manage all back office documents for Accounts Payable, Accounts Receivable, Human Resources, Contracts and more
      • Store and easily retrieve reports
      • Ensure confidentiality and security

      Uses

      • Browser based; 24 hours secure access from anywhere
      • Feature rich document management functions like check-out and check-in, version control and collaboration
      • Capture and store scanned documents, e-mail, faxes, and electronic documents in a single secure, searchable repository
      • Easy to Use Drag and Drop file capture
      • Multi-level security settings to prevent unauthorized access to documents
      • Complete auditing and tracking
      • Search based upon full text or index values
      • Revision control manages all versions and keeps track of changes
      • Capture of all documents via scanning, e-mail or fax
      • Full-text OCR and imaging of all documents
      • Share documents with external parties like vendors and board members
      • Rules based Routing and Approval Workflow to manage the business process
      • No vendor lock in, all tools are integrated within the application to empower you to control the application
      • API included for integration into existing systems
      • Built in retention features to keep only those documents you need

      Client Solutions

      Harell's Fertilizer, Inc. - Accounts Payable in Manufacturing

      Peco Energy - Accounts Payable for Utilities

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