Automating Invoice Processing Can Reduce Processing Costs by over 50%
Dajon provides a complete invoice processing solution based on best of breed technology, tried and tested systems and processes along with the neccesary technical and project skills to deliver a completely tailored solution. Invoice processing can be deliver either as a capability set for inhouse management or as a managed service. Outsourcing your invoice processing can significantly reduce the resource burden in this function We have seen improvements in productivity of over 50%.More importantly the actual cost of processing invoices and payments can be reduced by up to 80% through the deployment of Dajons outsourced invoice processing solution.
Processing invoices manually in house will cost you more than money
Invoice processing as a manual system is both resource and time intensive. It often requires manual data entry, keying in invoice data to the local accounting system. This data then has to be checked prior to any authorisation and payment. Often resulting in extended payment periods and very unhappy suppliers where there are issues with the invoices. Once processed the original invoice then has to be physically filed.
As a result, of the inefficiencies in manual processing, Accounts Payable (AP) invoice processing is often one of the most costly and time consuming activities within an organisation. These costs are often compounded when looking at businesses spread across multiple geographies and locations.
Invoice processing and payment delays caused by manual processing can be hugely cost inefficient for both customer and supplier organisations and also lead to rifts between organisations and their vital suppliers. The impact of this inefficiency can often be felt all the way through to the business relationships held by individuals. Ultimately there are often the consequential but forgotten costs of reduced payment terms, directly attributable to persistent late payment.
Dajon Invoice Processing delivers a cost-effective automated solution
Dajons invoice processing solution combines a number of our core capabilities including; workflow management, document management, document storage, digital scanning, data capture, digital mailroom and data security to deliver an end-to-end service. Clients can choose to outsource some or all of that service. We provide full reporting and tracking of invoices within our secure operational environment.
We take delivery of client invoices and use our de-enveloping equipment to prepare the invoices for processing. This often saves a significant amount of resource time and speeds up the whole process of getting the invoice into the payment system. Where an inhouse solution is concerned Dajon can provide independent advice on the selection and procurement of this specialist equipment.
Using our high speed scanners we perform automated data capture, scanning the invoice using OCR to minimise manual data entry and to deliver process compliant data for authorisation and payment.
Once scanned the invoice is electronically stored in our document management system. Using the workflow features in the document management we can then start processing the invoice for payment. This allows us to undertake data checks e.g. invoice value vs PO Value and assign that invoice to a department or individual.
Once the invoice has been processed and then approved by members of your staff it can then be assigned using workflow for payment. We can automatically update accounting records indicating ready for payment or payment complete.
Long term storage of invoices
We can hold and store the original paper copies in our document storage facilities providing access for retrieval when needed.
Destruction of Invoices
As a document management company we can dispose of these sensitive business documents when they are no longer required by means of secure shredding and environmentally friendly re-cycling.
Talk to Dajon today, we will help you understand what costs can saved within your business and where an automated invoice processing solution can deliver process improvements and operational efficiencies.
Call Dajon now on 020 7732 3223 for more information.