If your company is over $10M in revenue, chances are that you've considered automating invoice processing to maximize efficiency, cut costs, simplify audits, give management visibility into the process, and to focus resources on more value-added activities. Every vendor seems to have an invoice processing solution that promise between 50-95% cost savings, so how do you decide on which is best for your organization?
We believe that the most successful implementations of invoice processing do the best at satisfying the following:
How well does the technology meet your organization's requirements?
Invoice Processing Requirements
The first step in any process improvement project is to identify the
organization's requirements. In some cases, the organization may have
very simple invoice processing needs. Just finding a way to
eliminate paper storage may be the ultimate goal. In other cases, complex
corporate policies, currency issues and invoices from multiple time
zones can make these processes quite complex. ERP integration can be as
simple as one ERP system or as complex as multiple ERP systems acquired
through acquisitions. A knowledgeable solution provider will listen to
the challenges your organization faces, and provide the right technology
to solve these issues.
Invoice processing technology generally offers the following functionality:
- Capture: scanning paper and importing fax and email invoices
- Extraction: automatically extracting invoice header and footer information and possibly line-item detail
- connecting with financial, accounting and/or
enterprise resource planning (ERP) systems to validate PO numbers and to
facilitate GL coding
- Workflow: routing invoices for approval, further processing (if needed) and payment
- Visibility: giving management the ability to evaluate the efficiency of the process and resolve bottlenecks
No Substitute for Experience
Even with an ability to listen to your requirements and identifying
the best technology solution, nothing beats the experience of the
solution provider. You need a solution provider that knows the ins and
outs of how invoice processing technology
effectively troubleshoot unforeseen issues, is able to effectively train
end-users and overcome internal resistance to change.
The Windward Difference
The Windward Group has designed and deployed hundreds of invoice
processing solutions for both large and small organizations. What
separates us from the rest of the pack is both the speed in which we
deploy new systems and our experience integrating other business applications. We make the technology easy
to use, thereby increasing user adoption and ultimately makes your
return on investment faster.