THE WINDWARD WIRE

Get Paid Faster with Automated Invoice Processing

Mindy Rathe
December 20, 2012

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?
   

  • How well does the solution provider listen to my requirements?

  •    

  • How much experience does the solution provider have in deploying these solutions?



  • 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
    works, can
    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.