Automatic data capture and processing. Improvements in costs and productivity.
Today's competitive environment requires it: successful companies must get everything they can from every business function. The accounts payable department is no exception and automation can help companies capture "invisible" accounts payable efficiencies. Usually, accounts payable invoices are delivered to a central location, often the company mail room. Even in geographically dispersed organisations, remote locations normally mail invoices to corporate for payment. And mailing invoices creates unnecessary costs, slows processing and creates the risk of losing invoices in the process.
Upon arrival, the invoice is opened and sorted for delivery to a specific individual—creating another labour expense. Next, the accounts payable employee reviews the invoice and manually enters the data from the invoice into the accounting system. Manual data entry is a large hidden labour cost, as the process is usually distributed across a department and is not any one individual's full-time job.
After data entry, the invoice is usually copied (creating another expense) and the document is routed for review and approval. Upon return to the A/P department, the document is filed in a cabinet (at additional labour expense) for future retrieval. Document retrieval represents another expense—even if the document is filed properly. Improperly filed or lost documents create additional costs in lost productivity.
All of these "hidden" expenses can be eradicated with the automated data capture and processing provided by CQ Data. And CQ Data can also help you capture discounts you may be missing, due to late data entry or approvals by delivering fresh and accurate information into your accounting and ERP systems for financial management.
Impact your accounts payable bottom line. Capture data from vendor invoices automatically.
CQ Data will dramatically improve the way your company processes incoming invoices. You will lower costs, process invoice information faster with less staff and take advantage of more early-pay discounts. No matter how many invoices you process—or where you process them, CQ Data will minimise manual data entry and automatically capture and deliver accurate invoice data into your financial, enterprise content management, enterprise resource planning and document management systems.
It's easier to find past invoices with accurately indexed images in your document management system. Accounts payable clerks can focus on higher value-added tasks, such as resolving vendor invoice discrepancies. It becomes easier to monitor and control processing and payments with timely and accurate data delivered automatically. And your entire accounts payable department will accomplish more in less time.
CQ Data will drive automation and efficiency through your accounts payable process—and tackle the issues that inflate costs and slow productivity.
These issues include:
* Manually sorting documents
* Keying data manually into one or more backend systems
* Miskeying invoice data
* Physically routing documents through an organisation for approval
* Making copies of invoices
* Completing a two-way match of invoices to purchase orders
* Missing out on early-pay discounts
* Filing and retrieving documents
* Paying the same invoice more than once
* Locating lost or misfiled invoices
The Benefits At a glance:
* Improve cash flow cycle management
* Increase invoice data accuracy
* Capitalise on early pay discounts
* Reduce manual data entry costs
* Automate accounting distribution of your line-item charges
The Benefits In detail:
With accurate data arriving in your financial database sooner, its easier to execute payments according to your financial goals, including taking advantage of early-payment terms. Invoices, including line-item details, are automatically matched to purchase orders via table-lookup into your financial system, helping invoice data move to the approval process much faster. At the end of each month, you accrue fewer payables at month-end because automation has removed many of the delays associated with getting data into your financial systems for approval.
While most organisations do a good job inputting accurate invoice data, manual processing invites the potential for human errors—creating inaccurate payments and lower productivity. Inaccurate invoice data means that A/P clerks have to investigate the error, correct it and possibly reprocess payments. But CQ Data automatically delivers the most accurate data possible.
Automated data capture speeds the flow of invoice data into your financial systems. And automated two-way matching of invoices and line-item details to purchase orders catches discrepancies immediately, allowing for fast human review and verification. As a result, your accounts payable process moves faster without sacrificing control, allowing you to capitalise on early-pay discount terms.
Automated data capture eradicates up to 75% of an often-hidden labour cost: data entry. Because data entry is often dispersed across your department, with each team member performing a portion of the data entry, the costs and reduced productivity can go unnoticed. But once manual data entry is nearly eliminated, the improvements in speed and effectiveness are dramatic and obvious.
Typical accounts payable process leads to pain...
* Paper-intensive manual processing
* High cycle time
* High labour costs
* Lost or misfiled documents
* High number of vendor inquiries
* High disaster risk...that impacts your bottom line.
* High operating costs
* High cost per invoice processed
* Duplicate payments
* Lost discounts
CQ Data will streamline the capture and delivery of accounts payable invoice data into your financial or ERP system. This includes all the data you need to capture, including vendor ID numbers, invoice dates, purchase order numbers, line-item descriptions and charges, payment terms, shipping charges, taxes and more. As a result, invoice information, payment approvals and accounting reports can move through your organisation faster and at dramatically lower costs. And you won't have to wait to start seeing results:
Hidden cost—manual data entry. Some organisations have employees dedicated to keying data from paper documents into backend systems. Many other organisations spread data entry across a wide range of employees, disguising the costs and the loss of productivity. With CQ Data, companies can reassign those employees to higher-value tasks. The results of automation are dramatic and obvious.
CQ Data automatically captures the data you need—invoice amounts, purchase order numbers, vendor ID numbers and more. All headers, summary and line-item details can also be captured.
Once information has been captured, validated and verified, data and images are ready for automatic transfer to your backend systems—on your schedule.
CQ Data prepares invoice images for indexing in your document management system. You can attach the data fields of your choosing, such as a Vendor ID number, to invoice images for accurate indexing and quick access from your ERP or document management system.
Output can be directed to your financial database, ECM, ERP, document management and/or workflow systems. Data can flow to multiple destinations without increasing anyone's workload. With accurate invoice information delivered faster, your organisation can start the approvals process sooner, providing substantial competitive advantages in reduced labour costs, higher productivity, improved vendor relations and capitalization on negotiated payment terms.
"...many organisations spread data entry across a wide range of employees, disguising the costs and the loss of productivity."
CQ Data provides a better way to capture the data that appears on all your invoices—such as vendor ID numbers, or total amount due—but are found in different locations in each invoice format. You simply define the data attributes you need to capture, such as "amount due," or "PO number." CQ Data automatically and rapidly scans the entire invoice to find any variation or combination of keywords to locate the data you need.