In a perfect world, your organization’s invoice management would be the last thing you’d need to worry about. It would be a secure, transparent and paperless operation, with accounts payable managing the process and approvers easily validating payments.However, with many vendors and suppliers still using paper invoices, the reality is that companies often fall back on inefficient and expensive manual processing.
Chrome River INVOICE automates and simplifies the handling of all your vendor invoices, saving your organization additional time and money that can be used elsewhere. Automated routing can reduce headaches and improve efficiency at three key levels: initial data capture, approval routing and file cleanup.
- Streamlined initial data capture. No longer will your staff have to open and sort invoices. Instead, your vendors simply send invoices to a dedicated PO box, email address or fax number, which begins the automated process. The invoices are gathered and prepared in a secure facility, then fed into an industrial scanner and processed with image correction. Next, optical character recognition software extracts pertinent invoice data, which is checked for accuracy by a combination of automated and human processes.
- Automatic approval routing. After processing, your electronic invoices are ready for delivery. Your invoice management software can integrate your organization’s compliance rules for expedited processing, ensuring that the invoices are sent through a secure and direct approval workflow.
- Secure file cleanup. After your accounts payable invoices have been digitized and processed, there are still the paper copies to manage. Chrome River’s processing center will store your paper documents for the period you choose, then shred them per your specifications. Once again, this automation helps eliminate paper-shuffling in your office and can improve the security of your financial records.
Using automated routing can improve your organization’s invoice management at three key levels: initial capture, approval and cleanup. By eliminating costly manual processing, automated routing lowers invoice processing costs and offers such additional benefits as reduced late payments and shorter invoice cycle times.
We’d love to hear your perspective. What are some other tips for organizations that want to streamline their invoice management?
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- Why is Your Company STILL Doing Manual Expense Reporting?
- Why Are Manual Expenses so Inefficient?
- How I Did it: Eliminating the Risks of Paper-Intensive Expense Processes
- Beyond Efficiency: How Spend Data Delivers the Biggest Benefits of Expense and Invoice Management
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.