What is accounts payable invoice processing?

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Manual accounts payable invoice processing for most organizations is inefficient, non-strategic, costly, and challenging.  Not only is it error prone, the risks for organizations relying on paper based processes can be significant:

  • The average cost of processing an invoice is between $6-$15 for most organizations
  • The average time to process an invoice is over 16 days
  • 83% of invoices are still paper based or paper dependent
  • Most organizations have a manual approval process
  • Manual paper based filing of invoices leads to errors and lost invoices

 


APSmart is fast, affordable, & easy to use!

CloudX understands these challenges and has developed an approach that makes easy electronic processing of invoices a reality. We start by converting paper based invoices to data with intelligent capture technology. Our SaaS AP imaging solution (APSmart), provides electronic workflow for approval processes, exception handling, storage, and retrieval, and full integration with your ERP or accounting system. Our clients reduce administrative costs by more than 50%, while realizing several strategic benefits including: 



  • apEliminating late payment fees
  • Increasing early payment discount capture
  • Reduction of storage & retrieval costs
  • Reduction in exposure to compliance issues
  • Improved financial reporting
  • Faster Accounts Payable process cycles
  • Increased visibility and collaboration within the AP process

 

We offer a complete lifecycle of services
that help you offload the burden of these manual processes:

Data Recognition: Our Cloud based OCR technology will convert your invoices to data so that it can be easily ingested into your ERP system.

AP Smart: Our cloud Based Document Management solution will provide you with access to documents after they’ve been scanned and auto-indexed. AP Smart’s workflow engine enables you to only have to manage exceptions and the approval process for non-po based invoices – freeing up your valuable resources to focus on strategic duties. 

Scanning: Have your invoices sent to us and we will handle the scanning, sorting, and destruction of your documents in a state of the art production level environment.

The CloudX Staff: Our staff will take care of the cleanup and QC of your documents making sure that you receive clean data.

We're flexible and here for you!

Some clients choose to leverage our entire capabilities and leave the heavy lifting to us – while others may choose to use just the technology solutions. It’s your choice. We’ll help tailor a package that works perfectly for your organization.

  

Call today for a free consultation | 860-787-5323