BPO: Accounts Payable Automation

Businesses use paper invoices, work orders, PO’s, Good Receipt notes and many other documents in the Accounts Payable process. AP process is time consuming and at the same time it requires a lot of rigour to ensure that mistakes are not made in the process. Mistakes can not only cost the company in terms of loss of money because of duplicate payments, payments to wrong parties, extra payments to vendors etc. but also time and energy in correcting the mistakes. Late payments or short payments result in vendor relationship issues.

DocPro Accounts Payable solution is the perfect answer to the above challenges faced in any Accounts Payable process.

Client is a BPO offering accounts payable services to clients in United States of America. Client was using various tools for managing the outsourced processes. Client wanted to implement a comprehensive software solution to gain a hold on the various processes and improve earnings.

Challenges

1. The most challenging task was to process the document on the same day and process the payment on the following day.
2. Auditors require a significant amount of data to complete their job, including remittance details for payments made, invoice approval history, invoice documentation, etc. This requires searching through the soft copy of the invoices received, approvals received in mails etc.
3. Entry of invoice data into the client ERP applications. Each client had their own ERP, each client team had to be trained on the ERP.
4. Standard processes could not be implemented through-out organization as each client had its own process and their own ERP system.

Whether by e-mail, manual or automatic scan, DocPro eliminated manual data entry, process flows and filing, freeing the people to focus on more productive tasks

DocPro integrated with core financial application and allowed real-time access to data, supporting documentation, GL detail, routing detail, and process owner actions.

DocPro helps Credence RM to turn around the AP process within the SLA agreed with its customers.

Credence RM gets end-to-end visibility for the entire process, which gives it the capability to identify and correct any bottlenecks. DocPro allows Credence to continuously monitor the productivity of its agents and take corrective action as required.

• Improved Accuracy
• The payment cycle and delivery reception process improved drastically due to the speedy processing of documents.
• The customer's operational costs were reduced to a great extent
• No overpay or duplicate invoice payments
• 2-way & 3-way Match Automated Invoice Routing
• Detect and thwart fraud quickly and easily
• Improved working capital management for the end-clients through cash flow visibility.

The invoices received through different means are extracted automatically into the application using extraction engine.

The confidence level is determined by the extraction engine. Depending upon the confidence, further process is carried out. If the confidence is low, the corrections are expected to be made manually. When the confidence level is higher than 80%, application checks for the PO against the invoice in the system.

The invoices for which the PO is not generated are processed for invoice approval. Same is updated into ERP. Depending upon the invoice, 2 way or 3-way match required is determined.

Rate and quantity are verified if it is as per PO. If the received service is as per PO, the invoice is approved and updated in ERP.

In case of any discrepancies for the rates or quantity, alerts are generated by the application.

Because we believe in transparency and forging long-term mutually beneficial relationships with our customers.