Given the historical lack of innovation in the AP processing arena, today’s buyers and suppliers are experiencing a number of problems that prevents the optimization of AP processing:
During one of the survey’s conducted, it was highlighted that the front-end of the invoice processing, namely around invoice receipt, data entry and exception management, caused the most heartburn to AP personnel.
iDEP™ - Electronic invoice receiving and processing solution streamlines the invoice receipt-to-pay cycle by enabling organizations to electronically exchange invoices, use sophisticated workflow tools for invoice routing to interface with Payables systems.
Supplier Recruitment and Enrollment: Recruitment activities typically start with supplier segmentation analysis and identifying vendors to target first for on-boarding. Aparaa Corporation adds value to the equation by leveraging proven best practices to develop various activation campaigns – emails, phone and direct mail – for different supplier groups. The iDEP™ solution offers functionality to allow suppliers to enroll themselves by logging into the application and provide registration information. Alternatively, Aparaa’s support staff can manually enter supplier information or import information from buyers ERP or AP systems.
Invoice Generation and Delivery: iDEP™ solution facilitates the exchange of invoices between buyers and suppliers by providing several interfaces like EMail, fax, online invoice entry, FTP invoice files. iDEP™ solution offers more advanced file connections via EDI, XML, CSV. for high volume suppliers or those who prefer a more automated approach. iDEP™ solution also offers options to handle paper invoices. Each invoice, whether submitted electronically or manually, is converted into a common document format for querying and filtering.
Exception Handling: Validation of invoices is a critical step to ensure that only clean and valid invoice data is viewed by the AP department. With iDEP™ solution, invoices are automatically checked for duplicity and mathematical integrity. An additional layer of validation is provided by checking invoices against a set of buyer defined criteria and routing information. This process identifies errors and exceptions in the invoice proactively at the time of invoice submission and notifies the infringing party to correct those errors before the invoice can be accepted and routed. These validation rules can be configured and changed, as needed.
Workflow and Dispute Management: This is the process that buyers follow to sort, route, review, dispute and approve invoices for payment. iDEP™ solution supports invoice routing. The system allows buyers and suppliers to investigate and collaboratively along with Aparaa support staff, resolve disputes and exceptions.
Payment Processing: iDEP™ solution includes integration with and posting of the payments from buyers ERP and accounting systems so that suppliers have a near realtime access to the payment information.
Reporting and Analytics: iDEP™ solution includes the ability to generate standard and custom reports and provides visibility across transaction to buyers and suppliers. The iDEP™ solution also provides comprehensive audit trails of all actions taken within the system and vendor self-service options.
Benefits of iDEP™ to Buyers
- Reduce processing costs
- Increase efficiency and productivity
- Compress invoice-to-pay cycle
- Reduce errors and accelerate discrepancy resolution
- Minimize fraud and duplicate invoices
- Increase early payment discount capture
- Strengthen vendor relations
- Improve cash flow forecasting ability
- Improved visibility and control
Benefits to Suppliers:
- No Cost to Supplier
- Submit 1, 100 or 1000's of invoices
- Send invoices using Email, Fax, Online invoice entry or FTP
- 24x7 tracking of invoices from submission to payment
- Sort, search, view, print and download invoice data
- Eliminate printing and postage costs
- Eliminate mail float
