How to reduce the cost of processing supplier invoices?

The complexity that exists today, derived from the complexity of the internal management processes of each company, as well as the high number of suppliers and purchasing processes that are handled, make the cost of processing each supplier invoice very high. But how can we reduce this cost? The answer is invoice automation.

Invoice automation is especially interesting for those companies with an international presence or that handle a large volume of invoices, as it allows them to standardize and streamline the reception, validation, exception management, accounting, and approval processes. In addition, this reduces the cost per invoices processed and provides a high degree of traceability and monitoring.

Reducing errors is another advantage of invoice automation. Errors can damage the image of the company, as it causes economic losses and can also damage the relationship with suppliers. Especially the latter should not be neglected, since suppliers are a basic component of the success of each company, of the quality of its final product or service and in such as competitive environment, it is key to be different from the others.

The key for automation and, therefore, reduction of the cost per invoice processed is to bet on and promote the use of electronic automation. Compared to paper invoices, electronic invoices are easier to process, more reliable to handle, and can be centrally stored at an extremely low cost.

One of the greatest barriers to the mass adoption of electronic invoicing is the lack of standardization, and tis is where platforms such as Tradeshift come into play, eliminating this barrier by accepting several standard formats from practically all the world. The benefits of automating invoice and accounts payable reception processes include:

  • Detect and avoid duplicate invoices and payments.
  • Reduce processing and accounting times, as well as administration costs.
  • Improves the traceability of invoices and the relationship with suppliers.
  • It makes it possible to notably reduce all manual errors.
  • Increase payment on time to suppliers (Payment on Time).
  • Accelerate closing processes.
  • Helps create more reliable spending and treasury forecasts.
  • Possibility of immediate access to reports and statistics (KPIs).
  • Centralize and standardize accounts payable processes.

Improve the management and traceability of your supplier invoices

With the leading technology in invoice automation in SAP environments, OpenText Vendor Invoice Management, together with its OCR, OpenText Intelligent Capture, at Brait we also have the experience and necessary expertise in companies of all sizes, so that our Invoice Automation projects continue to be successful. Thus, among other benefits we can highlight:

  • Design and implementation of efficient process flows, seeking the best balance point between automation and control.
  • Different methods for invoices that start from a purchase process and invoices without reference to order.
  • Automatic Segregation of Duties (SoD), so that each user receives the correct invoice at the correct time.
  • Brait +:  additional set of business rules and automations to the standard.
  • Brait +: process optimization based on more than 13 years of experience (integration with SAP HR, dynamic approval steps, etc).

At Brait we are specialists in electronic invoicing and in automating your processes for receiving supplier invoices and accounts payable in your SAP® environment with Vendor Invoice Management by OpenText™, if you need more information or help with the implementation of your project, do not hesitate to contact us, we will be happy to assist you.

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