Why You Need Accounts Payable Automation
ICG’s AP Automation delivers value, savings, and efficiency. ICG’s cloud hosted Accounts Payable solutions are designed for rapid deployment in a remote processing environment to support business continuity in difficult times and national emergencies. ICG can help your company:
- Support remote operations
- Process invoices from multiple sources in multiple formats
- Take advantage of discounts offered
- Get rid of labor-intensive manual processes
- Handle more work in less time
- Launch a self-service vendor portal (supplier portal) – a big win for your company and your vendors!
As long-time experts in the field, we have the experience of helping many companies save millions of dollars with our award-winning accounts payable automation solutions. Our solutions include robust tools like advanced workflows, data capture & document assembly, vendor portals (supplier portals), vendor onboarding (supplier onboarding), spend analytics, dashboards, reporting, and dynamic discounting.
ICG’s AP Solutions Demo
Watch as we walk through one of our automated accounts payable systems.Watch Video
How AP Automation Works
Document and data collection is the first step in the process. For large companies this is often the most time consuming, expensive and inefficient process in their business. AP Automation begins with electronically capturing documents and gleaning the critical data from vendor invoices of all types. Paper, PDF, electronic file, or fax – we turn them all into a single format for you with no human intervention.
For any AP Automation solution, there are generally four different document and data capture options:
Comparing Document Capture Techniques
|Type of Document Capture:||Pros:||Cons:|
|Scan/Data Entry||Least costly to implement; ideal for low transaction volume||Labor Intensive|
|Scan/OCR (Optical Character Recognition)||Reduces time costs and effort over manual data entry processes||Inaccurate data reads can lead to costly QA costs and processing errors|
|EDI||Ideal for larger vendors with standard electronic file format||Limited to larger and/or more IT sophisticated organizations|
|Electronic Invoice Submission/ Alternate Electronic Capture||Includes web invoicing and file uploading; ideal for all size AP operations; best cost-benefit ratio||May have limited use for invoices with many line items|
The key is to implement just the right blend of data capture technologies while taking into account your current AP processes. We have extensive expertise and specialize in this field. We’ll work with your current technology to deliver a solution that adapts to your processes, technology, and corporate culture.
Business Intelligence & Smart Routing
Once your documents and data have been captured electronically, the inbound transactional documents are imported into our Workflow Management software. It’s at this point that the magic kicks in, because our technology makes sure that all the right information flows to all the right people in all the right places. The difference is our intelligent routing, which can be configured to happen instantly and automatically to all the data and documents entering your system.
For invoices, payment information is sent to the ERP system for vouchering and payment. (Like your current ERP platform? We can integrate to it – no transition required.)
This provides Accounts Payable a clear audit trail of transactions and real-time visibility into AP liabilities, as well as increasing the productivity of AP workers. You will also see this referred to as invoice automation.
AP Analytics You Can Act On
Though the payment information is processed, we still aren’t done. Data collected throughout the process is stored and can be delivered as financial or productivity reports directly to you. This gives you the advanced analytics that you need to track your vendor spend and help pinpoint & manage rogue spending / budget adherence.
Want to build highly targeted ad hoc reports using almost any criteria related to your AP process? You can do that, the solution is highly searchable by any data or metric captured in the process.
Built with vendor self-service in mind, we’ll give you a system in which your vendors can easily update their information or submit requests via a vendor portal or supplier portal. Your cloud hosted vendor portal is highly secure and offer 24 x 7 access to your vendors.
Most importantly, our solutions are incredibly flexible and our great strength is the ability to expediently deliver a configurable solution that works for your process and culture.
Choose ICG For AP Automation
Our accounts payable automation, vendor portal and supplier portal solutions are technology-agnostic and can seamlessly integrate with your current systems and infrastructure. Our goal is to help you create a centralized, automated and standardized back office system that is optimized for your business and operates in conjunction with your existing processes.
Our AP Automation solutions address the complete procurement-to-pay cycle, including:
- Data and Document Capture
- Workflow Management
- Remote Invoice Approval
- PO Matching
- Electronic Invoicing
- Dynamic Discounting
- Vendor Onboarding & Administration – Supplier Onboarding
- Vendor Self-service via Vendor Portals or Supplier Portals
Implementing the right mix of technologies saves time-related costs by capturing and processing data more efficiently. AP Automation provides significant bottom line savings through lower processing costs, faster payment cycles, clearer visibility of financial operations, and real-time reporting to track productivity.