In business, and especially in Accounts Payable departments, we frequently look ahead. Whether it is projecting gains in quarters to come or mitigating potential risks, effective companies consistently have one eye on the future. It can, however, be difficult to maintain your organizational gaze frontward with the constant onslaught of challenges that a mostly manual process entails. Even if you are using certain applications to improve AP processing, how can you be sure that they are working together in harmony? How can we avoid duplicated effort that wastes countless minutes and therefore hours?
We at REQUORDIT have been automating Accounts Payable solutions with OnBase by Hyland for over 20 years and have seen the impact firsthand to alleviate these concerns and pave the way toward a secure and scalable future.
In business, and especially in Accounts Payable departments, we frequently look ahead. Whether it is projecting gains in quarters to come or mitigating potential risks, effective companies consistently have one eye on the future. It can, however, be difficult to maintain your organizational gaze frontward with the constant onslaught of challenges that a mostly manual process entails. Even if you are using certain applications to improve AP processing, how can you be sure that they are working together in harmony? How can we avoid duplicated effort that wastes countless minutes and therefore hours?
We at REQUORDIT have been automating Accounts Payable solutions with OnBase by Hyland for over 20 years and have seen the impact firsthand to alleviate these concerns and pave the way toward a secure and scalable future.
1. Long-term Document Storage.
Where do your documents go when the transaction is complete? Are you printing out invoices sent via email just to send them through traditional mail? Is there a windows folder or even a physical archive where documents are stored then quickly forgotten? Can you easily find documents based on Vendor, PO Number, Job, or other pertinent data?
These questions are all important to ask and are some of the reasons why OnBase is such a powerful platform. Organizations that use OnBase do not need to ask where documents go at the end of a transaction because all those documents will already be in OnBase and digitally shareable to internal and external parties. Through OnBase’s powerful document search capability quickly find documents based on ANY indexed field. Imagine entering a PO Number and immediately getting the Invoice, Packing Slip, Receipt, and Purchase Order document related.
2. Automated Discount Checks.
How many discounts are you missing because you cannot process invoices fast enough? This is just one of the many examples of how OnBase’s workflow capabilities can be leveraged to automatically identify which invoices are approaching their due dates based on terms captured from the invoice itself or existing contract or subcontract information that can be read from the ERP system. Let invoices flow into OnBase as they arrive and let the system filter the invoices by priority. Instead of logging in to check for new invoices multiple times a day simply let OnBase’s workflow notify you when there are new invoices to review.
3. Real-time Data Lookups to any ERP.
Right now, you can probably open an invoice on your computer and review it side by side with the invoice data in the ERP. OnBase can effectively perform the same level of review automatically and analyze hundreds of invoices for potential duplicates, missing vendor information, closed or inactive PO’s and Job Numbers, and even perform an automated 3-way match by looking at your receiving data.
Furthermore, OnBase provides a platform that can integrate with ANY ERP, so even if your company is switching from SAP to JD Edwards or Oracle ECMS to Viewpoint Vista you can maintain the integrity and continuity of your invoice processing and simply adjust the data and image exports as needed.
4. Real-time Reports Across Multiple Systems.
Accrual Reports, Owner Pay Estimate Logs, User Productivity, Invoices by due date and more… OnBase provides the tools to create and publish real-time reporting dashboards across multiple systems with responsive and dynamic filters and drill-down capability. See the full picture of your transactions from when they are first entered in OnBase all the way through when they are paid in the ERP. OnBase dashboards provide direct access to documents, workflows, OnBase applications, and more so you can work directly from the dashboard interface. Securing your AP future starts with robust and powerful forecasting!
5. Direct Import from Automated Data Capture.
Are you still manually indexing (hand-keying) invoices and other AP documents into your ERP or other systems? This is one of the most tedious and time-consuming practices out there. The best-in-class organizations have adjusted and you should too if you truly have the future in mind. Freeing up your staff from this thoughtless manual labor will allow them to focus on better value-added tasks like cleaning up Vendor Master data, pursuing discounts, data analysis, stakeholder collaboration and more!
OnBase has a direct API-level integration with CloudOCR, the go-to Machine Learning capture engine of REQUORDIT AP solutions. Imagine the very first time you see invoices, they are already in OnBase fully indexed and ready to be approved. The robust time savings will no doubt strengthen the future viability of any company.
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