 |
|
|
AP & AR Solutions
Accounts Payable
SPI's end to end solution provides a robust and flexible mechanism to manage the entire invoice process.
Invoice Receiving
SPI operates a managed Invoice receiving service where invoices can be sent to a central location (via mail, fax or email), scanned and stored in a repository. Invoices are then opened, indexed, scanned and saved. Advanced Optical Character Recognition (OCR) technologies will pick up the relevant information from the invoices.
Benefits of SPI's Invoice Receiving
- Reduce Accounts Payable costs by eliminating paper handling
- Transforms paper invoices into scanned electronic images for easy retention
- No upfront investment in hardware or software
- 24 hour turnaround time
Data Verification
OCR enables the capture of printed information on documents. However data that is hand written will fail during an OCR scan and needs to be captured manually. Further, key fields captured by OCR should be verified manually to ensure that no errors creep into the system. SPI's trained data capture team will perform manual invoice repair and accurately capture invoice data at the line-item level. SPI's approach completely eliminates the need for clients to manually re-key data.
Benefits of SPI's Data Verification
- Transforms scanned invoices & invoices received via fax/email to workflow ready data
- No upfront investment in hardware or software
- Verification ensures invoices are correct
- Information not captured by OCR will be captured manually
Invoice Routing
The Invoice Routing workflow is part of a modular solution (Tradeflow OptimizationSM – TFO) designed to improve efficiency, visibility and control across an organization. With this module, clients can receive, match, validate, approve, and forward invoices for payment. Through web-based automated database-driven workflow, organizations are given real time visibility into transactions flowing through the accounts payable process. The browser-based workflow engine ensures that invoices don't get lost in an approver's inbox.
Benefits of the Invoice Approval Workflow
- Accelerates the invoice approval process
- Full audit trail of each invoice with alerts if there are delays beyond set limits
- Real time visibility into invoice status
- Built in dispute resolution
- Reporting to track KPI's
- Data retention and retrieval per client's legal norms
AP Inquiry Lookup
With SPI's AP Inquiry solution which part of our modular solution (Tradeflow Optimization – TFO), vendors are able to receive answers to their payment questions when they want, where they want and thereby reduce their dependency on retail AP personnel. The solution integrates seamlessly with the client's AP system and extracts the right amount of information to be shown to the vendors.
Benefits of AP Inquiry Lookup
- Access for vendors to look the status of their payments using multiple filters like Invoice/PO/check details
- Reduction in time taken by resources required to handle daily vendor inquiries on payment status
Accounts Receivable Solutions
To ensure vendors pay the correct amount, on time, it is critical that experienced teams with sophisticated tools handle the reconciliation process. SPI's Accounts Receivable solutions save clients time and significantly reduce back office costs by 30% or greater - by reconciling invoice totals with amounts owed, then following through to collect payment.
Additionally, SPI provides clients with insight and analytics into their business through a robust reporting capability. In addition to that knowledge, organizations utilizing SPI's Accounts Receivable Solution benefit from:
- Highly trained data key entry specialists
- An increased amount of payments processed by a team dedicated to receivables and account reconciliation
- Tools that automatically extract data from checks and into databases
- Scheduled and on demand reporting based on criteria, such as amount outstanding, amount of invoices unpaid, number of invoices unpaid
- Alerts and reporting, signaling when a vendor is falling delinquent
- Emails sent to vendors in the initial stages of delinquency
- Escalation alerts and packaged documentation when vendors reach a specified degree of delinquency
|
|
