Invoice automation software that allows you to process more invoices with fewer human touchpoints and less time managing exceptions.
Accelerate Invoice Collection and Processing with Automation
Invoice processing is one of the most vital functions of any business’s financial health. It can also be a time-consuming process full of risks that can lead to major setbacks, especially for an accounts payable department that relies on manual processes. When an invoice arrives at your organization, the valuable data it carries must be captured, reviewed and entered into your ERP to begin payment processing. For large organizations, any inefficiencies in that process can quickly eat up time and money while stalling opportunities for growth.
With studies showing that the average time to process an invoice ranges between three and four weeks, any advantage that trims time and human touchpoints is invaluable. Research shows that the average AP employee can process 5 invoices per hour manually at a cost of as much as $20 per invoice. Automation bumps that rate up to 30 invoices per hour while reducing costs by more than 75%.
An automated invoice processing solution makes your AP process faster, more accurate, and more adaptable to changes. That gives your team the flexibility to scale their efforts to match changing business needs while freeing them up to focus on work that requires a human touch. By investing in automated invoice processing, your organization can:
Eliminate labor-intensive invoice data entry
Improve accuracy and reduce the number of invoices that need human intervention with intelligent data extraction that eliminates the need to set up a new template for each vendor invoice format
Let non-AP team members enter payment request details electronically and securely and route for approval followed by automatic invoice creation, without requiring any AP team effort
Efficiently process large volumes of invoices on time and accurately
Reduce AP work, guesswork and rework – from the automation of invoice approval reminders and communications to the elimination of downstream journal entry adjustments
Enable invoice approvers and budget owners to auto-code or submit ERP-validated GL coding for non-PO invoices
Increase touchless processing and reduce time spent handling exceptions
Automate routing of invoices based on configurable business rules
Increase straight-through processing and reduce time spent handling exceptions
Gain visibility into the status of outstanding payables invoices at all times
Monitor and manage images for all invoices no matter where they are in the AP process
Reduce bottlenecks and delays and gain visibility and control over cash flow
Simplify your audits with detailed history tracking for each invoice, including workflow steps, user actions, dates and comments
Run quick searches for invoices and initiate follow-up actions
Build stronger vendor relationships
Consistently pay vendors on time and accurately
Earn the benefits of early payment discount opportunities, improved confidence, visibility and control over supplies and inventory, better contract pricing opportunities and streamlined inter-organization communication
Avoid credit holds, supply chain disruptions, late fees, and reputational damage that come with suboptimal vendor relationships
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How Can MHC Solutions Streamline Invoice Processing?
MHC provides scalable AP solutions that allow you to process more invoices with fewer human touchpoints while cutting down the time and effort your team spends on managing exceptions. Our solutions for automating your invoice processing include:
Intelligent Invoice Capture
Businesses that rely on multiple vendors often need to process multiple kinds of invoices. Sorting through PDFs, Word documents, paper invoices, and other formats manually eats up a lot of time and energy. Our intelligent capture technology captures, cleans, and transforms incoming data into something your ERP can actually understand. Powered by Optical Character Recognition (OCR) and machine learning technologies, our intelligent invoice capture system automatically scans, stores, and tracks invoices of all kinds with minimal human touchpoints. Even better, the system uses artificial intelligence to grow smarter over time. That allows the system to adapt to your organization’s specific needs and increase overall data quality as you use it.
Automated Invoice Processing
Once an invoice has been entered into your system, the next step is managing and tracking that data. Our automated invoice processing system allows your AP team to route invoices through the approval process while maintaining clear visibility into the status of each invoice. That lets your team:
- Easily manage and audit invoices
- Configure workflows to your specific processes
- Allocate costs for individual vendors
- Automatically code by general ledger cost categories
- Ensure that reviews and approvals are routed properly
Easily document invoice disputes with the vendor
Providing real-time visibility into important invoicing functions goes a long way toward avoiding costly delays and maintaining strong vendor relationships. Using an MHC invoice automation solution makes it easy to check on real-time data such as status of an invoice, outstanding invoices, potential exceptions, and other factors that impact cashflow. Our dashboard functionality is user-friendly and role-based, allowing you to check status at a glance and pinpoint potential issues before they become problems.
More Key Features and Functions
Configurable workflow automation ensures that invoices are approved and processed in a way that serves your business best
Out-of-the-box functionality allows your AP team to easily navigate the system without relying on IT resources
Flexible integrations work seamlessly with your ERP and ERP of the future
Detect duplicate invoices and validate data prior to creating ERP transactions
Store, relate and retrieve documents associated with an invoice, including payment documents, vendor documents and POs
Support audit requirements with detailed history for each document, including workflow steps, user actions, dates, and comments with the ability to quickly search for invoices and payments and initiate follow-up actions
Seamlessly retrieve supporting AP documentation directly from within your ERP system in context with related data
Expedite implementation using pre-built AP automation ready for final configuration of invoice processes
Auto-code GL invoices based on past patterns and/or enable invoice approvers and budget owners to submit ERP-validated GL coding for non-PO invoices
Accounts Payable Manager
Cherry Creek School District
” What is nice about workflow is that it helps us organize our work better – we know if we already sent something out for approval or not and where the invoice is in the process. Before, that was done manually with files and piles. ”
American Medical Association
What Are the Benefits of Accounts Payable Automation?
A business that can consistently process invoices efficiently gains a legitimate advantage over its competitors. Having an edge in speed and expenses can elevate a business’s standing with vendors considerably.
Making the move to also add payment automation software benefits your AP process by taking those repetitive tasks off of your employees’ plates and turning them over to an AP automation system. That ultimately boosts your bottom line by:
- Reducing processing times from weeks to days or even hours
- Eliminating data errors by reducing human touchpoints
- Allowing your AP team to focus on more strategic and productive output while automation takes care of repetitive tasks
- Reducing costs and optimizing your cash position by consolidating vendor invoices into single payments paid automatically based on invoice due dates and payment preferences
- Scaling automatically to grow along with your team and business rather than requiring you to invest in new solutions, reducing churn when business needs change
- Increasing visibility to authorized individuals with a cloud solution that makes reporting and auditing easy from anywhere in the world at any time of day
- Increasing flexibility to take advantage of early payment discounts and avoid late fees