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 vital for any organization’s financial health but can be time-consuming and risky, especially when relying on manual processes. Studies show manual invoice processing takes 3-4 weeks, costs $20 per invoice, and an average AP employee handles 5 invoices per hour. Automation increases the rate to 30 invoices per hour, cutting costs by 75%.
Automated solutions make AP processes faster, more accurate, and adaptable, enabling teams to scale efforts to changing business needs and focus on tasks requiring a human touch.
1. Eliminate labor-intensive invoice data entry
Eliminate manual data entry with intelligent extraction, erasing the need to set up a new template for each vendor invoice format.
4. Enhance visibility and control
Monitor and manage invoices throughout the AP process.
Improve cash flow control and simplify audits with detailed tracking.
Run quick searches for invoices and initiate follow-up actions.
2. Efficiently process large volumes of invoices
Reduce guesswork and rework through automation.
Eliminate downstream journal entry adjustments.
Enable auto-coding and GL coding for non-PO invoices.
5. Strengthen vendor relationships
Ensure timely and accurate payments.
Benefit from early payment discounts and streamlined communication.
Avoid credit holds, late fees, and supply chain disruptions.
How Can MHC Solutions Streamline Invoice Processing?
MHC offers scalable AP solutions to streamline invoice processing, reduce manual work, and manage exceptions effectively. Our solutions include:
Intelligent Invoice Capture
Our technology uses Optical Character Recognition (OCR) and machine learning to scan, clean, and transform various invoice formats into data your ERP can understand. Leveraging artificial intelligence (AI), it adapts and enhances data quality over time.
Automated Invoice Processing
Automated invoice processing streamlines managing and tracking of data. It enables routing of invoices for approval while maintaining full visibility into their status. Effortlessly manage and audit invoices, customize workflows, allocate costs, automate coding, ensure proper reviews, and document vendor invoice disputes.
Real-time visibility is key to preventing delays and strengthening vendor relationships. MHC’s invoice automation solution enables easy access to real-time data, including invoice status, outstanding invoices, exceptions, and factors that impact cashflow. The user-friendly, role-based dashboard lets you stay informed and proactively address issues.
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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
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
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
Detect duplicate invoices and validate data prior to creating ERP transactions
Expedite implementation using pre-built AP automation ready for final configuration of invoice processes
What are the Benefits of Automating Invoice Processing and Payments?
Efficient invoice processing gives a competitive edge by improving speed and reducing expenses. Adding payment automation software enhances your AP process, resulting in:
- Reducing processing times from weeks to days or hours.
- Minimizing data errors through automation.
- Allowing the AP team to focus on strategic tasks.
- Cutting costs and optimizing cash flow by consolidating payments.
- Scaling seamlessly with business growth.
- Enhancing visibility with a cloud solution for easy reporting and auditing.
- Increasing flexibility to capture early payment discounts and avoid late fees.
” If you need a system for accounting and don’t want to pay for the huge software companies, get this.
You can use it as the most basic program or as a very complex program. It’s very versatile! “
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