CVISION Releases Trapeze For Invoice Processing 3

Realize a Measurable ROI While Processing Invoices Faster and More Accurately

Traditionally, manually processing invoices has been an inefficient, error-prone task which consumes both employees' time and valuable company resources. While manually processing invoices has certain advantages, introducing a tool to automatically extract information can greatly improve accuracy and speed while reducing the overhead of accounts payable.

With CVISION's Trapeze for Invoice Processing, automation software can be used to programmatically handle invoices by extracting relevant information. A tedious, paper-intensive process that was previously handled by several employees can now be completed digitally with a fraction of the resources. Transitioning to automated invoice processing frees a considerable amount of time for employees to work on other, more value-producing projects such as building relationships with vendors and negotiating early payment terms. By reducing the amount of time spent on manual data entry, organizations can realize a measurable ROI in a short period of time.

Easy Integration into the Accounting Process

Trapeze offers organizations the ability to integrate into their existing workflow. Data extracted from invoices can be integrated through desired specifications. Once the data is extracted, it can be outputted into industry standard formats including EDI or CSV. Trapeze for Invoice Processing will automatically detect invoices with missing or incorrect data in critical fi elds; these invoices are flagged and sent to Trapeze's exception handling bucket, while the rest of the invoices are processed.

Advanced Machine Learning

Leverage advanced machine learning to continuously improve recognition rates. CVISION’s expert learning system gets smarter over time yielding more extraction and automation. As more invoices are processed, and corrections are made, CVISION’s system uses a feedback loop to learn and understand invoices.

Calculating the Value of an Automated AP System

According to industry studies, the cost of manually handling an invoice from start to finish is estimated to be $30-$50 per invoice. By automating pieces of the process, the cost per invoice can be reduced by more than 30%. Consider the following example to help understand the value in real terms. Organization A processes 15,000 invoices a year at an average cost of $30/invoice. Using conservative figures, Trapeze can reduce the cost of each invoice processed by $5. Therefore, if 15,000 invoices are processed in a year, organizations can save $75,000 in the first year. These figures can be scaled up or down based on volume.

Why Automate Your Invoice Processing with Trapeze?

> Reduce manual entry costs

Automating the accounts payable process can dramatically reduce the costs associated with manually entering invoices. After implementing an automated invoice processing system, it will take a small fraction of the time and amount of employees to process the same amount of invoices.

>Improve Invoice Processing Accuracy

An automated system will yield more accurate results than manually processing invoices. By automating the accounts payable process, human keying errors will be eliminated. Inputting inaccurate data from an invoice can be very costly, invoice amounts can be keyed incorrectly, invoice numbers can be wrong. These inaccuracies can result in overpayments and countless employee hours resolving the issues with vendors.

>Accelerate Invoice Turnaround and Benefit from Early Payment Discounts

Manually processing an invoice typically takes organizations 10 days. Many vendors offer discounts for paying invoices early. With an automated system in place, invoices can be processed and paid quicker. With Trapeze for automated accounts payable, organizations can start taking advantage of early pay discounts.

>Improve Vendor Relationships

By accurately paying invoices faster, organizations can improve relationships with vendors creating leverage to negotiate with vendors.

>Create a Measurable ROI

Automating an accounts payable system can positively impact an organization's bottom line. Organizations can save money by reducing the amount of time employees spend manually entering data, saving money on early payment discounts, and accurately paying invoices in a timely fashion. All these factors add up to savings which quickly cover the cost of implementing an automated solution.

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