Are Invoices Piling Up in Your AP Department?
Manually processing invoices requires teams to perform costly data entry work, mapping data from received invoices to POs and checking that every item matches in the system. This method is not readily scalable on a time or cost basis at high volumes. In addition, human error can cause late payments, fees, and disruptions in vendor relationships as laborers begin to tire out in the face of mountains of paperwork and emails to constantly sift through.
Automating the AP Process: A Case Study
In a manual workflow, one organization had 3 employees processing 30 forms each per hour with 97% accuracy. After implementing an invoice automation solution, one employee could process 100 forms per hour at 99% accuracy. This allowed the firm to repurpose existing employees for higher value-added tasks and reduce the amount of resources necessary to properly process invoices.
How Does Trapeze for Invoice Processing Work?
Trapeze for Invoice Processing is an AP automation solution that reduces manual data entry costs, improves workflow accuracy, and enables faster, more efficient invoice processing. Trapeze is a cost-effective, user-friendly invoice automation solution tailored to accounts payable offices and organizations who deal with high volumes of invoices.
The software recognizes information from incoming invoices. The invoices are then split, classified and organized by vendor class automatically. Once the invoices have been sorted, Trapeze automatically extracts the invoice field data and auto-validates the information using custom rules specific to your organization’s workflow. Trapeze for Invoice Processing then exports the invoice data to a specified output folder, database or ERP system.
Key Benefits of Using Trapeze for Invoice Processing
- Faster Invoice Processing
- Reduced Back-office AP Costs
- Minimized Manual Data Entry
- Improved Data Entry Accuracy Rates