Accounts Payable
OPL’s Automated Accounts Payable Solution drives significant time and cost savings while improving accuracy and removing errors. Whilst expensive ERPs promise to solve all finance related problems, the reality is that most organizations have large teams of Accounts Payable staff still out there manually checking, reviewing and processing high volumes of invoices.
“OPL has solved this issue and created a powerful, automated solution that saves significant time and effort, whilst improving control. We do all the hard work for your team, flagging potential issues and allowing your team to focus on what matters.”
Auto sweep of email in-boxes and ingestion of invoices and supporting documents
Intelligent sorting of invoices per project
Ability to handle multiple invoices scanned and uploaded together
Automation of Vendor authentication and vendor / GL code input
OCR to extract information from invoices, regardless of formats
Automated alerts for duplicate invoices
Intelligent expense coding and approval routing
Two or three-way matching
Digital AP verification and approval process – on any device – mobile or desktop
Integration with OPL’s PO solution, or client’s ERP
Ability for approvers to view digitized invoices along with customized stamp on invoice showing key information
Ability for AP team and approvers to add comments on invoice
Ability for managers to review and approve invoices rapidly
Seamlessly send data to finance systems, eliminating manual entries
Deadline, reminders, approval escalation setting
Access to audit trails
Ability to collaborate in real time / chat
Accounts Payable Automation Case Study
Enhanced Accounts Payable process increased efficiencies and reduced costs
Global Construction Company
Annual revenue US$10Billion
Multiple locations, with each location handling several projects
Runs SAP, Open Text, DocuSign
300,000 invoices per year
7,000 vendors
60 persons AP Team
Their Challenges
Invoices received in paper / email requires manual input of data
Team unable to focus on critical tasks
No track of vendor invoices submitted
Lack of standard process across projects
Delayed and inaccurate approval process
Penalties paid for late payment
Existing technology setup not able to meet desired goals
AP Automated Features Delivered
Auto sweep of email in-boxes and ingestion of invoices and supporting documents
Intelligent sorting of invoices per project
Ability to handle multiple invoices scanned and uploaded together
Automation of Vendor authentication and vendor code input
OCR to extract information from invoices, regardless of formats
Automated alerts for duplicate invoices
Intelligent expense coding and approval routing
Two or three-way matching
Digital AP verification and approval process – on any device – mobile/desktop
Ability for approvers to view digitized invoices along with customized stamp on invoice showing key information
Ability for AP team and approvers to add comments on the invoice
Ability for managers to review and approve invoices rapidly
Seamlessly send data to existing systems, eliminating manual entries
Deadline, reminders, approval escalation setting
Access to audit trails
Ability to collaborate in real time/chat
Benefits Delivered
40%
Faster Processing Time
30%
Reduction in Headcount
35%
Lower Transaction Cost
75%
Improved Accuracy
