Less paper. Less overhead. More Control.
Most accounts payable departments are overwhelmed with paper invoices. Each month, thousands of invoices are opened, sorted, coded, entered and routed for approval.
Invoice automation from Verian Technologies helps organizations break free from paper by capturing all invoice data electronically and automating the invoice flow from beginning to end. Not only does automation reduce paper and streamline your invoicing process, it also helps reduce costs, improve controls and gain vital spending intelligence. Whether your invoices are related to POs or not, our invoice automation system gives you the crystal clear visibility to see your entire financial picture in real time.
Our intelligent invoice solutions can help organizations reduce their cost by as much as 60%.
What Can the Verian Solution Do for Me?
Invoice Capture
We understand that invoices come in a variety of forms: paper, fax, email, and electronic transfer. Our proprietary eMerge™ system automatically funnels all invoices into your system, no matter how they are sent. The three main methods are:
Outsourced Capture – Do as much – or as little – of the invoice opening, sorting, coding and scanning as you wish. We can integrate with your existing scanning solution or into your invoice approval workflow and validation components. With outsourced capture, up to 100% of inbound invoices arrive electronically in as little as 24 hours. Read about Verian’s scanning & data extraction solution.
Supplier Portal Capture – If you want to push non-PO invoice entry to your vendors, let them manually enter invoices in our Supplier Portal. For PO-related invoices, vendors retrieve your POs from the Portal, add tax and freight and turn the PO into an invoice in one click. Learn More.
e-Invoicing Capture – Invoices from your high-volume vendors are transmitted in industry-standard formats (EDI or XML) directly into the system without any manual entry.
Workflow
Streamline your workflow with tools designed to shorten cycle times, strengthen controls and gain visibility into your invoice processing:
Intelligent Approval Routing – Non-PO invoice approvals can easily get lost in the shuffle or languish on desks. Our system routes your non-PO invoice approvals automatically using multiple criteria including vendor, dollar amount, location, hierarchy, etc. The system also integrates with your email system and smart phones for mobile notifications and alerts. You can even approve or reject an invoice by line item on the go.
Reconciliation – Two-way and three-way matching is a critical yet time-consuming process. Cut down on time and errors by automatically matching the invoice and receiving documents (or the invoice to the PO and receiving documents for PO invoices). If the system detects a discrepancy, it automatically routes notifications to a predetermined list of recipients.
Exception Handling – Exceptions don’t have to slow down your process. Define parameters for exception tolerance levels by dollar amount, percentage, etc. To eliminate confusion, the system can even detect and route receiving exceptions differently than financial exceptions.
Intelligence
View a dashboard of built-in intelligence designed to put actionable, up-to-date information at your fingertips. Ideal for CFOs, controllers and AP managers, the application offers a suite of built-in reports including:
- Staff productivity
- Approval bottlenecks
- Vendors with most exceptions
- Projected cash outflows
- Average payables outstanding by day
- Late invoices
- Longest-held invoices by location
- Spending by vendor
Create your own custom reports with our report wizard.
Key Benefits
- Reduce cost-per-invoice
- Gain control over a greater portion of your organization’s expenditures
- Reduce “maverick spending”
- Hold employees more accountable for approving or denying invoices
- Avoid late payment fees and take advantage of early payment discounts
- Eliminate duplicate and overpayments
- Reduce the number of inbound payment status inquiries
- Reduce number of AP staff in clerical positions
- Maintain a complete audit trail of transactions for Sarbanes-Oxley and other regulations
- Eliminate or reduce invoice storage space