Populate and Verify AP Invoice Fields
The Invoice Complete service uses both machine and human intelligence to populate and verify six data fields from an electronic invoice for accuracy, achieving a significantly higher rate of error free processing than OCR document management solutions.
When the service is combined with automated GL coding and electronic payment processing, the accounts payable team gains additional productivity. Invoice Complete reduces the processing time for data entry and the error resolution portion of document management. In many cases, the team will not have to enter any data.
The Invoice Complete service eliminates the time-consuming setup of vendor forms and the management of complex document management systems, further reducing administrative costs.
Automates Document Management for AP Invoice Transactions
When an invoice is emailed to the Ariett Cloud (Box4Dox), Invoice Complete automatically creates an accounts payable transaction, populates six fields of information from the invoice (Date, Invoice #, Amount, Vendor Name, Currency and PO #) and captures an audit trail ready for review and approval. The Invoice Complete service involves machine intelligence, OCR and verification steps. As part of the service, Ariett automatically sets general ledger coding for the vendor’s invoice from the most used vendor invoice entry and allows the user to optionally select from all prior entries made for this company/user/vendor combination. A user may edit and make changes to general ledger default coding during the review and approval process.
This service extends Ariett’s Box4Dox service, which receives emailed invoices directly from vendors/scanners/employees. When the invoice is emailed directly from the vendor additional fields such as the default Payment Terms, Remit to Address, and Invoice ID is populated.
Key Benefits of Invoice Complete Service with Integrated Purchase to Payment Platform:
- The service automatically sets general ledger coding for the vendor’s invoice from the most used transaction entry.
- The service remembers other prior coding entries and lets employees chose from those options.
- This service either eliminates or significantly reduces the touch-points and time it takes to process an AP invoice.
- AP invoice processing is error free and at a fraction of the cost of traditional OCR document management solutions.
- Secure Electronic Payment Processing offers savings through virtual credit card rebates.
- Track AP invoices against Capex Project and Vendor Contracts and their budgets.
- One Purchase to Payment Platform means one application to learn and manage.
- Visibility across purchasing, receiving, invoicing and payment processes provides control over spending.
- Mobile-ready application allows employees to collaborate and make purchasing decisions from anywhere.
To gain tangible savings, combine Invoice Complete with Ariett’s electronic payment processing, which offers rebates to customers for their vendor payments made through virtual credit cards.
Employees can use their phone, tablet or laptop to view all documents and enter, submit and approve any type of purchase to payment transaction. With a completely integrated purchase to payment platform, your organization gains greater visibility to and control over all indirect spending.