Introduction
In today's fast-paced business environment, accounts payable departments often struggle to manage the influx of invoices efficiently, leading to errors, compliance issues, and potential fraud. Xerox® Accounts Payable Services steps in to address these challenges by offering a comprehensive solution tailored to businesses of all sizes. This service goes beyond simple invoice scanning, combining Intelligent Document Processing capabilities to streamline workflows and integrate both paper and digital documents seamlessly.
Key Features
Xerox® Accounts Payable Services enables the capture, digitization, and extraction of data from digital and paper invoices using advanced technologies such as computer vision and optical character recognition. Automation plays a crucial role in processing and digitally storing all incoming documents, regardless of their format or source. Authorized users can access a secure digital repository round the clock, ensuring easy retrieval and efficient workflow functions. The service also fosters regulatory compliance by providing a complete audit trail that is easily monitored.
Benefits and Results
Through Xerox's Accounts Payable Services, businesses have achieved significant results, including a 30% cost reduction with automated data and invoice capture, a 40% reduction in processing time with touchless purchase orders, and a transition from 20% to 50% supplier adoption of e-invoicing. Moreover, clients have seen a drastic improvement in processing time, moving from 15 days down to just one day, and have successfully transitioned to 100% paperless accounts payable operations.
Enhanced Automation and Efficiency
By leveraging automated processes, Xerox helps improve invoice processing times, reduce errors, and mitigate the risks associated with fraudulent, inaccurate, or duplicate invoices. The service enables the management of documents across various regions with different legal, tax, and processing requirements, all while providing a full audit trail for security and compliance purposes. Customer service is also enhanced through immediate document access and actionable insights gained from advanced analytics.
E-Invoicing and AP Automation
Xerox's Accounts Payable Services extend beyond manual invoice processing by offering AP automation with e-invoicing capabilities. This transition to digital processes empowers global clients to enhance supplier relations, avoid penalties from delayed payments, and gain access to a vast e-invoicing network. By embracing e-invoicing, businesses can streamline operations, improve efficiency, and establish stronger connections with their suppliers.