AP Automation
Finance and Accounting are one the most document centric departments in any Organization. Processing invoices is very manual and tedious. Independent studies have shown that it costs $4.27/page for every paper document. The average cost is 31x the total cost of paper and ink. IRS regulations and Internal Audit compliance requires Organizations to store documents for up to 10 years. In some industries, the storage requirements are even longer. When these documents are archived and stored in paper, it adds storage costs and the potential cost of lost documents. Lost documents alone can cost up to $120/document to retrieve and recreate. This does not include the cost of gross inefficiencies.
Lobo Technologies' End to End AP Automation is a 5 step process that significantly increases efficiency and reduces cost without compromising quality. We receive all your PO and non-PO invoices, scan them, extract the data twice, verify, archive and use our document management solution, zipota, to integrate the data with your system, by your rules.
Seamless integration with your ERP system validates the vendor invoice with purchase orders and receiving documents. Invoices can be routed for approval. Specific vendor invoices can be distributed to different departments, different GL accounts and time periods. zipota also allows you the option of processing invoices with time sensitive trigger points like early payment discounts, incorrect shipment discounts, multiple POs in one invoice or vice versa, and many more functions.
Data extracted from invoices along with the original invoices are archived on the zipota Portal. Seamless integration of the data with your system allows for instant action. We offer free unlimited storage for unlimited time on our Portal. You may also wish to authorize your Vendors/Partners access to the Portal for better and more effective communication and collaboration.
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AP Automation
How it works
Step 1
You place all your electronic invoices in one of many watched (new AP invoices) folders on your network. Paper invoices are also scanned and placed in these folders.
OR
Your Vendors/Partners mail/fax/email all PO & non-PO invoices to Lobo Technologies in San Diego, CA.
- a. Paper invoices are sent to a PO Box
- b. Electronic invoices are emailed to a specific email address
Go paperless and reduce cost.
Step 2
Paper documents are scanned. A receipt confirmation is sent to your Vendors/Partners when the invoices are received in our system.
Reduce risk of lost documents.
Step 3
Data is extracted from scanned documents per your rules. Data is extracted from scanned documents using our software technology. In addition, 2 people enter the same extracted data. A 3 way match eliminates any data extraction error.
Discrepancies are notified to vendor/partner for correction and resubmission.
Reduce risk of lost documents.
Step 4
Full data indexing is performed. This helps you to search documents based on document contents. Extracted data and original scanned documents are uploaded to Lobo Technologies Portal. You have FREE unlimited storage for unlimited time.
No more filing cabinets & storage rooms - Data at your fingertips.
Step 5
zipota INTEGRATES extracted data with your system for instant action.
Validate receiving - 3 way matching - Approval - Apply discounts - Assign to appropriate codes and many more.
Seamless Integration - Increase efficiency & improve branding.
Features
- Accept all modes of communication (email, fax, mail)
- Accept all standard document formats including pdf, jpg, gif and more
- Communicate with vendors at every stage of the process
- Automate data capture
- Distribute amounts across departments and GL accounts for specific invoices based on business rules
- Create AP transaction in specific time period
- Apply agreed discounts documented in your business system
- Automatically match Vendor Invoices with Purchase Orders, Receivers and other business transactions
- Identify and recommend early payment discount
- Create Accounts Payable transaction in the business system
Benefits
- No investment - this is a service based solution
- 50%+ reduction in costs
- Invoices processed in hours as opposed to days
- Increased accuracy - validated by two people
- AP personnel have time for higher level tasks
- Full audit trail for visibility and compliance