This article examines what an automated invoice processing cloud service can do for organisations and the key considerations for a rapid deployment. What is an Automated Invoice Processing Cloud Service? An automated invoice processing cloud service allows organisations to better handle the processing of supplier invoices. The service is consumed via the cloud and will facilitate: the extraction of data from invoices the...
This article examines the links between financial data quality and process automation. High Quality Financial Data allows organisations to: Pay suppliers promptly Reduce bad debt and DSO Reduce operational costs Improve strategic decision making Increase compliance and reduce risk For many organisations who are embarking on projects to automate processes in the finance department, (examples of processes to automate in Finance), the initial focus and attention...
In this post we examine some of the top tips for organisations considering an automated cash application solution. With many tools on the market, we examine some of the key capabilities to look out for and considerations for vendor selection. Automated Cash Application Solutions allow organisations to: Reduce manual activities and operating costs Speed up cashflow and forecasting Reduce the need for suspense...
In this article we examine the opportunities that exist for organisations to introduce Financial Process Automation technologies. If your team is still manually keying information, copying and pasting information in Excel or spending hours compiling reports from disparate siloed systems, then the time may be right to look at changes. There are a range of tools available to help...
Cloud invoice automation solutions now provide organisations with a number of key benefits that previous on-premise systems were not able to offer. Automated cloud invoice processing solutions help organisations to: Achieve high levels of automated data extraction from day 1 Reduce infrastructure and other capital costs Minimise implementation times Benefit from new features when released Have a flexible cost model Pre-built invoice processing integration connectors for...
In this article we identify and discuss some of the most common and simple digital workflow solutions that can be delivered with an intelligent automation platform. The global events of the last two years have had a profound effect on how businesses operate and have significantly enhanced digital transformation strategies. Huge focus and efforts have been applied to enable workers...
In the cash allocation process, there are a number of key areas where timing is everything in ensuring an optimal process. Conducting activities in the wrong sequence or in a lethargic fashion can have severely negative connotations for internal and external stakeholders alike, as well as the organisation itself. We’ll come to the fish/wine comparison, but it’s initially worth thinking...
In our last blog in this series we looked at some of the problems surrounding manual cash allocation. In this edition we focus on enhancing and optimising the process using automated cash allocation software. With the choice of multiple tools on the market, we highlight the key capabilities needed as well as look at the case for a fully integrated...
What is Cash Allocation? What does Cash Allocation mean? Definition of Cash Allocation Why is Cash Allocation important? It’s imperative that as payments are received that they are applied to the correct customer and against the specific invoice transaction they relate to. Cash allocation needs to be conducted promptly in order to understand which customers and invoices are paid and which...
OCR to Cognitive Document Capture Information capture has advanced a long way since the advent of Optical Character Recognition (OCR) and Digital Repositories (EDMS Electronic Document Management Systems). Modern business applications require pre-validated and structured data as input so it is readily available for use in decision making and driving business processes. The majority of business applications store data in...
