|Boost Supplier Relationships
with Automated Financial Processes

Supplier relationships, a strategic challenge for your competitiveness

Over the past decade, cost reduction plans have put enormous pressure on suppliers, often leading to the long-term degradation of relationships. However this approach, based on domination, has reached its limits.

Today, the most innovative organisations aim at building more balanced relationships with their suppliers, because they have understood that a win-win approach will create more value over time with a better management of risk. This collaboration is accomplished through improved communication with the establishment of solutions including supplier portals.

A relationship of trust with suppliers also depends on compliance with contractual conditions, in particular payment terms.

In order to meet all these challenges, ITESOFT solutions for ap digitalisation and process automation are a must-have performance lever

streamline for invoices

The Solution to Automate Processing of your Paper and Electronic AP Invoices

Whereas a few years ago invoices were mainly processed in paper format, recent developments have led to multiple different formats and modes of invoice exchange. How can you efficiently process invoices received in paper format, by email (a PDF attachment, for example), loaded on a portal or by EDI exchange?

ITESOFT Streamline for Invoices automates the processing of supplier invoices from capture to accounting in the ERP system through automated reading, reconciliation with orders and receipts, accounting and analytical allocation, and business approvals. Great flexibility in deployment is possible with the solution available in the Cloud, on-premise or in a hybrid mode. Using the Capture module in its Cloud version (Capture as a Service) enables exceeding the limits of the current solutions by reaching automatic reading rates approaching 100%.

Discover the AP automation:

Streamline for Invoices Solution

Improving Supplier Relationships for your business

Lower invoice processing costs

By automating financial processing, Streamline for Invoices significantly reduces or completely eliminates entry, settlement or reconciliation tasks for invoices or receipts. This productivity gains time for accounting teams to perform higher value-added tasks such as data analysis.

Payment deadlines respected

The automation of invoice processing enables verifying the various processing phases, identify possible bottlenecks and speed up the resolution of disputes. With Streamline for Invoices, companies can control payment deadlines, avoid late payment penalties or even benefit from early payment discounts.

Accounts Payable Auditing trail and compliance reports

The automation of financial processing enables companies to trace all the stages of processing payments and to supply a reliable audit trail. This audit trail is mandatory in certain global jurisdictions. Streamline for Invoices makes it possible to secure the processing of paper and electronic invoices in the event of an audit by the tax administration.

Improved collaboration with suppliers

Automating the financial processing makes it possible to know the status of an invoice at any given moment. This information can be displayed in the supplier portal, which also includes collaborative functions to speed up dispute resolution. With the supplier portal, suppliers no longer need to call an accounting department to know the status of an invoice and accountants have more time for value-added tasks.

Network Rail reduce processing times by 90% with Financial Process Automation

With a huge amount of invoices going through Network Rail every day and a long processing cycle, Network Rail decided it was time to explore new finance solutions. Their main requirements were a more automated and integrated approach and a similar way of working to limit the impact on users.

Invoice rejection is decreasing period on period and that’s been the case for the last three years, and that’s because of the information we extract using ITESOFT.

Case Study

Automate purchase requests

Most organisations that have industrialised their supplier invoice processing tend to require a purchase order number on their invoices. The benefits are numerous: An invoice with an order number can be processed automatically if it matches both the order and receipt. A formalised purchase process ensures that all orders are pre-approved and monitored internally, ensuring the purchase procedure is followed, and reducing unauthorised purchases at higher prices.

ITESOFT offers a formalised purchase requisition process using the same platform as the supplier invoice processing solution. All built on the latest-generation BPM base.

By enabling your internal buyer to use an online form, you are securing your purchase requisition process, gaining visibility and facilitating the processing of supplier invoices.

Modification / Creation of supplier data

Improperly managed, the creation of new suppliers or the modification of supplier data can constitute a severe security flaw.

A common scenario is fraud in the change of a bank account statement (BIS). A fraudster sends an email to an employee of the accounting or treasury department of the company posing as a supplier and asks him to direct his payments to another bank account. In the mail to substantiate the bank change request, the fraudster may include an invoice that indicates a fraudulent bank identity. There are protection measures for this type of fraud scenario. First of all, it is of course necessary to confirm the identity of the person at the origin of the request for modifying the bank data.

Any changes to supplier details (in particular bank details) should be verified independently by the accounting department and confirmed with the supplier. A solution based on a supplier portal coupled with a BPM tool thus provides a pragmatic solution for structuring and securing the process of modifying the supplier data.

Do you have any questions about automating your financial processes?