Financial Automation: Smarter. Faster. Safer.
The benefits of ITESOFT Streamline for Invoices for private sector accounts payable processes
Speed up invoice processing
Making use of the latest technologies, ITESOFT Streamline for Invoices offers organisations faster access, to faster platforms. Allowing more organisations than ever before the opportunity to not only reduce the amount of time that this laborious task takes, but to be up and running faster than ever. With SLFI your business case can deliver an RoI of less than 12 months and be up and running in just days.
Optimise available resources
Freeing up time for your finance or AP team to focus on higher value added tasks is a key benefit of SLFI. Rather than members of the team spending hours and days manually keying in invoice data, or trying to validate supplier, information their focus can shift to improving supplier relationships, working in early settlement discounts, ensuring legislative compliance, and many other areas of business.
Protect against risk
With a mutualised supplier database, and real time analytical tools delivering greater control, the risk to an organisation of payments being made to the wrong supplier, or to a phony supplier is drastically reduced. ITESOFT is the only vendor offering real time checks against a mutualised repository of more than 600,000 records to ensure that the supplier shown on the invoice is the supplier you want to make a payment to.
Learn more about Invoice Capture and ITESOFT Streamline for Invoices in 3 minutes
For many organisations capturing their supplier invoices is only 1 part of a much wider challenge within Accounts Payable, Finance or the P2P function. Our full product, Streamline for Invoices builds on the unique benefits of CaaS and delivers access to a fully automated, end to end, P2P process.
Including elements such as:
- Supplier Portal
- Supplier Relationship Management
- Purchase Order Requisitioning
- Invoice Capture
- Workflows & Approval Processes
- Full Analytics Dashboards
- Reporting Features
The challenges faced by private sector accounts payable and finance teams
Handling a multitude of formats
As technology has evolved over the last 15 years, the ways in which people and organisations communicate has developed. Whilst the majority of invoices are still received as a piece of paper, this is slowly changing. With increasing volumes of invoices received as PDF, email, EDI it becomes vital for AP to be able to handle these as easily and quickly as possible. In fact, more and more organisations are wanting to include a supplier poral to add to this mix, adding yet another layer of complexity.
Save money & cut costs
There are very few organisations that are not driven to try and cut costs and make savings wherever possible. Very often this results in AP and Finance teams coming under ever increasing pressure. Very often it is simply not possible to do more work with the same team, or the same volume of work with reduced teams, yet that is the reality facing many organisations. As back office functions are generally considered a cost centre, these crucial parts of a business are often overlooked or ignored leaving them unable to deliver on the targets set.
Reduce risk of fraud
With articles in the press daily, and with the levels of fraud seemingly increasing, reducing risk within AP and Finance is a very real challenge. Negative press about an organisation can be deadly in the day of mass media and social media, resulting in more and more time being focused on this within business. It is no longer acceptable to handle any issues after the event, organisations demand that pro-active actions are taken to avoid the potential harm to their reputation, and the way in which their suppliers treat them.
Reduced processing cycle times to just 1.2 days from receipt of an invoice
Source : Network Rail Case Study