The finance and accounting departments and processes are among the most critical and essential functions of a business. However, multiple studies indicate that about 50% of organizations are still wrangling their data manually. If you fit into this group, you’re not alone. Read on to see how leading organizations are modernizing their processes to boost productivity and efficiency.
With over 550 billion invoices produced annually, businesses are flooded with physical and electronic documents pouring in and out of their accounting departments. This presents many challenges, especially when the processes are still done manually. With the COVID-19 pandemic, a 2021 study AP Metrics that Matter by Ardent Partners found that 97% of all accounts payable (AP) departments had been impacted, with 28% experiencing a significant impact. Companies had to change their processes, from facilitating telecommuting, paying vendors, and approvals to ad-hoc digital transformation initiatives.
Figure 1. Ardent Partners’ Accounts Payable Metrics that Matter in 2021
While there are numerous accounting and finance hurdles to overcome with manual processes, especially in invoice processing, easier and faster ways exist with modern technology. Best-in-class organizations use intelligent document processing, including data capture and handwritten extraction, workflow tools, and simple integrations into existing ERP, RPA, ECM, Content Services, or line of business systems. The overall solution is called intelligent process automation (IPA).
Operational efficiency is critical to success. This means – no matter what size of business you are – shedding manual processes and automating repetitive and mundane tasks is necessary. Digital transformation and streamlining workflows will minimize lost invoices and documents, supplier questions, and human errors while speeding up approvals and payments. The benefits don’t stop there – CFOs and Controllers will have deeper insights to plan and budget better using analytics, and companies can capitalize on vendor discounts with on-time or early payments. The cost savings can have a major impact on the bottom line. Here’s what the IPA process looks like:
Figure 2: Automated State
IDM Capture uses patented, intelligent document capture technology powered by Ephesoft. The result? Automated processes, significant time savings, and reduced costs. IDM Capture can seamlessly integrate into any Infor solution, such as M3, LN, CloudSuite, PLM for Fashion, Infor OS, and others.
Customers who have high-value, high-volume documents, either electronic or paper, gravitate towards this solution to easily onboard data into their existing Infor solutions to accelerate business processes, drive efficiencies and lower costs. The solution is offered in the cloud, on-premises, or hybrid environments for document capture, classification, data extraction, validation, and export into any ERP that integrates with Infor Document Management.
IDM Capture’s robust functionality and supervised machine learning capabilities can reduce or eliminate the top efficiency-killers of any accounts payable department, such as:
Figure 6: Top efficiency killers of accounts payable departments.
For more information about integrating Ephesoft intelligent document processing capabilities to your Infor solution or to schedule a demo, please contact Fortude or Ephesoft.
To learn more about how you can leverage IDM Capture, register, and join the upcoming webinar – An intelligent document and data onramp to your Infor ERP co-hosted by Ephesoft and Infor.