White Paper On Purchase To Pay Automation Now Available From Invu
Invu announces publication of White Paper demonstrating how organisations can automate invoices cost-effectively and reduce the level of paper documents
Document management software provider, Invu, has released a White Paper on Purchase to Pay Automation – Overcoming paper in an efficient and electronic world. While many companies now use Accounting or ERP systems to digitise and hold all purchasing data, 80% of all invoices are continually delivered to a business on paper with most purchase to payment processes starting or ending with an unstructured document – usually in paper form.
While many businesses have implemented these systems to computerise in-house documents, what many fail to realise is these products have more or less left many aspects of the company un-touched. Back office processes are left ignored, line of business communications remain ad-hoc, and key transactional documents continue as before - paper based and filed out of reach. It is now becoming more apparent that these systems do not computerise whole finance processes; they simply digitise the "ledgers" and the "books" – recording the core transactions of the business. What's more, these systems can still be very manual, continuing to force users to touch all transactions with a keyboard instead of a pen: The processes have not really changed or become automatic.
The white paper takes a closer look at one key area left incomplete and not automated, the "purchase to payment" flow; the process that drives the interaction with a business' suppliers, and discusses the various solutions available to organisations depending on size and available funds. Implementing EDI (Electronic Data Interchange) is an effective solution; however this process demands significant technology, effort and expenditure, the paper therefore outlines the requirements and benefits of implementing a more cost-effective document processing solution to automate invoices and reduce the volume of paper.
The paper demonstrates that a simple yet effective business automation approach solely based on document capture, management and workflow can speed up existing internal processes and compliment the investment in the company's ERP system.
Stuart Evans, Chief Technical Officer, Invu, comments, "The White Paper highlights the reality that the paper and PDF invoice will be around for many years to come, therefore there is an urgent need for businesses to improve their efficiency. While it is understandable that few businesses have the luxury of moving to a full EDI approach to purchasing, the paper shows that invoice process automation is the next best, and often the only other, solution to take for organisations to remain both competitive and alive."