KnowledgeLake Accounts Payable Solution

Managing accounts payable and other financial documents can be a tough task. In the midst of escalating costs and regulatory compliance pressures, accounts payable departments have to find innovative ways to reduce expenses, increase productivity, generate better return on investments, and improve their company's bottom line. KnowledgeLake Enterprise Content Management (ECM) solutions for accounts payable can help your organization increase operational efficiency—and save time and money—by automating and streamlining the handling of accounts payable documents.

In most organizations, 70% of the incoming mail is invoices and 96% of the processing that is done on these invoices is manual keying of data from paper. Considering accounts payable is tied to almost every department, the need for automation is exponential.

Organizations receive hundreds of thousands (and sometimes millions) of invoices annually— both with and without POs. Each invoice has numerous associated documents.

Most companies receive invoices by multiple means, including e-mail, fax, Web-based forms, and paper documents sent by ground mail. Most of these documents need to be manually processed.

Accounts payable is a document-intensive function by nature. It's a struggle to find efficient ways to manage, store, and access large volumes of documents. Traditional manual handling processes are error-prone and difficult to track.