Open Scan Technologies, Inc. a leading supplier of enterprise financial work flows in the US, has released the latest version of its Payables Process Management solution. This new release enhances line-item data extraction, classification, and intelligent matching to the vendor master. For PO invoices the system matches and approves them automatically if there is a match. In the case that there isn't a match, they are presented in an exception queue to a member of staff for verification. For non-PO invoices, the solution can automatically assign the appropriate workflow for electronic review and approval routing, which saves time for everyone involved while improving visibility and compliance. Moreover, geography and file types are not a concern - when any type of invoice comes into headquarters or remote branches, it is scanned or imported into a centralized workflow for processing.
Companies of all sizes and in all industries can use Open Scan's payables solution to eliminate manual sorting and data entry, utilize a faster review and approval workflow, automate PO Invoice approval, and reduce paper storage costs. Open Scan claim that the new version will improve vendor relations, ensure compliance, and reduce overall costs by as much as 60%. (Gartner Group estimate that on average, the A/P cost-per-transaction before automation is $9.87. With end-to-end automation, this cost is reduced to $4.56.)
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