Trapeze for Invoice Processing – Accounts Payable Automation Software
Are Invoices Piling Up in Your AP Department?
Manually processing invoices requires accounts payable clerks to time-consuming data entry. On average, an AP clerk spends two minutes on every invoice, mapping data from received invoices to POs and checking that every item matches in the system. However, as AP departments do business with an increasing number of vendors, the likelihood of human error and late payment fees increase. This can cause significant disruptions in vendor relationships.
Automating the AP Process: A Case Study
In a manual workflow, one organization had three employees processing 30 forms per hour, each with a low amount of accuracy. After implementing our invoice processing automation solution, one employee could process 100 forms per hour at 99% accuracy. This allowed the firm to repurpose existing employees for higher value-added tasks, such as revenue forecasting and cash flow analysis, while reducing the amount of resources necessary to properly process invoices.
How Does Trapeze for Invoice Processing Work?
Trapeze for Invoice Processing is an AP automation solution that reduces manual data entry costs, improves workflow accuracy, and enables faster, more efficient invoice processing. It is a cost-effective, user-friendly solution tailored to streamlining workflow processes in the accounts payable department.
The software recognizes information from incoming invoices, which are then split, classified and organized by vendor class automatically. Once the invoices have been sorted, Trapeze automatically extracts the invoice field data and auto-validates the information using custom rules specific to your organization’s workflow. Trapeze for Invoice Processing then exports the invoice data to a specified output folder, database or ERP system.
Key Benefits of Using Trapeze for Invoice Processing
– Faster Invoice Processing
– Reduced Back-office AP Costs
– Minimized Manual Data Entry
– Improved Data Entry Accuracy Rates