Business Process researchers have been able to prove that there is a high correlation between invoice/order automation, low cost per invoice and high on-time payment percentages. This means there are lots of benefits for companies that decide to embrace e-invoice processing instead of manual processing.
A lot of companies are still enmeshed in manual routing of invoice which is often characterized by lengthy approval cycles, missing information on invoices, decentralized invoice receipt, missing invoices and so on. As a result of this, it is very essential to go paperless in order to eliminate these challenges. Automation with ChimpKey reduces risk and boosts cash flow management so profitability will be enhanced.
For non-purchasing-order (non-P.O) invoices, their processing is more challenging and that is why business shouldn’t be entered directly into their ERP systems without initially carrying out some kind of validation or subjecting them to an approval workflow. If the majority of your invoices are non-P.O, ChimpKey will give you the opportunity to capture your transactions for analysis, streamline accruals and eradicate manual touch points.
Moreover, by using ChimpKey, the non-P.O invoice processing problems will be broken down while technology and enforcement procedures will be applied to boost controls as well as visibility so that straight-through processing rates will be increased. Line-level details on non-P.O invoices will also be preserved so that procurement will be visible for in-depth analysis.
ChimpKey saves paper and time which will eventually lead to reduction in the cost of running business. Errors at the source are eliminated while suppliers of all sizes will be allowed to connect easily and inexpensively. This will lead to an enhanced collaboration with suppliers which will guarantee businesses running smoother.
Furthermore, all purchase orders, receipts and contracts will be easily matched to invoices with ChimpKey and various degrees of supplier sophistication will be accommodated. Compliance will also be enhanced across many dimensions like contracts, preferred suppliers and worldwide e-invoice tax regulations. One hundred percent capture of invoice volume will be achieved and earlier visibility will be provided into cash requirements so that provisions for them could be easily made.
Besides, latency in invoice and payment processing will be eliminated while the volume of supplier inquiries will be greatly reduced. Using ChimpKey automation application with multilingual capabilities, flexibility will be enhanced which will lead to greater efficiency. Your company and suppliers will also be provided with global and localized support which will go a long way to boost relationship and processing. Indeed, ChimpKey invoice/order automation is the best choice for forward thinking companies who are seeking ways to boost performance and profitability, but it is important to make use ChimpKey so that the best result will be achieved.