Electronic Invoice Receipt - for AP function
Many accounts payable (AP) departments dedicate time, money and manpower to input of information from a paper invoice, then route that paper invoice through the organization for approval before it works its way back to AP. As many finance professionals have discovered it takes a lot of time and costs as much as $25 to process an invoice — an expensive and labor-intensive operation.
NextGen offers AP professionals a way to save time and costs by using our web based electronic invoice processing solution. Our software interfaces with the ERP system and enables vendors to submit invoices electronically through a web portal for straight through delivery to the ERP. This software is easy to use, highly flexible, and scalable enough to grow as your company grows. It compliments the functions of your ERP without any investment into business process re-engineering and new payment relationships.
While ERP systems help improve efficiency, they do not address one of the toughest areas which is cutting paper and invoice receipt. NextGen provides large organizations with a centralized AP solution that is specifically designed to adapt to your current process without losing control over your financial data.
Features
 | Paperless invoice receipt |
| Issue tracking and online reporting |
| Exception management |
| Routing and approval |
| Audit tracking |
| Online remittance |
Benefits
|
Reduce invoice
processing costs Eliminate data entry, data entry errors and physical storage of invoices. |
|
Accelerate the
invoice processing cycle Automate invoice receipt results in a reduction of late payment fees, more control over credit risk and the ability to negotiate better trade terms with vendors |
|
Capture lost
discounts
By speeding up the invoice processing cycle, you can capture discounts previously unattainable. |
|
Save time on
exception handling By automating the dispute process, you can cut cost by up to 40% |
Analyst benchmarks
| 91% Lower Invoice processing costs |
| 46% Shorter cycle times |
| 12% Fewer late payments |
| 30% Less time spent on vendor inquiries |
*Source Aberdeen Group