eData Solutions Accounts Payable Outsourcing Services Provide Centralized Control over Payables and Other Best Practices While Reducing Costs by 25% to 50% annually.
Most finance organizations spend a large part of their finance budget on processing Accounts Payable. This is largely due to the manual effort required to enter invoices into the accounting system and, if applicable, match those invoices to purchase orders and receipts. Yet while Accounts Payable is critical to ensure that authorized invoices are paid accurately, it is often not managed to world-class standards due to the time and expense required to implement best practices.
Is your organization utilizing Accounts Payable Best Practices to stay in control? If you can answer YES to the following questions, you probably are.
If you answered no to any of the above questions, you should consider eData Solutions Accounts Payable Outsourcing Services. eData Solutions Accounts Payable Outsourcing Services provide the following benefits:
eData Solutions Accounts Payable Outsourcing Services Provide Significant Benefits:
25% to 50% annual A/P processing cost savings without capital investment
eData Solutions use of advanced workflow and imaging technology, best practices and high levels of quality ensure that we process all clients’ Accounts Payable efficiently and accurately. And because our service platform sits on top of our clients’ accounting systems, we can leverage your existing infrastructure, without any capital investment on your part.
Greater, centralized control over payables across the enterprise, irrespective of physical location
eData Solutions changes the billing address to our PO Box and we scan and enter invoice information generally within 24 hours of receipt. We then electronically route it to the appropriate managers for review and approval utilizing our web-based workflow, so the people who know whether something should be approved or not can authorize it: Centralized control with decentralized approval.
At the start of any client engagement, we define detailed business rules around invoice matching and approval. Our workflow software utilizes these rules to route invoices for approval, ensuring that invoices are approved by each and every manager necessary, and checks for supplicates and other potential over payments. For invoices matched to PO’s and receipts, our college educated team members follow all matching rules and handle any exceptions. Any invoice can be electronically routed to any member of our client’s management for review if needed.
Real-time tracking and reporting of all payables from the time they are received from the vendor through disbursement, for client employees and their vendors
From the moment we scan an invoice we start tracking its status and date and time stamp it at each step of the process, providing immediate and complete visibility of all payables using our web-based reporting system. The system reports to client management any information on the invoice (dollar amount, vendor, date, etc.), step in the process, who approved it and when, any exceptions by line item and type (price discrepancy, quantity discrepancy, etc.), inbox status (so you can see which managers are “sitting” on their invoices), and sums all outstanding liabilities for the company. This system is secure yet accessible over the web by all client employees and vendors when approved by our clients.
Automated routing of payables for approval by business unit managers irrespective of location, enhancing control and manager productivity
Any invoice processed can be routed electronically to any employee’s “InBox”. Employees can log into their InBox over the web securely, view the invoice, image the invoice information, change the account coding as necessary and approve or reject it. If approved, it is automatically routed to the next manager for approval based on the business rules identified at the start of the engagement. This method provides for superior control over the process by management while dramatically reducing effort in approving and tracking invoices.
Elimination of recruiting, hiring and managing clerical staff
Managing a clerical staff that typically has high turnover and requires extensive training is generally a headache for most financial managers and takes time away from other priorities more important to the business.
The ability to focus on strategic, pertinent finance issues instead of non-value added activities such as A/P
One of the most significant benefits our clients report is the increased focus on important issues affecting the business instead of spending valuable time managing the Accounts Payable process and the clerical staff.
eData Solutions Accounts Payable services can be piloted in one location or for one vendor before being rolled out across the enterprise. And if for any reason you want to discontinue using our services, just change the billing address on your invoices and you are all set.
Implementation and Continuous Improvement
Implementation of eData Solutions Accounts Payable Outsourcing Services can be accomplished in a matter of weeks. Our proven methodology has resulted in many happy clients. Our implementation process consists of:
Our process ensures a smooth implementation, high quality and low risk results.
For more information Contact Us
Copyright © 2021 eData Solutions - All Rights Reserved.