Accounting Integration
Accounting Integration, also referred to as AP Automation, is concept that involves integration of your accounting system, or more specially your AP systems, with the EPRO system such that invoices can be sent to your AP system electronically thus eliminating the need for keying invoices into a separate system.
Benefits of AP Automation
EPRO provides a comprehensive procure-to-pay (P2P) process that consists of a purchasing workflow followed by an AP Workflow, as illustrated in the diagram below.
Each of these parts provide certain benefits, but when paired together, the combined value is even greater than the sum of its parts. This combination allows both AP and Purchasing to have a cohesive workflow that keeps both departments in constant communication. As you will see, there are many benefits to introducing automation to the AP workflow, a few of which are:
Improved Workflow with Quicker Payment Cycles. By relying more on the purchasing side of the equation, more invoices can be processed in shorter periods with greater accuracy, thus shortening the payment cycle and allowing you to take advantage of early payment discounts.
Reduction in Errors. With AP automation, you can rest assured that only expected invoices are processed for payment and incorrect, duplicate, or fraudulent invoices are properly routed. You no longer have to spend time viewing invoices that are correctly matched and fall within a tolerance.
New Income Opportunities. By using the ePayments feature, invoices paid using a single-use credit card, otherwise known as a VCard, will receive a cash-back rebate, earning you income on your spend.
Elements of AP Automation
Electronic Invoicing
EPRO accepts Electronic Data Interface (EDI) Invoice files from any enabled suppliers. This type of integration drastically improves upon the approval cycle for invoices and helps lower the overall cost of processing an invoice.
Scan & Capture
When EDI invoices are not available, which is typical when dealing with smaller or low volume vendors, paper invoices can be scanned and processed through the same AP workflow without skipping a beat. This process also captures line-item detail from the invoice which is crucial for the in-depth processing performed by EPRO.
3-Way Matching with Tolerance Checking
EPRO will attempt to match all invoices to an original PO and checked for quantity and price differences at the line item level as well as for differences in the invoice total. Tolerances can be set by dollar amount or percentage and, for extra flexibility, are configured separately for each supplier.
Approval Workflow
Invoices that do not pass the tolerance check are forwarded to the AP approval workflow and approval personnel are notified by email. For non-matching invoices, a Payables process is also available, thereby subjecting the invoice to the same purchasing approvals required for a PO.
EPayments
Finally, the AP process can be completed within EPRO by using the EPayments feature to pay your invoices, completing the PO lifecycle.