We live in an increasingly digital world, and yet many businesses and organisations still persist with a manual invoice process that is people, paper and time intensive. Paper invoices require opening, scanning, sending to the correct department, filing, archiving and more, both before and after they are paid.
It’s an invariably painful process, for a multitude of reasons.
It’s inaccurate, and at the mercy of messy handwriting and transcript errors. It’s inefficient, with paper lost on people’s desks for weeks and months without action. And it prohibits visibility, which increases the chance of charges being incurred for late payment of invoices or making duplicate payments.
In an automated world, invoices are either electronic from source – the ideal – or they are converted from paper, email or facsimile to an image as early as possible.
Tungsten offers three methods for onboarding invoices – electronic invoicing (e-invoicing), Invoice Data Capture, and Tungsten Advanced Capture.
Tungsten’s e-invoicing service recruits, onboards, enables and supports our clients’ suppliers to deliver true electronic invoices from the source. Invoice Data Capture is a managed service in which our service teams capture data from paper, email and faxed invoices. Tungsten Advanced Capture is an intelligent capture (OCR) software solution that automatically extracts invoice data while validating and enriching that data against ERP system data; client personnel provide the labour for data validation and repair in this instance.
A typical Tungsten client would use a combination of these methods for capturing 100% of their invoices.
Tungsten Workflow is a natural progression from these services, in which our invoice automation workflow picks up each invoice and handles processing based on associated invoice data. Purchase order (PO) based invoices are automatically matched with ERP purchase order and goods receipt data, while handling any exceptions that may occur in the process.
Non-PO invoices are automatically directed for general ledger coding and approval in a flexible manner. Once invoices successfully complete the appropriate process, associated transactions are automatically created in the ERP system for payment. Tungsten Workflow offers real-time, seamless integration with SAP, Oracle E-Business Suite and JD Edwards.
Beyond invoice automation workflow, Tungsten’s clients can further benefit by utilising the rest of Tungsten’s fully-integrated solution portfolio. This includes Tungsten Invoice Status Service, which provides suppliers with automated updates on the status of their invoices (reducing calls to accounts payable departments by up to 60%) as a natural byproduct of the workflow process, and Tungsten Analytics, a groundbreaking spend analysis tool that enables clients to scrutinise line-level data in real time, identify price variance and yield potential savings of around 1-4% of spend.
To put it simply, Tungsten Workflow delivers efficiency, accuracy and cost savings.