Replace inefficient accounts payable practices with an invoice processing solution that strengthens your business
Does your accounts payable process feel inefficient, bloated and demand too much of your internal resources? For many large organizations, invoice management is still manual – complete with the human errors and oversights that come from doing modern business using 20th century methods.
Are invoice payments take longer than they should to process, held up by disputes and missing information that isn’t spotted until far too late? Too many key employees expending costly time and energy keying data from paper invoices? Is cash flow poorly managed? Issues with simultaneously missing opportunities to take advantage of early payment discounts and incurring late payment penalties?
If you recognize these issues, you will know how difficult it can be to implement and sustain accounts payable best practices. There is a proven way to drive efficiency, productivity and reduced costs.
Introducing automated invoice processing from TerraLink
TerraLink’s invoice processing solution, which is based on the OpenText Vendor Invoice Management for SAP platform, installs a rules-based system at the heart of your accounts payable operations. It focuses on optimizing your internal processes first, with pre-defined actions occurring whenever an invoice is added to the system – automatically routing the invoice for approval or resolution, depending on whether all necessary details are provided.
It eliminates paper invoices from your system, digitizing all invoices and related materials. And it also removes the need for human involvement in the invoice capture stage, with its optical character recognition (OCR) software extracting the vast majority of invoice data automatically by using a knowledge base built on thousands of invoice samples from around the world.
What are the common challenges of invoice processing?
When conducted manually, invoice processing is subject to a range of challenges and potentially costly mistakes. One of the major issues centers around compliance, with manual, paper-based processes and inadequate process controls creating the potential for only limited reporting capability and insufficient audit reviews.
Company earnings can be also be adversely affected by manual invoice management, with missed discounts, unnecessary late fees and significant resource needed to handle duplicates, errors, and follow-ups from suppliers. This can be coupled with a limited visibility of liabilities, leading to inaccurate balance sheets and working capital assumptions. Furthermore, both late payments and slow responses to enquiries can lead to reputational and financial damage, with suppliers insisting on higher prices and offering lower credit ratings as a result of consistently late payment cycles.
What can TerraLink’s invoice processing solution achieve?
TerraLink’s invoice processing platform streamlines your accounts payable function. Invoices can be entered directly into your ERP system in any format, from any location, via any input channel – making them immediately visible to relevant line managers and instantly providing greater control over budget management.
Your cost per transaction is lowered through automated invoice posting, exception handling, escalation and reporting, while designated workflow steps can sort and route your invoices based on roles, authorization rules, priorities and timelines – without ever needing human input.
This best-in-class technology already processes millions of invoices every month and is trusted by major brands around the world.
- Invoice processing can be completed up to three times quicker, meaning better external relationships and enhanced cash flow management.
- An organization that installed TerraLink’s invoice processing solution was able to reduce spending on higher-paid personnel by 25% after eliminating manual and paper-based invoice management systems.
- Issue resolutions can be kept to a minimum with easy monitoring of invoice statuses, allowing you to proactively notify suppliers of payment expectations in advance.
- Lower costs can be secured from suppliers by automatically taking advantage of early payment discounts.
What other benefits are available to TerraLink invoice processing users?
TerraLink’s accounts payable solution is designed to make every aspect of invoice processing simpler, quicker and more efficient. As well as the inclusion of OCR technology and automatic invoice routing to enable swift resolution, approval and payment, it delivers quick, accurate reporting at the click of a button for both internal and external bodies.
It can also:
- Increase staff productivity by automatically processing complete invoices and using rule-based exception detection to route problem invoices.
- Enhance supplier relationships by using the invoice processing solution to quickly request information needed to resolve invoice disputes.
- Provide business insight by generating reports based on company code, business unit, supplier, exception type, liability and more.
- Promote compliance and fraud prevention by implementing preconfigured business rules that control a well-managed accounts payable process.
- Improve invoice visibility and business planning by providing real-time updates and links to supporting documentation for each invoice, such as purchase orders and goods receipts.
Why choose TerraLink for your invoice processing system?
For more than 25 years, we have helped organizations around the world implement enterprise IT solutions focused on stability, scalability and innovation. We’ve completed major invoice processing projects in seven countries across three continents, giving us an international perspective and enabling us to quickly determine the optimal solution to fit your circumstances.
- Millions of invoices handled each year via our invoice processing solution
- A team of 200+ skilled professionals are ready to implement your solution
- The average TerraLink team member has 11.4 years’ experience
- TerraLink has been an OpenText Platinum partner since 2009
- Our portfolio includes both cloud and on-premise implementations
- Guaranteed stability, scalability and innovation
Talk to an expert to learn how your business could benefit from TerraLink’s world-leading Invoice Processing solution.