making the accounts payable process, efficient
TRANSCRIPT
Accounting = Paper
• The analyst firm
Gartner believes
that, in the United
States, about 75%
to 80% of invoices
are still paper-
based.
Source: Gartner, Accounts Payable Invoice Automation, Gartner RAS
Core Research Note G00163833, December 2008
THE SCIENCE OF DOCUMENT CAPTURE
The Costs of Paper
• Companies spend $20 to
file a document (Time,
materials, copy, etc.)
• $120 in labor to find a
misfiled document
• $220 to reproduce a lost
document
THE SCIENCE OF DOCUMENT CAPTURE
Association for Information and Image Management (AIIM)
Shipping and Mail
• Branch to HQ Shipping
Costs
• Regional offices send all
their invoices to HQ for
centralized processing
• Even those that scan have
image management issues
• Time delay
THE SCIENCE OF DOCUMENT CAPTURE
Payment Cycles
• According to IOMA,
25% of all invoices are
paid late
• Increased cycle times
with paper
• Data entry errors can lead
to added time to search
and find invoices
THE SCIENCE OF DOCUMENT CAPTURE
Institute of Management Administration
www.ioma.com
Searching and Locating
• Audits and legal issues
can cost $$$
• Physical file searching is
painful
• Costs of finding,
removing, copying and
replacing files
• Customer service issue
THE SCIENCE OF DOCUMENT CAPTURE
Archive and Storage
• Long term storage costs
• File cabinet space
• Disaster recovery
THE SCIENCE OF DOCUMENT CAPTURE
Top Benefits of Digital AP
THE SCIENCE OF DOCUMENT CAPTURE
26%
29%
34%
34%
36%
0% 5% 10% 15% 20% 25% 30% 35% 40%
FEWER LOST INVOICES
LOWER PROCESSING COSTS
IMPROVED VISIBILITY OF PROCESS
AUDIT PROCESS IMPROVEMENT
REDUCED CYCLE TIMES
Accounting and Finance Survey
Imaging Adoption Survey by
Paystream Advisors
Filing Time/Cost Comparison
THE SCIENCE OF DOCUMENT CAPTURE
• Storage Costs for Paper
Time to File: 5 minutes
Cost of Filing Invoice: $1.67
• Scanning and Imaging Costs Time to File: 30s to 1.5m
Cost: $ .50 *based on $20 per hour
Basic
• Low level of Automation
• Simple to implement
• No impact on current process
• Low cost
• Scan and Archive post processing
THE SCIENCE OF DOCUMENT CAPTURE
Intermediate
• Invoices are scanned and routed upon receipt
• Accessed digitally for data entry
• Two screen access
• Simplified approvals
• Data validated
THE SCIENCE OF DOCUMENT CAPTURE
Advanced
• Invoices scanned and routed upon receipt
• Data is automatically extracted & exported to financial system
• Full integration
• Top level automation and benefit
THE SCIENCE OF DOCUMENT CAPTURE
Basic
• Point and Click Data Entry
• Drop downs
• Database Lookups
• Archive to 60+ Formats
THE SCIENCE OF DOCUMENT CAPTURE
Intermediate
• All Basic Options
• Data Extraction of Header Info
• Lookups
• Automation
THE SCIENCE OF DOCUMENT CAPTURE
Advanced
• Vendor Identification
• Automated Header and Line Item Extraction
• Archive and Data to Accounting System
• Approvals
THE SCIENCE OF DOCUMENT CAPTURE
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Florida 33309
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Indianapolis
Indiana 46227
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