Most of the financial institutions’ need of the hour lies in optimizing the processing time of sensitive financial documents like receipts, bills, and invoices. Documents pertaining to Accounts Payable and Receivable like purchase order, receiving report, vendor invoice, customer invoice, credit note etc were managed and processed manually. The AP & AR solution built on OspynDocs Content Services platform helps to gain better control & improved visibility over end-to-end invoice processing cycles to reach a new level of operational excellence.
OspynDocs: Accounts Payable and Receivable solution assists in resolving the challenges around invoicing, manual voucher entry, storing, sorting & distributing of vouchers/invoices in organizations. It helps the AP department to automate and transform accounts payable processes for better invoice management. With its intelligent OCR engine, the solution automates scanning, capturing & importing invoices and related documents directly into the centralized repository for later access and retrieval. It can archive business information which are part of accounts payable and accounts receivable. Through multi-level approval flows which are defined based on the type and amount of invoice, a secured and faster AP process is achieved. The solution offers provision to define a Document lifecycle for Invoices from the initiation till archival. It promotes reduced bill payment cycle leading to lowered incidents of paying penalties.
Visibility and transparency of transactions.
Optimization of cash-flow and invoice processing.
Reduced storage costs with centralized repositories.
Reduced misplacement or lost invoices.
Facilitates regulatory compliance
