Purchase to pay process automation

Edited by the Manufacturingtalk editorial team Feb 19, 2007

Document management and imaging software automates the processes from creating and raising the purchase order through to paying the purchase invoice.

Document management and imaging software author, Version One, is putting the spotlight on automated purchase-to-pay (P2P) technology on stand 25 at Softworld Accounting and Finance 2007 (6-7 March 2007 at the Novotel London West).

During a Masterclass session at 2:00pm on 6th March 2007, Simon Gleadhill, the IT Manager from Sheffield Insulation Group (SIG plc) will explain how this P2P technology is enabling SIG plc to dramatically cut costs and consolidate its finance functions into a single shared services centre.

Manual P2P processes are tedious, time-consuming and prone to error.

Version One's document management and imaging software automates these processes, from creating and raising the purchase order (PO) through to paying the purchase invoice (PI), making time and cost savings whilst dramatically improving both efficiency and cash flow.

Version One's technology enables POs to be electronically created, authorised, delivered and automatically archived.

When purchase invoices arrive into the organisation, digital images of these PIs are automatically stored in the central archive (and automatically linked to all related business documents).

Using sophisticated OCR technology, the invoice data is automatically captured and verified before being uploaded into the central accounting system and the imaged invoices are emailed to all relevant approvers for payment authorisation.

Payment is subsequently made with Version One's BACS-IP software and/or secure cheque-printing system with the remittances being instantly delivered by automated fax or email.

Tony Bray, Director of Version One says, "By automating their P2P processes, businesses can enjoy a multitude of benefits including data entry costs reduced by over 50%, the elimination of lost and misfiled documents and dramatically improved cash flow".

"Furthermore, document storage space can be freed-up, pre-printed stationery can be eliminated and data entry staff can be redeployed to more productive roles".