AP Transaction Efficiencies for Banking—Boost Your Bottom Line (part 2 of 6)
Extend Online Invoice Upload Capabilities to Business Partners
Transaction efficiencies can extend to business partners for processes like Accounts Payable. You can enable vendors to upload invoices, check payment status, resolve issues, search for historic documents 24/7, all through a convenient portal on any of your existing websites.
Multiple Options for Processing Automation to Maximize Efficiencies
Automate indexing through database integrations, approvals, matching, assign account codes, exception processing and all other actions related to the routing process. In addition, you can transform inbound content like PDF, Word, Excel, etc. into a single standardized format like TIFF or PDF for immediate processing. Further automation can be attained using Robotic Process Automation (RPA) and Machine Learning. (See Part 3.)
Integrate Your Data and Documents with Your ERP and Other Business Systems
Seamlessly integrate ERP systems with captured data and documents for data exchange during processing and once documents reside in your repository. With the right technology, this can be configured without writing a single line of code.
Integration Extends Efficiencies to Accounts Receivable
With an integrated solution in place, receivable departments are able to take advantage of a myriad of benefits. Your vendors will appreciate the convenience and ability to track processing, providing efficiencies for them, while you will be able to:
- Take advantage of early payment discounts
Facilitate better vendor relationships
Increase cash flow
Effectively monitor transactions
Improve your credit line
Leverage business intelligence
Much of your existing technology can be leveraged to extend self-service to your business partners, including document upload, processing status visibility, automatic notifications to expedite issues and exceptions and historic document search capabilities. Products like ILINX eForms, ILINX Capture, ILINX Capture Workflow and ILINX Advanced Capture can integrate seamlessly with your websites and systems to automate transaction processing for faster throughput and healthier bottom line. ILINX Analytics exposes data on a graphical, customizable dashboard to enable you to make informed business decisions.
Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions
Advanced Automation and Robotics Process Automation (RPA) Maximize Efficiencies
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems
Meet compliance and regulatory policies to mitigate risk of litigation