Accounts Payable (AP) Accelerator

Manual processing of paper invoices is cumbersome and costly. In a manual environment:

  •  Suppliers have no visibility
  • Finance has difficultly managing the company’s cash position
  • Penalties are often incurred and discount opportunities can be missed.

 

Accounts_Payable

 

The industry average for AP processing is 9.7 days at an average cost per invoice of $15.61.*
With automation services provided, ACTS improves your AP model to under 4 days to process and drop costs below $4 per invoice!

Source: *An Aberdeen Group Consulting study conducted in the spring of 2011

 

Introducing the ACTS AP Accelerator
ACTS provides an AP accelerator, a finance solution for streamlining and automating accounts payable processes. ACTS AP Accelerator enables the integration of current AP systems and processes into a unified solution that tracks payables from submission to payment, auto-pays routine invoices, handles exceptions that require human attention, and generates reports on the status of invoices in the approval and payment process.
ACTS offers complete capabilities for building and managing automated business processes, through its proven Business Outcome Methodology (BOM), including tools for designing and monitoring the processes, integrating existing IT systems, and complete platform administration.

About ACTS AP Accelerator
From submission to payment, ACTS Accelerator for AP has the features that help organizations meet the challenges they face in the AP process. The AP Accelerator allows them to achieve the required corporate governance standards, operational efficiencies, reduce errors and processing costs, reduce late payment penalties and improve customer and vendor relationships. These features include:

  • Two-Way and Three-Way Matching
  • PO Based and Non-PO Based Invoices
  • Flexible Approving using Forms and Routing that can be driven with Approval Matrices and Delegation Capabilities
  • Lazy Approval – Allows quick email approvals to save time
  • Flexible Coder Form
  • Screen Scrape Integration for Documents to ERP Screen
  • Integrate with any ERP System – Web Services, DB, Flat File
  • Variance Tolerance Capabilities
  • Split Line Items for GL Codes
  • Tax Handling Services with Vertex and other Sales Tax Systems
  • Special Circumstance Handling
  • PO and Vendor Management Capability
  • Rich Search Capabilities
  • Retention and Disposition for Records Management
  • Smooth processing of payments according to organization defined rules with escalations for exceptions
  • Automated workflows that handles invoices from paper, fax, and web
  • Fully automated exception-handling for routing of invoices for review, approval, and payment
  • Real time report generation, data monitoring, and data analytics
  • Creating a vendor-specific portal for providing supports, and validation of AP items
  • Real-time visibility and automated alerts enable prompt and accurate processing of payables to shorten processing cycles
  • Integrate AP documents with existing imaging, ERP systems using ACTS’s solutions
  • Single ACTS solution provides enterprise-wide automated workflow support for receivables, capital acquisition, purchase requisition processes, and Sarbanes-Oxley compliance