Does your organisation still rely on paper checks and invoices? Statistics indicate that it affects over 40% of businesses so now is a good time to reassess your AP procedures.

According to Goldman Sachs: Manual labour is the most significant single driver of cost in AP — automation can generate a time saving of 70-80% and lead to a cost saving of 33%.

At Cobwebb Communications, we recognise that digitisation has become essential for finance teams aiming to enhance efficiency and optimise cash flow management and we are proud to be able to offer a solution to Infor IBM i customers.  

Cobwebb Cloud Capture Finance (CCCF) is a cutting-edge solution for invoice processing that offers advanced capture, extraction, and validation capabilities. This cloud-based platform, hosted on Microsoft Azure, provides configurable business rules, general ledger coding, and user-driven approval and exception workflows.

Using Cobwebb Cloud Capture Finance, you can effectively address some of the common workflow concerns in your accounts payable department, while simultaneously driving efficiency and realising cost savings.

Here are some strategies you can employ across three key workflows in AP with automation:

  1. Invoice Receipt and Capture: Automate the process of receiving and capturing invoices using advanced software solutions. Optical Character Recognition (OCR) technology can extract data from scanned or digital invoices, minimising manual data entry errors and accelerating processing times.
  2. Invoice Approval: Implement automated workflows for invoice approval, routing invoices to the relevant stakeholders for review and authorization. By digitising this process, you can eliminate bottlenecks, reduce approval cycle times, and enhance visibility into pending invoices.
  3. Invoice Matching and Reconciliation: Leverage automation to match invoices with corresponding purchase orders and receipts, streamlining the reconciliation process. Advanced algorithms can identify discrepancies and exceptions, enabling prompt resolution and preventing payment delays.

While automation plays a crucial role in optimising AP workflows, it's essential to recognize that certain tasks may still require manual intervention. Striking the right balance between automated and non-automated solutions is key to achieving optimal efficiency and effectiveness.

At Cobwebb Communications, we understand the transformative power of AP automation in driving business success. By embracing digital innovation and implementing best practices in AP management, organisations can streamline operations, improve financial performance, and gain a competitive edge in today's dynamic marketplace.

Contact us today to find out more on how Cobwebb Cloud Capture Finance can help unlock new opportunities and propel your business towards sustainable growth.