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eXtractoflex - Benefits

Note: These benefits are provided in context to automated invoice processing but many of them may apply similarly to processing of other types of documents such as customer purchase orders.

Reduce AP invoice processing time and cost

Automated invoice capture minimizes manual data-entry thereby drastically reducing labor costs while speeding up the process.

Only pay legitimate and correct invoices

Business rules relating to invoice legitimacy and accuracy are executed instantly to ensure that only good and proper invoices are processed.

Improve productivity and reduce stress on AP staff

Through increased efficiency the accounts payable staff is more productive because they can focus on more stimulating work that brings more value to the organization without the stress of AP invoice processing backlog.

Benefit from discounts

Invoices with early payment discounts can be filtered and put into special high priority work queues can be processed immediately in order to ensure that the organization can benefit from such discounts.

Avoid penalties and interest charges

Invoices can be processed rather fast so the likelihood of paying penalties is eliminated for clean non-problematic invoices.

Minimize invoice rework

Automated invoice processing involves multi cross-referencing and multi-validations that is done electronically against enterprise databases thus reducing the chance of errors and the need for costly rework.

Eliminate physical filing and retrieval of invoices

Once the paper document has been scanned there is no need to physically file and retrieve invoices. The electronic document is auto-tagged with data can be electronically filed, indexed and retrieved using that data.

Keep suppliers happy

Suppliers provide products or services that can be critical to the operations of an organization so it is generally good practice to ensure that supplier invoices are processed in time. Automation can help facilitate this.

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