ITG is pleased to announce the launch of its new Payables Processing Service.
PPS is designed to eliminate the time and expense required to manually prepare payables invoices for payment.
PPS is very simple to use.
Each day, as vendor invoice arrive, they are scanned in to a Batch Folder as standard PDF files.
Once each day, or week, or month, based upon your company’s A/P processing cycle, PPS downloads all the files in the Batch Folder that are ready for processing.
In most companies, there is a group of vendors that send invoices on a regular basis. We create a “template” for each of those vendors. The template identifies the location on the invoice where certain key fields are, such as Invoice Number, Invoice Date, PO Number, Amount Due, and so on. The invoices for one-time-only or infrequently used vendors are processed by a human operator.
When the process begins, PPS takes each PDF file, identifies the vendor, and applies the template rules to extract the key fields from the invoice. Those extracted values are then displayed, along with the original PDF file, so a human operator can quickly verify that everything is correct.
If all fields match correctly, the data is written out to a file that will later be used as input into your accounting system’s A/P module. If there are discrepancies, they are corrected before any further processing is done.
Once all invoices have been processed, a file is created which contains the information for each invoice. That file is then sent to your accounting system for normal processing by the A/P module.
The goal of PPS is to eliminate up to 80% of the time required to process A/P vendor invoices.
Here is an example of the costs and savings available. A $12.00 per hour A/P clerk costs the company about $1,900 per month. Adding benefits and taxes takes the monthly expense to about $2,400. Assuming that the clerk spends only 50% of the time preparing A/P invoices for payment, that preparation time costs the company about $1,200.
Using PPS to prepare the A/P invoices for payment only costs the company $595.00 per month.
The net savings in this example is more than $600 per month.
For more information, or to request an on-line demo of PPS, please give us a call at (949) 727-2001. We would be happy to provide you with more information about how PPS can benefit your company.