ECM Solutions for Accounts Payable

In most organizations, 70% of the incoming mail is invoices and 96% of the processing that is done on these invoices is manual keying of data from paper. Considering accounts payable is tied to almost every department, the need for automation is exponential.

Huge Volume of Invoices

Organizations receive hundreds of thousands (and sometimes millions) of invoices annually— both with and without POs. Each invoice has numerous associated documents.

Multiple Data Formats

Most companies receive invoices by multiple means, including e-mail, fax, Web-based forms, and paper documents sent by ground mail. Most of these documents need to be manually processed.

Ongoing Management of Files

Accounts payable is a document-intensive function by nature. It’s a struggle to find efficient ways to manage, store, and access large volumes of documents. Traditional manual handling processes are error-prone and difficult to track.

"With KnowledgeLake and SharePoint, we got rid of faxing and e-mailing for approvals [and] we increased invoice processing by 40 percent." Lewie Wake,CIO - Advantage Sales and Marketing

KnowledgeLake products, including the KnowledgeLake Capture Suite and KnowledgeLake Imaging for SharePoint, are built around Microsoft® SharePoint® products and technologies and provide a foundation for KnowledgeLake ECM solutions for accounts payable. Working with your organization to configure the best combination of software and hardware, KnowledgeLake can deliver benefits that include:

• Faster retrieval times for invoices and other documents. Invoices are stored electronically using standard scanning hardware and KnowledgeLake software; during this process they are “tagged” with meta-data. Meta-data tags help to dramatically reduce the time needed to find crucial documents, and help minimize or eliminate incidences of misplaced or lost documents.
• Automated invoice processing enabling automatic extraction of header and line item detail.
• Swift, accurate processing and fewer chances for human error. Human errors are inevitable, but they can be reduced with computer-assisted data entry that increases accurate data. This, in turn, helps prevent errors and avoids the need to make time-consuming and expensive corrections later.
• Integration into ERP systems such as Microsoft Dynamics GP, SAP, Oracle, and Lawson. The user never interacts with the underlying repository because scan and search is enabled directly from the Line of Business application.
• Reduced or eliminated storage costs. Because invoices and other documents are scanned into a central electronic repository, your company can cut down or get rid of the floor space and related expenses needed to store paper documents.

Boost Profitability and Productivity with
KnowledgeLake ECM Solutions for Accounts Payable

KnowledgeLake has helped hundreds of organizations do more with less by streamlining document-intensive, back-office routines like invoice processing. Using Enterprise Content Management (ECM) technology with your existing accounts payable solution can produce a quick return on investment and eliminate issues associated with manual processing.

KnowledgeLake solutions help users quickly and easily access information to enable them to make decisions and take appropriate action quickly and efficiently. KnowledgeLake can work with you to expand the content available through your line-of-business applications in a manner that is totally transparent to users. By working with KnowledgeLake, you receive benefits such as:

• Better Information Sharing
• Enhance Customer Service
• Significant Labor Reduction
• Reduce Environmental Impact
• Improve Operational Efficiencies
• Reduction or Elimination of Shipping and Faxing
• Strong Regulatory Compliance

Microsoft-Centric Solutions

KnowledgeLake builds its solutions on Microsoft products and technologies so organizations can take advantage of existing Microsoft technology, including Microsoft SharePoint systems that can be expanded into document imaging solutions. The results are solutions that deliver extensive “out-of-the-box” features that include:

• Low Cost of Entry and Ownership
• Centralized and Remote Paper Capture
• Capture for Electronic and Paper Content
• Meta-data Driven Searches
• Total ECM with SharePoint
• Scan, Index, Search, View and Manage
• Leverage SharePoint Repository, Workflow, Document Management, Records Management and Web Content Management
• Faster User Adoption