Johannesburg, 23 November 2021 – As businesses grow, so does their network of customers and suppliers. Automation is key to boosting reliability and reducing the time and cost required to process invoices. Konica Minolta’s innovation through Managed Content Services assists customers to take control and streamline their invoice processes with digital invoice management solutions.
Johannesburg, 23 November 2021 –
As businesses grow, so does their network of customers and suppliers. Automation is key to boosting reliability and reducing the time and cost required to process invoices. Konica Minolta’s innovation through Managed Content Services assists customers to take control and streamline their invoice processes with digital invoice management solutions.
Many Accounts Payable departments generally run-on manual processes that are incredibly labour-intensive. This is a complex and time-consuming exercise. For example, inbound invoices that require processing are captured manually, this is often where errors, incorrect payment and delays occur. Delayed invoice processing times can have a significant impact on a company’s bottom line through interest on arrears or fees for late payment. Approximately 22 percent of vendors offer early payment discounts, which many organisations are unable to take advantage of due to the manual capturing process. Therefore, the Accounts Payable department is the most popular environment for an automated capture-enabled process.
Taking invoicing processes into the future with automation
According to Mario De Carvalho, solutions specialist at Konica Minolta South Africa
; “Invoice management processes influence various departments within an organisation. The traditional method of manually processing invoices has a negative impact on a business. Konica Minolta’s digital management application transforms the information workers experience by offering a more streamlined process."
Invoices being processed digitally reduces paper wastage and the risk of documents landing in the incorrect hands. Coupled with this, an approval process can be achieved through task delegation and digital signatures. This makes sure that invoices are processed on time and security is maintained at the highest level. Automating the accounts payable process is beneficial to organisations by reducing the repetitive and laborious task of processing invoices manually. This allows employees to focus on activities that are more strategic and valuable to the business.
Achieving operational efficiency with Konica Minolta
Konica Minolta works with its customers to move beyond the limitations of their legacy Accounts Payable processes through Managed Content Services. From consulting to seamless integration into existing ERP systems, they offer a turnkey solution from a single source. A fully digitised workflow also helps to improve collaboration by empowering mobile workers and remote offices. Konica Minolta takes a comprehensive approach to help the whole organisation implement a highly efficient digital invoice management system.
Konica Minolta’s solution offers the following key benefits:
- Structured and advanced capturing of documents - The digital capture of incoming invoices guarantees that all invoices are available on a single system. Making use of existing document scanners or multifunctional devices to digitise paper documents.
- Captured intelligently and distributed automatically - Using text recognition and intelligent algorithms, the relevant billing data (delivery, date, invoice number, etc.) is captured and recorded in the system. The document is then assigned to the relevant department and the information is automatically compared with the existing ERP system.
- Advanced approval workflows - Rules are defined in the system regarding invoice verification and approval workflows can be achieved by utilising digital signatures, ensuring fast and accurate invoice processing. Account assignment stamps, manual signatures and mail envelopes therefore become obsolete.
- Traceable and audit-proof processes - Approval processes and assigned tasks are logged, all processing steps can be reconstructed for auditing purposes.
"With Konica Minolta’s accounts payable offering, we assist our customers to process invoices at a fraction of the time, resulting in greater accuracy while helping them achieve their ultimate business goal,” concludes De Carvalho.