Invoice Processing Service targets A/P professionals.
Press Release Summary:
Using docHarbor® business platform, which includes document capture, online document repository, and business process management SaaS, InvoiceLogistix(TM) helps automate and streamline invoice processing operations. Incoming paper invoices are transformed into digital images from which invoice data is automatically extracted, validated, delivered into A/P workflow for approval and payment, made available for online access, and ultimately archived.
Original Press Release:
Anacomp Introduces InvoiceLogistix for Accelerated On-Demand Invoice Processing
New Service Allows Users to Automate Invoice Processing With Minimal Initial Investment and IT Involvement
SAN DIEGO, April 22 / -- IAPP ANNUAL FORUM -- Anacomp® Inc., a leading business process solutions company, today announced the availability of InvoiceLogistix(TM), a new, hosted invoice processing service offering users accurate, accelerated invoice processing. The service is targeted to accounts payable (A/P) professionals who desire a reliable and cost-effective method of streamlining operations, expediting payments, and improving financial information quality. Anacomp is launching the new offering as part of its exhibition at the International Accounts Payable Professionals (IAPP) Annual Forum, taking place this week in San Diego.
Designed for rapid deployment and production, InvoiceLogistix dramatically reduces the amount of manual labor typically required to process invoices. The service leverages Anacomp's robust docHarbor® business platform, including high-volume document capture, scalable online document repository and flexible business process management (BPM) software-as-a-service (SaaS). InvoiceLogistix transforms incoming paper invoices into digital images from which invoice data is automatically extracted, validated, delivered into the A/P workflow for approval and payment, made available for easy access online and, ultimately, archived. By accelerating invoice processing through automation, users can decrease data-entry errors, better manage cash flow, eliminate late payment penalties and take advantage of or negotiate for early payment discounts. Furthermore, by utilizing automated invoice processing on an outsourced, on-demand basis, users can accelerate such benefits with minimal initial investment and involvement of their own IT resources.
"Competitive companies today are willing to outsource certain finance functions that are not core to their business competencies, and as such they desire solutions that are easy to use, scalable and flexible enough to meet their specific needs," said John Turner, Anacomp's Senior Vice President and Chief Technology Officer. "InvoiceLogistix meets such requirements by leveraging a proven, on-demand platform and outsourced SaaS that helps users reduce the costs, IT involvement and risks that come with implementing and adopting new technology."
Numerous industry studies illustrate the increasing costs of manually processing invoices. A recent IAPP survey placed the average cost to process an invoice at nearly $8.00, and concluded that as much as 70% of these costs were tied to manual document handling and data entry processes. According to the Institute of Management and Administration (IOMA), invoice processing costs have risen 37% over the past few years while A/P staffs have shrunk by 34%.
"AP departments are being tasked with increasing workloads in an environment where paper invoices remain the dominant medium and the volumes of which continue to rise. Meanwhile, the challenge remains to accurately extract the needed information from those invoices, even down the line item detail," added Turner. "We have many customers already scanning their invoices as part of their payment process, and InvoiceLogistix allows users to take the next step to automate and streamline the entire process for rapid, accurate payment."
Key InvoiceLogistix functions offered include:
o Invoice reception, opening, sorting and preparation
o Imaging and data extraction
o Data matching and validation
o Content management, approval workflow and export
o Document storage -- 7.5 years included with the service
o Reporting and analysis
o Professional service, support and training
More information about InvoiceLogistix can be found at http://anacomp.com/solutions/invoicelogistix/
IAPP is dedicated to providing its members with the necessary resources to succeed in the ever-changing accounts payables environment. The group's 18th Annual Forum is being held April 20th-24th at the Manchester Grand Hyatt. More information can be found at http://www.iappnet.org/.
About Anacomp
With 40 years of experience and a passionate commitment to client services, Anacomp partners with its customers to help them realize the full potential of their business processes at the lowest total cost of ownership. Possessing one of the world's largest document repositories as well as a large, independent field services organization, Anacomp's offerings serve hundreds of original equipment manufacturing (OEM) partners and thousands of end users in insurance, financial services, government, legal, and other markets. Anacomp is headquartered in San Diego, with international headquarters in Wokingham, UK. For more information, visit www.anacomp.com/ or call (800) 364-9870.
Source: Anacomp Inc.
CONTACT: Rob Jensen, Senior Director of Marketing of Anacomp, Inc.,
+1-858-716-3549, rob.jensen@anacomp.com
Web site: www.anacomp.com
