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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.

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

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

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.

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.

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

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.

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.

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.