Accounts Payable Automation
Using SharePoint for Accounts Payable

Accounts Payable Process Challenges

In our current economic climate, cost reduction is at the forefront of many organizations. As Accounts Payable departments are continually tasked to “do more with less,” making the most of employee resources and optimizing Accounts Payable processes have become a crucial component to the bottom line.

Invoice processing is expensive, especially when an organization relies on paper documents and time-consuming, manual processes. These paper-based procedures, which are still used by the majority of AP departments, frequently result in:

• Significant time and money wasted on manual Accounts Payable processes, such as filing, retrieving, copying and mailing paper documents
• A lack of defined, tracked Accounts Payable processes which can lead to: late payments, double payments, missed payments, process errors, misplaced documents and incorrect information
• Hidden costs associated with storing and manually processing all types of paper invoices

Control Your Accounts Payable Workflow Process Before They Control You

As paper invoices keep coming and coming … more and more companies are looking for an Accounts Payable solution to handle high volumes of invoices that need to be processed. Invoice automation allows organizations to gain the efficiencies, productivity and Accounts Payable cost savings from a streamlined process.

KnowledgeLake Accounts Payable Automation Solution

The KnowledgeLake Accounts Payable solution is designed to address the key business issues that plague many AP departments. Our Accounts Payable automation software helps users quickly and easily capture, find and access all types of AP documents such as invoices, packing slips, receipts and POs.  This enables them to make decisions and take appropriate action quickly and efficiently. Offered as a business solution framework, KnowledgeLake invoice processing software can be easily configured to fit existing AP approval workflow without disrupting an enterprise’s unique business processes.

Technical Highlights

• Advanced capture and storage of electronic invoices - Invoices and other AP documents are scanned, tagged and filed in a central electronic repository, allowing your company to realize Accounts Payable cost savings by cutting down or getting rid of the floor space and related expenses needed to store paper documents.
• Easy document reference, retrieval and archival with comprehensive audit trail - Automated meta tagging and enhanced search capabilities lead to Accounts Payable automation benefits, such as improved customer service.  These functionalities provide employees, including those at branch offices, quick and easy access to all AP documents.
• Duplicate invoice check - 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.
• Electronic approval workflow processes and automated tasks - Automatically trigger electronic invoice processing for coding and appropriate approvals to facilitate on-time payment. Create automated alerts to prevent invoices from getting stuck inside AP approval cycles.
• Integration with your current ERP platform - The KnowledgeLake Accounts Payable solution integrates with many ERP platforms, including: Microsoft Dynamics CRM, Dynamics GP and Dynamics AX. This integration provides users immediate access to all financial documents without having to navigate away from their ERP system. Additionally, organizations save money on ERP licenses since document approver licenses are not needed within SharePoint.
• Real-time reporting and metrics - CFOs and controllers can promote Accounts Payable best practices by leveraging real-time metrics to better understand AP liabilities and optimize cash flow plans. With tight document control capabilities, financial departments can enhance compliance with governmental regulations and agencies.
• Robust, personalized end-user experience - Drive user adoption by enabling end users to fine-tune their desktop to compliment their unique work preference and style.

The KnowledgeLake Accounts Payable solution is competitively priced and offers an attractive opportunity for enterprises looking to maximize their ROI from their SharePoint deployment.

Achieve Success with Accounts Payable for SharePoint

Experience overall faster, more accurate Accounts Payable processes with KnowledgeLake

By automating Accounts Payable processes with KnowledgeLake, hundreds of organizations can now do more with less as they have streamlined theirdocument-intensive, back-office routines. Our clients have transformed their invoice processing from paper to painless, as they experience a boost in productivity, process transparency and Accounts Payable cost savings.

Promote Accounts Payable Cost Savings, Automate Business Processes and Maximize ROI

Working with your organization to configure the best Accounts Payable solution for your individual needs, KnowledgeLake delivers key Accounts Payable automation benefits that include:

Increase Accounts Payable Cost Savings

Significantly reduce costs of invoice processing, purchase orders, checks, receipts, packing slips and other paper-based documents. Automating Accounts Payable removes hidden costs associated with storing, searching and finding paper documents located in storage rooms.

Boost Productivity

Take advantage of a powerful and flexible workflow engine to automate manual business processes. Increase staff productivity by standardizing or automating repeatable tasks at every stage of the Accounts Payable process. Leverage Accounts Payable workflow automation to reduce risks and human errors from late payments, double payments, lost payments and more.

Maximize ROI from Microsoft Investment

Using SharePoint for Accounts Payable drives user adoption and increases end-user satisfaction by deploying a cost-effective and low-risk solution that uses proven SharePoint ECM technology. Initial end-user training and ongoing solution support is minimal.

Additional Accounts Payable Automation Benefits Include:

• Low Cost of Entry and Ownership
• Better Information Sharing and Collaboration
• Enhance Customer Service
• Significant Labor Reduction
• Reduce Environmental Impact
• Improve Operational Efficiencies
• Reduce or Eliminate Shipping and Faxing
• Strong Regulatory Compliance