Invoice processing represents a significant overhead for most businesses. Processing invoices quickly and accurately is crucial to reduce costs and to improve key vendor relationships. The majority of invoices arrive in paper form (via fax or mail), while others may be in the form of email messages or attachments. The need to process both paper and electronic forms typically requires manual effort that can be both costly and error-prone.
That is, unless you have the right solution.
CDIT’s A/P Solutions empower organizations by helping their A/P departments increase efficiency, minimize invoice processing time, leverage early payment discounts, strengthen relationships with vendors and enhance customer satisfaction. These solutions eliminate both the costs and errors of processing invoices in all forms, paper and electronic. Wrong or missing data is automatically flagged through built-in exception handling tools, allowing you to focus only on issues that need attention.
By automating your organization’s front-end invoice processing, you will see immediate ROI through the reduction of overall invoice processing time and associated cost per transaction.
CDIT’s A/P Solutions deliver on:
- Minimizing Invoice Processing Time
- Increasing ROI and Saving Money
- Prioritizing Invoice Processing
- Improving Cash Management
- Reducing Labour Costs
- Reducing Retrieval Time
- Gaining an Auditable Business Process
- Sharing Information and Promoting Collaboration
We encourage you to read our A/P client success stories and to contact us to learn how CDIT can design an A/P solution tailored for your organization's requirements.
- For most organizations, the Accounts Receivable collection process is the most important one. However, debt collection is typically a tedious and time-consuming, paper-driven, process involving many documents. Processing receivables documents and managing cash applications can be a challenge. In the past, there have been two options when managing receivables:
The reality is that for years, organizations have likely been overpaying hundreds of thousands of dollars annually to lockbox providers for capturing data from their accounts receivables documents, while still having to process a large percentage of the work internally.CDIT’s A/R Solutions are based on specific technology innovations designed to capture, extract, correct, validate and post data. Through our A/R Solutions, clients can open, scan and extract key information from incoming documents and payments while maintaining the integrity of the envelope. The solution components “plug” into and complement any existing receivables/payments processing platform without interruption to the application workflow, delivering the highest levels of automation, data accuracy and operational savings for receivables processing environments.CDIT’s A/R Solutions allows you to keep more of your receivables dollars than ever before by reducing your dependence on lockbox processing and truly automating your own internal processes. No more excessive bank fees, no more manual data entry of unstructured receivables forms such as check & lists, check & skirts, and check only exceptions and no more painful data reconciliation. Realize higher data quality for your accounting systems and rapid access to data and images. Maximize the value of your receivables process.
- Outsource processing to a lockbox who typically charges by keystroke, to manually capture the data from payment advices; or
- Manually key the data in-house.
Key Technology Differentiators Key technologies differentiators of CDIT’s A/R Solutions include:
Intelligent table and column technology that extracts information from receivables transactions even if it is stated within multiple rows or nested tables.
- Forms recognition technology that learns from an operator during standard data entry covering 100% of all incoming payments and fully automates the process thereafter.
- High-speed correction of OCR misreads across an entire batch instead of only by an individual page.
- Innovative data reconstruction that utilizes fuzzy logic and intelligent parsing to automatically and accurately correct, complete, validate, balance and post transactions to the accounting system without ever having to involve an operator.
- The intelligent data capture of incoming information is critical to the success of any organization. Vital information lies within incoming documents. Yet, the process of sorting, capturing and delivering this information can be time-consuming and expensive. Despite the increase in electronic communication, many organizations still rely on information from paper documents. Organizations of all sizes still receive huge volumes of inbound mail. The traditional solution of manually filing these paper documents and distributing to staff, that may be dispersed across many locations, is no longer viable in a modern business.The traditional mailroom isn’t up to the job. In addition to being slow—piles of paper are sluggishly, erratically pushed into the workflow, with crucial information being trapped, delayed, and oftentimes lost—the traditional mailroom also has no means of processing electronic data. Competitive businesses are calling out for an automated solution for all incoming information, a virtual “single point of contact” that can classify and route all incoming correspondence, regardless of its medium or point of origin. CDIT’s Digital Mailroom Solutions answers that call.CDIT’s Digital Mailroom Solutions are designed to automate not only traditional mailroom procedures, but also the entire information process, creating a virtual “front door” to enterprise information systems. The Digital Mailroom provides a single point of entry and centralized processing for all input: incoming paper mail, faxes, e-mail, digital office documents and online communications streams. It’s able to automatically recognize and route these documents to the appropriate department or person, and run full auditing and tracking, resulting in the following key benefits:
- Lower operational costs through reduced dependence on manual processes, both in the mailroom and throughout the enterprise.
- Increased efficiency throughout the workflow through the automatic prioritization and routing of mission-critical information.
- Improved accuracy throughout the information flow, and the accountability of information systems by initiating high-level tracking and auditing functionalities
The Key Functions of an Effective Digital Mailroom Solution Approximately 80% of the information used by an organization is in unstructured documents such as correspondence, but until recently automatic processing was limited to documents with a fixed structure, such as forms. Whatever the structure, the information must be accurately and appropriately processed to enable successful business transactions and regulatory compliance.The ability to automatically extract that information into a business workflow brings the promise of driving business even faster.Following are the key functions of an effective Digital Mailroom Solution:
- Ingestion of both hardcopy and electronic documents. Documents can be efficiently recognized and managed regardless of type (invoices, contracts, purchase orders, reports, general correspondence, etc.) or format (paper, faxes, XML, electronic documents, etc.).
- Automatic classification of documents by content. Documents can be routed to the correct target business process or workflow queue without the need for pre-sorting, reducing document handling costs.
- Automatic separation of multi-page documents. Batches of multi-page documents can be scanned without inserting pre-printed separator sheets between them, eliminating printing costs and reducing batch preparation time.
- Automatic indexing of documents. Rich index data can be captured with greatest consistency from every document, dramatically reducing the need for costly manual keying and enabling powerful search for the retrieval of captured information and documents
- Automatic capture of data from documents. Business processes can be expedited and transactions initiated automatically, resulting in reduced processing time, lower operational costs and increased productivity. Now straight-through processing is as much a reality for paper as it is for web and electronic forms.
Despite the ability of electronic forms systems to reduce information capture costs, traditional paper-based business processes have demonstrated surprising resilience. In fact, many organizations in the financial services and government sectors have discovered that their customers and constituents frequently revert to paper forms even when the organization has dedicated considerable time and effort to provide a seemingly more efficient E-Form alternative.
While paper forms are familiar to end users, processing them can be costly to your organization, both in overall inefficiency as well as the potential for expensive errors. This is especially true if your business requires high volumes of signed documents to meet regulatory or legal requirements. In most cases, signatures are placed on forms that have been filled in by hand or filled in online and then printed. In both of these scenarios, the processing of a form requires some type of Optical Character Recognition (OCR), which in the best case is 95% accurate. That means that 5% of these forms will need to be processed by hand.
Form end users often choose paper for a variety of important reasons, including:
- Form requires physical signature (in many situations, digital signature infrastructures are still not well established)
- Form requires paper attachment (e.g. receipts, supporting documentation)
- Form user wants to retain a signed hard copy record
- Form user prefers traditional paper to E-Form alternative
- Complicated form requires several sessions, including research for full completion
- Form fill-in requires consultation and/or review from external advisor
This persistence of paper workflows has forced organizations to maintain disparate processing systems, both paper and electronic, limiting enterprise-wide data capture efficiency and cost effectiveness. CDIT’s Electronic Forms Solutions bridge this gap by enabling organizations to simply, accurately, and efficiently extract content from ‘‘fill-and-print’’ paper-based forms with 100% accuracy with no human intervention. The result is that enterprises and government agencies can dramatically reduce their paper forms processing costs, while improving enterprise data access and service levels to their customers and constituents.
Cost Savings from CDIT Electronic Forms Solutions
- Employ a single solution for both paper forms and E-Forms applications
- Reduce labour by reducing data entry, validation and quality control clerks
- More quickly get key data into your system for action by employees
- Minimize on-site storage requirements
- Reduce maintenance of templates required when doing OCR for data extraction
- Reduce time required to get a new or updated form into your traditional Imaging System because no templates need to be designed
- Further automate additional forms and data collection without expanding your existing staff
- Leverage designated workflows—provides predefined workflow templates with robust and extensible baseline functionality, shortening your implementation time, and reducing deployment costs