PayablesNexus

Business Challenge:
The number of paper invoices we receive on a monthly basis is staggering. The paper not only weighs our processing time down but we're missing early payment discounts that could add up to thousands of dollars on our bottom line. How can we reduce the time to process without compromising the approval policy?
 
Nexus Systems Solution:
PayablesNexus gives this company several ways to speed up invoice processing time. Getting invoices into the system is easy, and electronically routing them for approval is even easier. Invoices are input into PayablesNexus directly, pulled from the company’s document imaging system or input by the vendors themselves through the Vendor Portal. Once in PayablesNexus, all invoices are electronically routed for approval based on the business workflow rules the company predefined in the system. This means no more mailing or faxing of invoices for approval; a task that typically causes the greatest bottlenecks in the process. PayablesNexus keeps the approval log and routing directly on each invoice to make approval tracking even easier.

Automating the AP process significantly increases the efficiency and output of this corporation’s accounting department. Being able to take advantage of all those early payment discounts transforms the AP current liability into a cost saving opportunity. The sheer volume of invoices now processed plus the early payment discounts add significantly to grow bottom line performance. What was once a drain on internal resources, time and money has been transformed into a cost saving opportunity that can be applied directly to the bottom line.

Benefits:
This PayablesNexus solution allows this corporation to successfully:

• Manage the volume of invoices more efficiently and cost effectively
• Enjoy significant savings by taking advantage of early payment discounts
• Free up the AP staff to take on more responsibilities
• Eliminate the paper shuffle, filing and storage
• Increase transaction accuracy with a dramatic reduction in errors
• Route invoices for approval according to their workflow