Unlock The Value Of Accounts Payable

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Industry Fact:

Top challenges in accounts payable processing experienced by small to medium-sized enterprises revolve around manual processes (32%), lengthy processing cycles (31%) and frequent invoice errors (27%)

Source: Paystream Advisors, ‘Automating End-To-End Accounts Payable For The Midmarket, 2015,’ Hyperlink Www.Paystreamadvisors.Com Accessed January 15, 2016

Buisness Challenge

It’s become commonplace for many to view AP as a cost center. But as the last line of defense before funds leave your company, it’s the only function that can ensure the savings negotiated by procurement are actually realized. However, when you’re mired in the transactional tasks of reviewing, matching, coding and keying invoices, it’s difficult to think about your organization’s cash flow and bottom line.

Most likely, these struggles are due to the fact that a majority of your invoices originate in hardcopy form. And when you’re overburdened by paper, it can lead to longer processing times, more manual effort, higher costs and reduced visibility and reporting quality. As a result, you may find it harder and harder to trim expenses, improve service levels, do more with less and stay focused on the things that matter most.

What If You Could...

  • Eliminate the need to touch every invoice so you have more time to address the exceptions requiring your attention?
  • Reduce the costs and headaches associated with paper-intensive manual processes?
  • Improve service to internal and external customers alike?

Unlock The Value Of Accounts Payable

With the Iron Mountain® Electronic Invoice solution, you’ll be able to leverage a streamlined and automated invoice receipt and approval workflow so you can unlock the true, strategic value of AP. By leveraging our proven capabilities and best practices, you’ll be able to:

  • Take control. Automate processes and provide self-service capabilities that help you cut processing times and increase productivity.
  • Manage by exception. Leverage straight-through processing for two- and three-way matching of PO-based invoices and use smart routing to transmit non-PO invoices automatically so that you can focus on only those transactions requiring your attention.
  • Stay nimble. Adopt a cloud-based, Software-as-a-Service (SaaS) solution designed to complement what you already have in place and scale easily as your needs evolve.

Iron Mountain® Electronic Invoice

is an end-to-end process automation solution that includes the following components:

  • Virtual Shared-Service Center
  • Cloud-Based Workflow Automation
  • Archiving and Destruction
  • Reporting

Virtual Shared-Service Center

You’ll leverage a virtual shared service center that acts as an extension of your AP department and manages the centralized receipt and processing of invoices arriving via mail, email or fax, as well as the conversion of hardcopy invoices. Plus, our supplier network and vendor portal help you “skip paper” while making electronic information readily available — all at no cost to you and your suppliers. You’ll also be able to provide self-service access to vendors and employees, helping them easily answer questions, view notifications and manage exceptions.

Cloud-Based Workflow Automation

You’ll have access to an automated, cloud-based, SaaS solution supported by a partner that’s been in business for over 50 years — and a solution designed to scale as volumes change. The solution’s straight-through processing capabilities automatically match invoices to POs and receipts. What’s more, smart routing functionality distributes invoices not connected to a receipt or PO to an authorized individual for review and approval. Plus, you’ll have access to an “exception queue” of transactions requiring your attention, reducing the number of invoices you need to review.

Archiving And Destruction

You’ll be able to support your AP automation capabilities with archiving and destruction services that help you store hard-copy and electronic invoices for the long term or with the secure disposal of any you no longer need.

Reporting

In addition, you’ll have access to an intuitive dashboard and standard and ad-hoc reporting, as well as a complete, recorded audit trail and workflow history. These capabilities can help you monitor your spend and payment cycle times, providing the information you need to capture discounts, drive cost savings and support your compliance requirements.

What You Gain

  • A truly automated workflow that eliminates the time, errors and costs associated with traditional invoice processing
  • 3 The ability to accelerate payment cycles by automatically processing or routing invoices based on your specified criteria
  • More time to devote to the strategic initiatives that drive your business forward

Customer Success

SunGard® Availability Services™ provides operations support to IT departments. 90 percent of their invoices were paper-based and they needed a more consistent, automated and streamlined process that could help to eliminate inefficiencies. With Iron Mountain Electronic Invoice solution, they got an end-to-end solution without losing control of their full back office.

The Results

  • They were able to close their books more quickly
  • They were better able to predict their expenses
  • They achieved hard cost savings of $800K by cost-avoiding capital
  • They achieved savings of $120K/yr through timely discounts

Source: Nancy Sucher, Procurement Category Director, And Don Myers, Assistant Controller; Sungard Availability Services