Cobwebb Communications offers your organisation a solution that will allow you to simplify and combine all the aspects of your accounts payable (AP) process.
From the creation of a purchase order to payment approval and delivery of the remittance advice, using Cobwebb’s business software allows you to streamline your documentation process, lower costs and raise productivity. The scanning of invoices and the automatic population of your AP log removes the need for monotonous data entry, which, when coupled with the creation of case histories for all your transactions, means that all related documents are filed together and quickly accessible. Most importantly, you no longer have to worry about misfiled and lost documents, and can instead enjoy a completely transparent process and hassle-free auditing.
Please click here to learn more about Document Capture & OCR.
Highlights of Cobwebb Solution
- Saves money by reducing the effort required to enter purchase invoices into the system using the latest scanning technology
- Better supplier relationships, less ‘supplier on hold’ risk and less cost (e.g. late payment penalties) by processing purchase invoices quicker
- Reduced costs, increased employee satisfaction, faster processing, more accuracy through deep System21 integration
- Peace of mind through reduced risk due to secure, electronic document storage
CASE STUDY / UK Orbis Protect
Document Management/Property & People Protection Services
The Desired Result. Achieved.
- Easy to use, simplified solution
- Reduced risk and cost processing supplier invoices
- Greater visibility of invoices from receipt to payment
- Supplier invoices and associated documents stored electronically and available at the touch of a button
In the UK Orbis Protect and keep secure more than 50,000 void properties as well as 10,000 lone workers and clean 20,000 properties annually.
The management at Orbis Protect wanted to have greater visibility of the Accounts Payable Process. This meant gaining control of (and monitoring) the purchasing processes and subsequently extracting critical data for analysis purposes.
Orbis Protect wanted a user-friendly solution that would be quickly and easily adopted by the users, this meant a close integration with System21, their ERP System. The solution would require minimal manual intervention, and would have to present a cost-efficient way in which to capture and archive their purchase invoices and related documents while creating an approval workflow for each transaction.
According to Gartner, professionals spend 50% of their time searching for information and take 18 minutes on average to locate each document. Furthermore IDC Canada has shown that almost £9000 worth of productivity is lost per worker per year due to their inability to find the data they require to do their job. The Cobwebb solution for Orbis needed to address these challenges also.
“Orbis Protect streamline the Accounts Payable process and get total visibility of their supplier invoices from receipt to payment”
An integrated document management system, running natively on the IBM i platform, with both document reformatting and distribution capabilities along with integrated document archiving, scanning and capture functionality.
Working closely with the finance and IT team at Orbis Protect a solution was specified and implemented that matched
Orbis Protect’s requirements and meant they could convert from a purely paper based system of purchasing approval to an electronic system.
Cobwebb Document Management combined with System21 facilitates an end to end solution, from creating the purchase order to receipting the goods, scanning and automatic matching as well as providing a workflow to approve, reject or escalate purchase invoices. Once approved, the purchase invoice is automatically transferred to the ledger.
Being a multi-site company, electronic workflow was essential to speed up and reduce the complexity involved with purchase invoice approval.
By achieving the primary requirement of converting from a purely paper based system of purchasing approval to an electronic system, Orbis Protect have now been able to put in place reporting and KPI’s to ensure senior management have full visibility of the Accounts Payable process.
The next step
The Accounts Payable process is just one process that benefits from an electronic solution. Accounts Receivable, Proof of Delivery and Sales Order Processing are all areas where companies can achieve process efficiency gains and cost savings