When it comes to processing documents, most businesses use header-level information to match the minimum information needed to complete the process. Although this level of detail is adequate for some basic processes, accessing line-level data can empower businesses to optimise their operations.
In most companies, invoice processing looks like this:
- A business receives invoices from suppliers.
- At the end of the month, the accounts payable (AP) team picks up these invoices.
- They check that each purchase order (PO) matches the invoice amount in their accounting system before passing it through.
This process is semi-automated, but only captures minimal, header-level data. As an invoice might have 30 separate lines, the valuable and detailed line-level data is lost. This is a missed opportunity, denying decision-makers key information to optimise the business. Without line-level data, businesses can’t gain a clear picture of their costs.
Not having the right information holds organisations back from making decisions, creating strategies, improving productivity, and gaining insight. It’s a problem we’ve seen in numerous industries:
In construction, it’s common for companies to issue many ‘blanket’ POs for building materials. We’ve heard management at a multi-million-pound construction business say they don’t know how much cement they buy.
Detail is also crucial in the hospitality industry. Advanced recently spoke to one of the world’s largest hotel chains, with a yearly turnover of billions. Despite ordering a huge volume of foodstuffs, the company was unable to issue POs for specific quantities of ingredients, instead sending them in £500 or £1,000 tranches.
Intelligent data capture can also make a difference to customers. In the pharmaceutical industry, sales orders containing lifesaving drugs must be sent quickly. To prevent potentially fatal delays, companies must assume all orders contain lifesaving drugs. Automating document processing can significantly speed things up.
Get data you can trust
Advanced Data Automation processes invoices in real time, 24/7. It guarantees 100% data accuracy from processed documents, within minutes of receipt. The system can manage header-level invoices, line-level invoices, and even more complex documents such as supplier statements. It means you get data you can trust, when you need it.
Gain visibility and control
Improve decision-making and support your strategic goals. Get the information you need to optimise your purchasing behaviour, negotiate better pricing and diversify risk.
According to pymts.com, as many as half of UK firms are vulnerable to invoice fraud. Capturing line-level data makes it easier to spot fraudulent invoices providing extra peace of mind.
Grow your business
Manual invoice processing is slow, error-prone, and requires a team of AP staff. Advanced Data Automation frees up your staff to focus on more impactful tasks – and frees up your business to scale, with a solution that scales with you.
Talk to Advanced
To discover how Advanced Data Automation can help you achieve your goals, get in touch today at oneadvanced.com/contact-us