Facilitates end-to-end processing of invoices and provides fully integrated Accounts Payable (AP) and Accounts Receivable (AR) functionality
Each year, corporations send and receive millions of invoices and bills. Manual processing of these invoices is not only slow and error-prone, but also costly. Further, inconsistencies in invoice formats from country to country can cause inconvenience for cross-border and global customers. Customer demand for electronic invoicing is also on the rise, with many looking for digital versions of their invoice data for direct input into their accounting systems.
Fundtech’s electronic invoice presentment and payment solution, Accountis EIPP, works seamlessly alongside existing systems to enable organizations to automate an end-to-end invoicing process from the delivery of the purchase order, right through to receipt of the final payment. Offered on the cloud, the solution enables businesses to exchange documents such as invoices, purchase orders and credit notes electronically. Users have a single view of all payable and receivable transactions online, and can quickly view, query, approve, manage and pay for those transactions with the click of a mouse. Financial institutions that use the solution eliminate the need for paper billing, reduce errors and provide quicker settlement. This ultimately leads to a dramatic reduction in invoicing costs, improved efficiency and a higher level of customer service. A number of environmental benefits can also be realized.
Improves Efficiency, Saves Time and Lowers Operating Costs. The solution replaces costly paper-based processes with faster, more efficient technology. The electronic exchange of information allows users to quickly view, query, approve manage and pay for transactions, ultimately helping firms to achieve quicker settlement and faster payments, and freeing up scarce human resources to focus on other tasks.
Improves Risk Management; Helps to Manage Cash Flow and Liquidity. Increased visibility into cash flow and liquidity helps to ensure that a firm’s risk is monitored, measured and controlled. An automated workflow provides greater transparency and with that insight, capital resources can be managed more effectively, resulting in a stronger bottom line.
Reduces the Number of ‘Days of Sales Outstanding’. The solution significantly speeds the delivery of invoices and reduces the number of days for which sales are outstanding. Customers will receive invoices sooner, clear payments more quickly and resolve any disputes more effectively.
Improves Customer Service. Standardized billing across all regions ensures customers benefit from the same invoicing format and same level of service in every country; something of particular value for corporations that do cross border and international business. The opportunity to post invoice data on a central hub and make this information available to all customers online allows customers to monitor, track, search and query their invoice and payments status. A single log-on means that users can sign in from anywhere at any time.
Reduces Environmental Impact. The elimination of paper billing means that the negative environmental impact of a firm is drastically reduced. One customer estimated that in one year alone, they saved over 2,700 trees by adopting the solution.