Enterprise Accounts Payable process is a high-volume process for most large enterprises. The process has several steps and often interacts with multiple back end systems including ERPs. At the same time the process is mostly routine and when manually executed, time consuming and error prone.
TAO TAPPTM (Touch-Less Accounts Payable Platform) takes an end-to-end view of the problem and addresses entity extraction, invoice categorization, data structuring, tax computations and invoice posting including managing exceptions and reconciliations. Error is eliminated, time and cost savings through reduced transaction costs are achieved. The TAPP framework is customizable for most requirements and has a reduced time to implementation.
Invoice Processing is the significant part of Accounts Payable Process
- The median cost of manually managed Invoice Process within Process Accounts Payable is between $8 (best performers) an $17 (poor performers) (Source: APQC)
- There is a high overhead cost per invoice processed
- Lack of standardization with multiple invoice formats
- Manual entry of data
TAO TAPPTM delivers up to 50% reduction in Cost of Accounts Payable Process for Invoice Processing
- High percentage of accurate extraction of invoice data
- Seamless automated process workflow
- Intelligent reading and processing of GL Account/Cost Centers
- Reduced average handling times
- Elimination of errors
- Works with multiple back end legacy applications and ERPs