Automate Your Invoice Processing with
Automation Solution Overview
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AP & AR Automation Solutions
Improve your net margin by transforming your invoice operations through automation
The pain – In many organizations, Account Payable/Account Receivable (AP/AR) remains a labor-intensive, paper/check-centric, and expensive process. The need for manual intervention is the main culprit for inefficiency, labor costs typically consume 62% of total AP costs, according to the American Productivity & Quality Center research. Lack of control and oversight can also create audit issues and payment fraud. With the continual pressure on margin in today’s business, you have every reason to streamline and automate the AP/AR operations.
Solution attempts that often do not deliver the savings – To drive cost out of the system, some attempted to streamline it with custom-built platform utilizing tools such as business process management, document capture and management, and EDI platforms. However, these are general-use middleware with minimal (if any) integration with each other. Creating a custom solution takes 8-18 months, with endless studies, hundreds to thousands of hours of development time, plus a huge price tag. They end up with a complex system and infrastructure that they must maintain and support in perpetuity. Any future enhancement would require them to repeat the cycle, and tying up even more precious resources.
This approach often delivers a shorter invoice process time, along with improved control and oversight. But the payment steps mostly stayed the same, paper and checks are still prevalent, and the risk for check fraud has not been addressed. The cost-of-ownership often exceeded the efficiency gains, but it is too late by the time they realize it. In one extreme case, we have seen a large corporation abandoned a completed system after spending well over $1M on software and professional services.
That is the primary reason one still sees archaic AP/AR process using paper and spreadsheets in so many organizations.
Our belief – Our offering team has 15 years of firsthand experience in what works, and what doesn’t in automation. We established a few guiding principles in selecting our solutions to avoid common pitfalls:
Solution must be quick to deploy and custom-built for the AP/AR automation, we avoided all general-purpose middleware approaches that requires significant IT involvement.
Integration with popular financial and accounting packages must be built-in and not an afterthought, you should not have to replace everything you own to use it.
If custom business rules and process flows are required to meet your unique needs, business users should be able to accomplish it without IT or developers involvement – this is often the most requested item and it should not be overlooked.
Transaction-as-a-Service (TaaS), let the provider take care of security, maintenance, upgrade, scaling, testing, infrastructure, etc.… You should focus on your business, and not running an IT shop.
TaaS gives you the business agility along with a clear view of your total cost of ownership. You can walk away if it does not deliver value, it protects you from huge sunk cost and wasted resource. The ready-to-use nature should deliver savings in weeks, not months or years.
Let the provider who specializes in AP/AR optimization innovate for you, it ensures you never fall behind in the efficiency curve.
Modular, pay for what you use, adopt it at your pace instead of all-or-nothing.
Our offering – Juno Payments is proud to announce our partnership with Netchain2 to offer an automation solution purposed-built for Account Payable/Account Receivable (AP/AR) operations. It delivers the first out-of-the-box, Artificial Intelligence-supported automated invoice-to-payment and order-to-cash platform that integrates with any accounting and finance systems. It minimizes the need for human intervention and dramatically optimizes efficiency in invoice payment processing, linking AP and AR across organizations. It accommodates and enhances existing processes, while providing predictive recommendations to optimize your cash flows.
The key differentiator – True Automation:
There are many so-called AP/AR automation solutions out there, so what’s different about our offering?”
Many people are unclear about the similarities and differences in workflow automation vs. true automation technologies. There have been a lot of workflow tools claiming automation but in reality, have little influence in removing manual processes. Workflow automation uses software to increase the efficiency by improving the coordination of the activities of the people involved. It helps to ensure that at the right time, the right person gets the right information about what needs to be done and in what order. Ultimately, the human actor is still required, despite the efficiency gains, it will eventually hit a brick wall due to the remaining costly human tasks.
In contrast, true automation removes the human element by replacing defragmentation and manual processes that often result in errors, precious time, and money lost. True automation can think and understand complex business scenarios, provide incredible predictive insights, and empower executives/business owners to make decisions. It gives employees responsible for manual data entry the opportunity to shift focus to higher value tasks. Manual effort is no longer required (although intervention can be added if desired), which removes the ceiling in efficiency gains.
We are the first end-to-end AP and AR automation technology, built on artificial intelligence, with built-in B2B electronic payments, with no need for EDI or your own payment processor arrangement. Predictive modeling is revolutionizing the process of both the order-to-cash (AP) and procure-to-pay (AR) processes. Our machine learning technology is continuously learning your processes and procedures through your actions, and evolves daily to help create the true automation aspect of the platform.
Accolade from key executives: Jesse Haro, the Global Director of Finance for Google is quoted as saying “the technology that changes the industry will be the one that solves the technology fragmentation, is inclusive, and provides transparency on both sides. The problems go beyond the capability of the current work-flow tools. Financial technology professionals need to start looking outside of the industry and leveraging advancement in other industries. Netchain2 has done this and their solution is reshaping AP, AR, and overall B2B commerce.”
Our values propositions – Our AP/AR offering can help you achieve your business goal quickly by delivering the following benefits:
TRANSFORM YOUR OPERATION – We can greatly reduce your invoice processing-related cost and move your firm into the best-in-class quintile in as little as 30 days.
INCREASE EFFICIENCY – Reduces unnecessary man hours spent on invoice processing and dramatically decrease invoice-to-human ratio.
IMPROVE CONTROLS – We enforce your customized workflow & business rules, while optimizing throughout & creating cost savings. Inject manual checks where you choose, or allow invoices to pass straight through to payment on a designated schedule.
COMPREHENSIVE SCOPE – We go beyond payments to the complete procure-to-pay and order-to-cash life-cycle, automating full end-to-end financial operations.
PAYMENT OPTIMIZATION – We are the first platform to analyze internal and external economic variables and advise you on the optimal moment to pay your invoices.
ELIMINATE DATA ENTRY & PAPER – We can reach 100% effectiveness and accuracy on invoice data extraction, thereby reducing human intervention and resulting errors.
AUTOMATED PO MATCH & INVOICE APPROVAL – We enforce your customized business rules with fully automated PO matching and invoice approval.
NEVER WRITE ANOTHER CHECK – Electronically pay an unlimited number of invoices from an unlimited number of suppliers with a single click. The funds & remittance data are seamlessly delivered directly to the banking system & receiver. The built-in fraud detection eliminates payment fraud.
DASHBOARDING – Real time data and status information synced across companies, live reporting and metric dashboards.
MANAGE YOUR SPEND – Use only what you need, and only pay for what you use. It can be deployed as a standalone platform, or modules can be used to augment your AP/AR platforms. There is no up-front platform cost, you only pay per transaction processed, or based on the modules used.
CUSTOMIZE IN SECONDS – Simply Drag and drop process arrows in the order you choose, with tolerance triggers. It configures the process to match your unique needs in seconds.
JUST CONNECT – Connect with your vendors and clients like never before, to get even greater functionality – like instant collaboration for dispute resolution, instant invoice & purchase order sharing, automatic adjustment updates & more.
EASY TO DEPLOY – Pre-built “plug and play” integration with existing infrastructure, integrate with any existing accounting/finance systems in as little as 30 min.
To find out if our AP/AR Automation is right for you, please contact us for a free consultation. We are eager to work with you to minimize your AP/AR operations cost, improve your net margin, and enabling you to achieve your business objectives.