Finance

Low-touch accounts payable processing

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3 minutes to read

Low-touch processing is the drive to remove or reduce low value, manual or error prone steps in financial processing. This blog details how ProcureHQ can help move to a low-touch implementation.

Low-touch processing has for a long time been a goal for financial institutions. This goal is to eliminate or reduce human interactions in

  • Low value add tasks
  • Manual processing
  • Error prone processing

The benefits of this are

  • Make the processes more understandable and transparent
  • Reduce the timeframe so that data is available in decision making in a timely manner
  • Make better use of staff allowing them to focus on the high value tasks they are trained to perform

The basic approach to achieve this goal is to

  • Consolidate to streamline and simplify processes
  • Automate tasks where possible
  • Eliminate error prone tasks

‍ProcureHQ is designed to support your accounts team in handling the low value add, manual and error prone tasks. At a high level ProcureHQ will do the following:

  1. Monitor your email and automatically process all attached PDF invoices
  2. Extract from the PDF the supplier and financial information, even down to the line items
  3. Make the extracted information available to users via the multi-user web based portal
  4. Provides a customisable approval process
  5. Integrates directly with your accounting system
  6. Track price changes for unexpected price increases
  7. Prove a single point of access for drilling into the data
  8. Reporting capabilities

Why not try ProcureHQ for yourself to see the benefits it could provide?