How Do You Achieve Accounts Payable Automation?

 Incorporating all of the elements of a strategic solution is ASPEN 360 Accounts Payable Edition, a subscription-based service that automates the back office process using advanced AP imaging and workflow. ASPEN 360 enables you to outsource your AP processes while remaining in complete control of the solution. It incorporates best practices AP automation with the invoice virtualization center for a complete, ZeroTouch solution.

ASPEN 360 is comprised of six main components that provide a complete, strategic solution.

ASPEN 360 increases efficiencies and reduces costs with features such as:

o Straight through processing: ASPEN 360 automates the three way match through Straight Through Processing. Invoices are matched without AP processor intervention to achieve a truly automated three way line item match. Additionally ASPEN 360 goes a step further in the matching process to assist in streamlining the matching of the exception invoices that fail the Straight Through Matching process.

o Invoice Virtualization Center: ASPEN 360 receives the invoices and data in any format the vendor currently transmits and converts it to electronic format. The document conversion and data capture occurs through one of the ASPEN 360 U.S.-based Invoice Virtualization Centers. After the invoice is received, a combination of OCR and manual data entry are used to capture the predetermined invoice data. This combination of quality controls and reviews ensures the Invoice Virtualization Center achieves the highest possible levels of accuracy.

o ERP connectors: Effective and efficient invoice processing demands a tight integration with ERP or accounting systems. ASPEN 360 Accounts Payable Edition is ERP and accounting system agnostic; its proprietary Business invoice processing automation will allow data transmissions to and from any financial system.

o Vendor portal: ASPEN 360's self service vendor portal allows vendors to access information about their invoices over the Web 24/7 without having to tie up valuable AP staff time. Additionally internal questions coming from departmental managers can be streamlined by using the self service portal.

o Comprehensive reports and monitors: ASPEN 360 provides numerous reports and monitors to analyze the productivity of an AP department, review the invoice workflow status, find important information about users, and more.

o Customized approval based processes: ASPEN 360 offers an online view of invoices throughout the review, approval and payment process. Invoices are routed electronically to the appropriate person for approval based on existing business rules. These invoice automation rules can incorporate notifications of duplicate invoices, route invoices above a certain dollar amount to particular staff, create and maintain approval timers, and perform workload balancing. Workflow alarms and notices speed approval times by alerting users as invoices arrive and when time limits for review and approval are exceeded.

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