Tackling Invoice Processing with Open Text Document Server, Alchemy Edition

Paying invoices in inevitable. The way in which organizations pay invoices today wildly differs. While most companies have a formalized or semi-formalized method to approve and pay invoices, these methods often fall victim to missing documents and delays in user execution. These inefficiencies can create cash flow issues, credit problems, missed opportunities for vendor discounts and potentially, an inability to effectively pass audits. By utilizing Open Text Document Server, Alchemy Edition, businesses can capture and store invoices and their related documents, enabling users to centrally access these documents in a secure and managed environment. This article explores a few of the challenges our AP departments face every day and introduces a cost effective solution for companies looking to keep on top of their back office processes.

The Challenge

Invoice processing is a critical operation and extremely document intensive, relying on paper from multiple sources arriving through a variety of delivery channels. In an unmanaged, manual environment it can become extremely challenging for AP Clerks to track documents related to a specific invoice. Missing documents prevent users from effectively reconciling invoices, purchases orders, packing slips and other items required to process an invoice. In cases where all the documents are present, workers are still required to walk the paper from desk to desk in order for an invoice to be approved or disputed.

So my invoice process is inefficient – does it really matter?

Inefficiencies in processing invoices leads your organization to not only miss out on valuable early payment discounts from the vendor but also opens you up to late fees and may, block you ability to accurately contest invoices from vendors. This situation will not only adversely affect cash flow but often leads to strained relationships with vendors resulting in unfavorable credit terms. In today’s economy paying late often means paying more. If your business exists in a regulated industry, struggles to verify transactions related to company operations may open the door to increased risk of imposed business restrictions, fines, and even legal action.

Open Text Document Server, Alchemy Edition – Capture, share and process invoices securely

Open Text Document Server, Alchemy Edition enables organizations to capture and store invoices along with other documents relating to the transaction. Invoices can be automatically delivered to secure repositories structured by vendor, department, cost center, in fact any model adopted by the AP department.  Documents can be viewed, annotated, transitioned to the next stage in the invoice approval process, filed for dispute or sent to management for payment authorization. Document Server is easy to configure, enabling users to work with a solution that mimics their manual environment without the traditional bottle necks and choke points.  Documents can be accessed across the web or distributed using any kind of removable media meaning those involved in the process can participate through a variety of channels.

What this means for you

Organizations who streamline their invoice processing operation with Document Server can reduce the costs associated with managing vendor payments. The cost to process each invoice will significantly drop as the time and expense involved with validating and routing invoices and associated documents is slashed. Working with a central view of all the documents relating to specific transaction allows the business to swiftly contest incorrect invoices, avoiding needless overpayments. From a compliance perspective, organizations will be able to accurately support all financial reporting with their ability to locate those supporting documents in a few simple clicks.

Invoice Processing is one example of how Open Text Document Server, Alchemy Edition enables businesses to transform document intensive operations and reduce operating costs.  To find out more about Document Server contact Open Text or one of our global partners.

We have a web demo on Open Text Document Server, Alchemy Edition (formerly Captaris Alchemy) located here.

Written by Darren Boynton with Open Text’s Fax and Document Distribution Group.  (Formerly Captaris)


3 Responses to “Tackling Invoice Processing with Open Text Document Server, Alchemy Edition”

  1. 1 Luis Otero December 2, 2009 at 1:19 pm

    We’re resellers of alchemy for Spain.

    I’ve read that Alchemy allows you to route documents (transitioned to the next stage in the invoice approval process).

    Do you mean adding another software such us “Workflow Server”, don´t you? Could you please explain this further?

    Thanks in advance,

    • 2 faxblogger December 2, 2009 at 5:00 pm

      Hello Luis,
      Thank you for your question. There are numerous ways documents can be transitioned through an invoice process using Open Text Document Server, Alchemy Edition. Depending on the specific requirements of the end-user, smaller organizations may utilize a state-based folder model for low volume, manual transitioning.

      Larger businesses seeking to implement a fully automated, rules based invoice process will look to integrate Document Server with Open Text Workflow Server, .NET Edition as a sophisticated platform which can be used to automate processes across the entire organization.

      So to finally answer your question: Yes! – Document Server can be used in concert with Workflow Server but it does not have to be.

      Best Regards,
      Darren Boynton

      • 3 Luis Otero December 3, 2009 at 1:01 am

        Thank you Darren,

        You mentioned that “smaller organizations may utilize a state-based folder model for low volume, manual transitioning”. I assume that using the API.

        Could you please explain this a bit more? Maybe in a separate e-mail.

        Thanks in advance,
        Luis Otero

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