AP Workflow - NeoStream Technologies Inc

By: NeoStream Technologies  09-12-2011

Accounts Payable for Energy

With NeoStream’s Accounts Payable workflow solution, organizations can increase efficiencies and compliance while reducing the costs associated with the invoice payment process.

Due to the highly integrated relationships that exist between energy service companies and the energy companies themselves, timely and proper processing of invoices is critical. Most energy companies are quick to agree that moving the massive quantities of paper invoices around their organizations is extremely costly, inefficient, error prone and difficult to enforce compliant processes. Matching invoices to supporting tickets and reporting accrual numbers also present time consuming and frustrating challenges.

NeoStream’s energy specific AP Workflow solution enables organizations to automate manual entry tasks, speed up coding and approval steps, increase compliance and improve reporting, all while making it easier to track and manage invoices. Invoices are associated with the accounting system records and are also available through general search engine functionality.

Solution Highlight

Data Extraction: Easily and automatically extract important header and line item information from the invoice during the imaging process.

Workflow: Route the invoice through a workflow process to enforce business rules, decrease cycle time, automate authority limit routing and enhance invoice coding efforts.

Accuracy: Integrate with Accounting and PO/AFE systems to increase coding accuracy, decrease the time to code and eliminate redundant data entry.

Audit trail: An audit trail of the entire process will be maintained for every invoice in the system allowing for better visibility, control and accountability.

Search: All invoices will be searchable from either the Accounting system or a customized search screen. Find invoices and related documents in seconds.

Reporting: Monitor processing cycle times, user efficiency, total payables commitment and numerous other statistics. Know where invoices are in the process and monitor for bottlenecks.

Communicate: If issues arise in processing an invoice, automatically communicate with vendors or the relevant person to address the issue.

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