Manual invoice management needs to be accurate and efficient. This takes time and resources, both of which are in short supply. Clerks often wear multiple hats and need to juggle priorities. Mistakes happen, your process slows down, and invoices begin to pile up, especially during crunch times. And at the end of the day, you’ve still got to store all that paper somewhere.
You could outsource your invoice management, but that brings its own headaches:
- Outsourcing can be expensive.
- SLAs can be hard to manage.
- You can lose oversight of your AP processes.
- It can expose your confidential supply chain information.
Studies show that automating your accounts payable process can increase your invoice processing rate by up to 4 times. It can also save you up to 50% on invoice processing costs, according to Aberdeen Group.
With MagicLamp’s automated invoice management solution, you can:
- produce financial statements quicker
- reduce manual data entry errors
- speed up invoice processing
- take advantage of early payment discounts
- create an accurate and searchable audit trail
How MagicLamp turns AP frustration into AP clarity
Our solution transforms your accounts payable processing by capturing relevant data straight from your invoice, and integrating it into your ERP, ECM, or system of record. And the best part? Our ERP Data Gateway allows us to support other ERP systems, including SAP, Oracle, Peoplesoft, and Microsoft Dynamics.
But that’s the easy part. You already know the hard part. Implementing a new technology and process is tough. People resist change. Resources are tight. And don’t even mention the learning curve.
We get it. We build accounts payable solutions for Fortune 500 companies. We know complexity. We understand the human element. And we know you’re doing a job with half the people you need.
When we work with you, we listen. We don’t touch anything. We take notes and we ask questions until we learn all the intricacies of how you do your work. Then we help you automate your AP process so you can focus on your business.
The result? You save money with early payment discounts, improve vendor relations by paying invoices on time, and have high visibility into your accounts payable data.