CONTROL THE PROCESS – CONTROL THE COSTS
AP departments using FileBound drastically increase their visibility and eliminate inefficiencies. Paper-based and manual processes, lack of insight into business activities or project status, and inflexible solutions make goals hard to accomplish. FileBound alleviates those issues through intuitive AP automation solutions that make it easier for employees, management, and executives to conquer their daily tasks quickly, easily, and efficiently.
Upon arrival, invoices are immediately captured and the relevant data extracted to begin the payment process. FileBound routes the invoices according to defined business rules, quickly providing the validated data to ERPs or other financial systems. FileBound can also manage associated tasks, such as creating e-forms for PO requests and managing vendor contracts. Watch a demonstration video below.
Once the invoices are approved FileBound will automatically move the approved invoice data into your ERP or Finance system. FileBound offers automated integration into Pronto, SAP, MYOB, Xero, Dynamics, Technology One, Quickbooks, Databuild, Procore, TASS, PCSchool and many many more.
Check out some of our destination-specific AP Demonstration Videos below.
Accounts Payable Challenges FileBound Solves:
- Reduced data entry burden provides for significantly reduced costs.
- Reduces the risk of making costly duplicated payments
- Provides a process that addresses incomplete or incorrect invoices
- Allows for accepting discounts or avoiding penalties as a result of improved process cycle times
- Reduces vendor relationship issues due to lost invoices or late payments
- Provides organisational scalability which allow for varying volumes and growth
- Reduces basic human error and provides a much more enjoyable work environment for AP team members.
- Provides predictable operational costs for better planning and budgeting
- Reduces organisational risks and provides disaster recovery and a continuity plan
FileBound AP Process Improvements
Receiving Document Handling
FileBound automates your receiving document processing. Documents first are scanned into the system and routed to users responsible for identifying issues that require vendor notification and resolution processing. Approved receiving documents are stored in a queue where they are retrieved and matched to invoices to complete the reconciliation process. FileBound eliminates handling errors and reduces the cost of processing receiving documents.
Invoice Approval Processing
FileBound automates the invoice approval process. Vendor invoices are scanned into the system which initiates an approval workflow process. The system provides visibility to related purchase orders and receiving documents required to complete the reconciliation and approval process. FileBound’s automation reduces cycle times, reduces errors, and creates organisational scalability. The result is invoices paid correctly on time with no more over-payments or lost discounts, adding bottom line dollars.
Invoice Coding Automation
FileBound streamlines the invoice coding process. Approved documents are queued for coding operators and distributed to them on demand. With FileBound the coding takes place directly from the invoice image and allows for load balanced distribution, supervisory oversight, and operator productivity reporting. This eliminates the hours of tedious reconciliation of cost accounts that coding errors create.
Documented Payment Matching
FileBound provides a process for linking a single payment to multiple invoices. Check images or payment data are imported and automatically linked to a single or multiple invoices that it is paying. This process assists in resolving vendor payment issues and reduces the operational costs associated with payment history research.
Integrated Document Retrieval
FileBound provides the tools that allow single click retrieval of accounts payable documents from within other core applications. This seamless retrieval provides productivity gains, eliminates complex training needs, and extends the value of your existing technology investments.
Click here to see our FileBound AP Datasheet.