Canon introduces accounts payable processing solution
By Digital News Asia August 11, 2016
- Scalable to needs of the business and easily integrated into existing systems, it claims
- Solution promises swift invoice processing from document capture to info validation
CANON Malaysia has launched the Accounts Payable Processing Solution from IRIS that it said would help businesses deliver enhanced invoice processing performance through automation.
As a critical accounting function, robust invoice processing yields higher productivity, improved time savings, and greater accuracy of documentation for compliance controls, the company said in a statement, citing an Aberdeen Group study.
The 2012 study found that organisations that automate the account payables process can reduce more than 80% off the cost of processing and decrease the processing time to less than five days, Canon Malaysia said.
“Invoice processing is an essential business operation but manual processes such as data entry and paper handling are not only time-consuming but also prone to inaccuracies, which give rise to inefficiencies,” said Alvin Lee (pic), head of the Business Imaging Solution Division at Canon Marketing (Malaysia) Sdn Bhd.
Through IRIS technology, Canon offers a suite of data capture tools that scans and extracts key information from documents in a variety of formats to connect and integrate with the back-office in real time.
For example, essential information such as purchase order number, account code, supplier information are extracted for automated validation, which saves the user the time from the tedious process of manual data entry.
Should there be errors or missing information, the user is automatically flagged for the user’s further verification.
Upon validation of information, the invoices are automatically matched to corresponding purchase orders and delivery notes. Thereafter, the invoice will be sent to the approver for authorisation.
After the invoice has been authorised for payment, it is securely archived into the database for easy retrieval.
The Canon Accounts Payable Processing Solution is now available from Canon through direct sales.
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