Conexiom has introduced a platform to allow users to earn more discounts and avoid late payments, making work easier with invoice automation and 3-way match for SAP Business One users.
With Conexium, businesses can transform invoice processing into an EDI-like experience. This platform allows for a seamless error-free way of managing invoices without overhauling supplier relationships. Users can remove bottlenecks and risk from invoice processing.
Paired with manual data entry, tracking down warehouse receipts and matching invoices to purchase orders, invoice processing can be overwhelming for small teams.
AP clerks face the ever-present challenge of managing a high volume of invoices while maintaining high levels of accuracy and efficiency.
This results in inflated costs and reduced profits, growth tied to headcount, businesses can only scale by hiring, missed discounts for early payments and increased risk of late payments and overpayment.
With Conexium, users can streamline invoice processing and unlock a range of key benefits with this automation solution. This includes automating data entry, validation and posting to the SAP Business One system to save hours of manual effort and reduce costs associated with errors and delays.
Conexiom’s solution offers automated 3-way matching within SAP Business One, bringing additional benefits to users’ AP operations. Users can automatically match invoices with purchase orders and receipts to ensure accurate payments and avoid costly mistakes and expedite the payment process to take advantage of early payment discounts offered by suppliers to improve cash flow and vendor relationships.
SAP Business Ones users can automate the reconciliation process as well, ensuring that what was ordered matches what was received or invoiced and maintain a clear audit trail, demonstrating compliance with internal controls and external regulations.
The Conexiom Platform mirrors an EDI experience without the cost and complexity while providing the highest touchless transaction rates in the industry through these steps.
Ingest with modern adaptive templates expedite onboarding of first- time documents and use autorecognition of documents when they are seen again.
Extract with the application of advanced algorithms to extract data with 100 percent accuracy from clear text.
Contextualize with machine learning and deep learning tools to be applied to identify and contextualize relevant data fields.
Transform with reference tables, business rules and business logic that are applied to define how data is configured for delivery.
Deliver data to systems of record including ERP systems via industry-standard data formats.
Auto-vouch and hold invoices digitally inside of SAP Business One until receipts have been delivered using automated 3-way match and vouching process without human intervention.
Receipt discrepancies can be managed from within SAP Business One to ensure accurate vouchering and vendor payments.
As an example of this in action, in an effort to compete with larger competitors, Woodhill Supply, a one-stop wholesaler for pipe, valve, fitting, plumbing, HVAC/R and tool needs, partnered with Conexiom to automate the entry of their AP invoices.
Not only were they able to get a mass of data uploaded into their ERP with little to no effort required, but they also freed up their accounts payable team to focus on value-added tasks.
To learn more about optimizing SAP Business One for AP Teams: Check out Conexiom’s On-Demand Webinar.
