Streamlined document processing and payments

The Challenge

One of the biggest challenges the company was facing was that all its invoice processing was manual and consumed much time and was error-prone.  The invoices were received in various formats at different times throughout the day. They would pile up in the accounts section in paper formats or as email attachments.

The high volume of incoming invoices made it challenging to locate and retrieve relevant information quickly. The company urgently needed a solution to manage the massive number of invoices and related documents.

While there was a tie-up with another vendor for posting and scanning, the process was proving to be very lengthy and costly. Documents were frequently lost, the scanned image was low in quality, and traceability was poor.  Overall, the heavy paper-based processing, labor-intensive invoice management also meant high staffing costs for data collection, documentation, and input.

The company underwent an extensive needs assessment followed by a vendor review and evaluation. They identified that a labor-intensive invoice management system led to real-time liabilities, less access to information, high expenses, and excessive processing time and costs.

That is when the company reached out to CoreFlex for critical document processing and to streamline the Accounts Payable (AP) process.

CoreFlex then set up its platform and assisted in streamlining the company’s business processes.