Transform your payment practices with AI-Powered Vendor Invoice Management

19th TUESDAY | JULY | 2022 | 10 AM UK TIME

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> 30% of the invoices submitted in the UK are not paid within the agreed terms   

£26.8 billion - Overall late payment owed to small and medium businesses

To reduce the number of small companies going bust and boost the economy, the UK Government introduced legislation in 2017 requiring companies to report their payment practices. This was to ensure that companies report their payment performance and make it publicly available

Cost to organizations due to the legislation

£40k setup cost

£16k annual reporting cost

While organizations have adopted various approaches and technologies to streamline their invoice management process, data shows that very few have achieved the desired results.

We at Applexus, have developed our solution based on a carefully crafted value driven framework, that ensures measurable value throughout the product life-cycle, significantly reducing invoice processing time and costs and eliminating the setup and annual reporting costs for those qualifying companies in the UK.

Our approach embeds the best practices of Accounts Payable that not only address the late payment issues, high invoice processing time and business rule errors but also optimizes the entire process.

Key features of Invoice management solution

Single, Centralized Platform for all your Accounts Payable needs

Touchless Processing with AI-driven automation

Additional Capabilities (e.g. Supplier Self-Service Portal) to support your AP team

Value Assurance throughout the Product Life cycle

Opportunity to provide E-Invoicing through Supplier Collaboration Platform

Seamless Reporting and Analytics

Key Takeaways:

• Overview of Payment Practice performance for the UK market
• Adopt a holistic Invoice Management Approach that improves payment practices across the organization
• Identify Process Improvement opportunities for your accounts payable process
• Calculate incremental value imparted by an Invoice Management Solution through financial terms (reduced late fee payments, early vendor discounts, spend analytics)
• Explore key capabilities to unlock maximum value from your AP process resulting in financial gains for your business
• Curate and select an Invoice Management Solution just for your business needs

Speaker

Richard Pascoe

VP – Consulting Services,
Applexus Technologies

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