The common problem with Invoice Processing
The Accounts Payable function is essential for every organization. EDI automates invoices from the biggest vendors but the majority of invoices are still received by email. Most organizations compromise quality for speed by only processing the header-level data and filing away all of the valuable line data. This cost-cutting measure is a perceived need to reduce expensive manual data entry. OCR and AI dependent systems have failed to solve the problem because they make too many mistakes and Supplier Portals have failed to solve the problem because most vendors refuse to absorb the additional cost of data entry.
Failing to process line data results in:
- undetected costly errors
- lengthy disputes to resolve those errors that are eventually identified
- loss of profit
- lack of valuable business insights
The solution: Portalink’s 100% accurate data capture technology
Portalink automates the header and line-level data in every invoice, with a fully supported, cost-effective system that captures data with 100% accuracy and more than 90% Zero-Touch. This enables organizations to take full advantage of the deep business insights that can be achieved from the valuable line data. Portalink outperforms all other systems by enabling:
- Auto-allocation of (GL) codes at header and line level
- Automated 2 or 3 way matching with PO and Goods Received
- Multi-Tiered Payment Authorization
- Fast accurate invoice processing enables managers to stay in control of their business
Proven technology with unmatched performance
Independent technologists in Boston, MA, have proven that Portalink is unrivaled in achieving Zero-Touch order entry for complex business environments. Here’s what you can expect:
- 95+% True-Touchless Transactions: With a single invoice processing point that empowers your Finance Team.
- Efficient Error Resolution: When a vendor invoice data error is identified, it’s quickly flagged to your team for resolution.
Machine Learning for Continuous Improvement: Portalink’s AI learns from your team’s decisions, improving the accuracy of future invoices and increasing the Zero-Touch score over time.
True Touchless
"True Touchless" refers to Portalink’s unique ability to process invoices with 100% data accuracy that eliminates secondary touch in the ERP. Portalink is the only system that processes invoices ready for payment without further without further touch in other systems.
Benefits of Portalink invoice automation
Expected outcomes
Accounts Payable Teams prefer using Portalink
Everything becomes easier and quicker when all of the data is captured in a digital form you can trust.
- Faster audit-to-pay cycles
- Eliminates costly errors
- Reduces risk when key people leave an organization, often taking years of knowledge with them
- Friendly and intuitive user interface
- Huge productivity gains achieved by processing all or most invoices in one system
- A Virtual Assistant that can be trusted 24/7
Great businesses understand the value of Zero-Touch technology that can be trusted.
Portalink embraces the bespoke business needs and goals of each of our clients
Improves business resilience and Corporate Governance
Reduces human data entry by 95%
Auto-checks vendor email & bank details to mitigate fraud
Faster & more accurate 2 or 3 way matching with PO’s & Goods Received
Automated allocation of GL Codes at header & line level
Easier multi-tiered payment authorization
Deeper Business Insights & Real-Time Analytics
Eliminates errors and overpayments