Invoice Processing Checklist

Invoice Processing Checklist

82% of finance departments are overwhelmed by the high numbers of invoices they are expected to process on a daily basis. Answer the questions given in the checklist to ensure more accurate and timely invoice processing.

Access this Invoice Processing Checklist by completing the form and clicking “Download Now.”

Accounts Payable Automation Readiness Checklist

Accounts Payable Automation Readiness Checklist

You are the CFO of your company and the AP team has been pressing you to select a paperless AP invoice automation solution. You need to solve an immediate problem, but you also want to plan for the future. Have you thought about the future benefits of leveraging a single end-to-end solution for supplier invoices, payment processing, and expense reporting?

With a single solution, your team gains visibility and efficiently collaborates the entire procure to pay life cycle – from sourcing requests, RFP’s, vendors, contracts, purchase orders, invoices & expenses, and payments. 

But is your organization ready?

This quick checklist will assess your organization's need and readiness in several areas of AP, including:

  • Invoice receipt and processing
  • B2B payments
  • Reporting and analytics

Access this AP Automation checklist by completing the form on the right and clicking “Download Now.”

Accounts Payable (AP) KPI Worksheet

Accounts Payable (AP) KPI Worksheet

Accounts Payable (AP) KPI worksheet gives you a dashboard view to identify key metrics like invoice exception rate, days payable outstanding, duplicate payment rate, and others including aging of invoices. This worksheet covers the important metrics you need as per the industry and will help any finance department to properly get AP visibility.

Access this worksheet by completing the form on the right and clicking “Download Now.”

Leading investor services provider manages SLAs with secure and centralized contracts

About Company

One of the world’s top 10 financial groups with a presence in more than 40 countries supports businesses with a range of tailor-made financial services and corporate banking products.

The firm’s Investor services subsidiary provides asset administrative services to investment and asset management companies around the world, offering a broad array of services - for managing thousands of funds and multiple alternative asset classes, in all major jurisdictions worldwide.

Contract Management Challenges

The Investor services provider manages various types of services agreements, process frameworks, fee agreements, and other contractual documents per customer. These multipage documents prepared in form of spreadsheets, PDF, or MS Word were being stored in multiple repositories and shared folders. The firm’s advisors need to manually compile all documents, monitor SLAs, and define the actions. This involved maintaining various spreadsheets, copying and pasting data into a master document, categorizing terms, formatting the report, and sending a PDF to the clients. Each contract has multiple SLAs and monitoring compliance using spreadsheets and ad-hoc tools was not effective. All told, each report could take as long as an hour to produce, and a separate report had to be created for hundreds of clients every month.

Part of the challenge was to ensure a high level of security, full transparency, and compliance with IT guidelines for the Sarbanes-Oxley Act (SOX) and AML/KYC legislation, the firm was looking for a solution that can offer a highly secure contract repository and digital workflows without compromising the user experience.

 

"Our organization was riddled with the challenges of retrieving contracts, manually compiling all related documents, monitoring SLAs or the key terms associated with contract documents, and defining financial action plans. We needed a solution that would help us reconcile all documents and SLAs per customer, and that’s when we looked at Aavenir. We found Aavenir was super easy to use and addressed our complex security concerns with contract storage. Because it is built on ServiceNow, it offered a quick setup and we expect it would bring immense visibility into contract management process down the line.

- Director technology business management, operations & financial manager 
at the world’s leading finance group

 

The Solution: Aavenir Contract Lifecycle Management for Financial Services

The firm was heavily using ServiceNow as their underlying technology platform for multiple enterprise applications and turned to Aavenir Contractflow to centralize all contractual documents and reduce manual efforts in monitoring SLAs tied to contracts.

Highly secure contract repository:

Having Contractflow on their existing Now platform keeps sensitive information secure — because the data never leaves ServiceNow.The firm’s IT audit team and Aavenir successfully sailed through different stages of security and risk audit of the application before go-live. The process involved a complete IT audit of information security and preparation of documents such as software design, dependencies, administration, security & governance guidelines, and much more.

Full-text contract search:

Contract managers can now perform google-like wildcard search across contracts using any keyword or filter contracts by contract type or customer name - with the click of a button.

Ease of contract creation:

The firm easily configured a number of custom field-based forms and document templates to be used to enter client information, contact details, related SLAs, action plans steps and benchmarks, and other details while contract creation.

Faster and automated reporting:

Rather than the contract managers manually creating each report from scratch and updating spreadsheets each time, Aavenir dashboards and reports do the work for them. The firm can track deliverables, monitor SLAs, key obligations per customer, and identify the volume of contracts in approval or sent for signing.

Key Results

After a detailed IT audit process, the firm on-boarded Aavenir Contractflow through a series of sessions for successful implementation and adoption. Within a short time, they realized the following key benefits of using Aavenir Contractflow.

The single version of the truth:

Having centralized contracts using Contractflow on the unified Now platform made the process standardized, secure, and easy to maintain. It will also allow low-code/no-code integrations with other systems to maintain a single version of the truth.

Massive time savings in contract management:

Team members who once spent days working on manual documentation can now monitor SLAs, develop financial action plans within a couple of hours/one hour to 30 secs.

Increased visibility to SLAs:

Contract managers can easily track all SLAs details and identify the stage the SLA is in and if it has not complied. The SLA log details help understand the progress of an SLA and the amount of time required to complete the task.

 

Procurement KPI Worksheet

Procurement KPI Worksheet

The procurement and purchasing function for any organization is the expense center where it is often difficult to evaluate where the spends are made. This procurement KPI worksheet covers the important metrics any procurement professional would need to help monitor and create a comprehensive procurement dashboard to enhance the vendor data analysis and improve procurement performance. 

Procurement KPI worksheet covers key metrics like total spend per vendor, purchase price variance, supplier lead time & defect rate, days payable outstanding, and tail spend per vendor.

Access this worksheet by completing the form on the right and clicking “Download Now.”

Aavenir Invoiceflow Integration with ServiceNow ITBM Project Portfolio Management (PPM)

Aavenir Invoiceflow Integration with ServiceNow ITBM PPM

Actualize Project Costs with Integration of Aavenir Invoiceflow and ServiceNow ® ITBM Project Portfolio Management (PPM)

While analyzing the project’s health, PMO needs high levels of visibility into project costs to take necessary corrective or preventive measures. Many PMOs continue to struggle with disparate project management tools and lack visibility into the actual project costs.

Companies use ServiceNow Project Portfolio Management (PPM) to perform resource planning, financial planning and track the progress of programs and projects portfolio. Organizations can use the capabilities of Aavenir Invoiceflow to automatically extract invoice data from multi-page invoice documents and manage invoice approvals using digital workflow and Artificial Intelligence (AI) on ServiceNow.

The integration automates data entry of invoice header and line items into ITBM PPM, including invoice No#, invoice amount, vendor information, purchase order, expense type (Capex/Opex), and invoice line items.

Access this Datasheet by completing the form on the right and clicking “Download Now.”

Aavenir Invoiceflow - Accounts Payable Automation for ServiceNow

Aavenir Accounts Payable Automation Solution - Invoiceflow Automates Invoice Data Onboarding and Processing on ServiceNow​

With its advanced machine learning capabilities, the Aavenir Accounts Payable Automation solution can help ServiceNow customers to improve cash flow and accelerate the speed and accuracy of multi-vendor invoices processing while eliminating human intervention by 3x.

Having cognitive invoice processing capabilities, Aavenir’s AP automation solution leverages ServiceNow’s enterprise-class workflow management capabilities to streamline accounts payable processes, eliminates the need for manual checks, and reduces AP cycle times by validating and bringing thousands of invoices from different channels such as; e-procurement systems, emails, scanned PDFs and even, printed letters on one platform.

Access this Product Brief by completing the form on the right and clicking “Download Now.”

Accounts Payable Automation Software Buyer's Checklist

Ready to automate accounts payable operations with efficient invoice processing workflow? Leverage this Accounts Payable Automation Software checklist to make informed decisions.

Companies are moving from time-consuming, error-ridden manual invoice and payment (AP) processes to a partial or fully automated workflow. Before trying to investigate and interview potential AP (accounts payable) automation solution providers; companies should start with an internal assessment and create an AP software requirements checklist.

The purpose of this AP automation checklist is to provide certain key questions that organizations should consider when evaluating APA solution providers. This checklist will help make an informed decision based on the factors that matter most to your organization.

Aavenir’s Accounts Payable Automation Software checklist will help you to find the most efficient, cost-effective, fraud-resistant, regulatory compliant accounts payable automation software.

Access this checklist by completing the form on the right and clicking “Download Now.”

AI-enabled Accounts Payable Automation

Ready to Transform your AP Department via AI-enable Accounts Payable Automation?

Discover how automation will save you time, maximize security, and make your AP team more efficient. Advance your AP department with the help of this free Ebook!

AP Automation digitalizes the accounts payable process to take away time-consuming manual tasks, minimize errors and increase control over company spend. From your business workflows to your IT operations, we’ve got you covered with AI-powered automation. Discover how leading companies are transforming their Accounts Payable Automation and solving their challenges with Aavenir Invoiceflow Solution.

Accounts payable (AP) departments are among the most paper-burdened areas in business. We want to make sure you’re aware of the benefits that automating your invoice and payments processes could have for your AP team and for your bottom line.

Access your Ebook copy by completing the form on the right and clicking “Download Now.”