Optimize Your Accounts Payable Operations with Fusion Digi Tech
Handling invoices from various sources can pose challenges, especially when they come in multiple formats such as paper, PDFs, emails, etc. Sorting through numerous invoices, capturing relevant data, and manually entering it into a centralized database or financial system demands a precise combination of expertise, effort, and time. Even the slightest error or discrepancy can lead to delayed payments, penalties, strained vendor relationships, and compromised credit scores. This underscores the importance of professional invoice processing services to ensure timely payment dispersal.
As a trusted provider of accounts payable services, we offer seamless back-office support for global IT and software companies specializing in Accounts Payable solutions. Our dedicated team of invoice processing experts is proficient in managing various types of invoices (standard, proforma, debit/credit invoices, commercial invoices) and supporting documents such as vouchers, delivery receipts, export licenses, purchase orders, etc. Serving as an extension of your in-house team, our experts meticulously input all necessary information in the appropriate file formats, extract desired data, and validate entries promptly.
Our Accounts Payable Processing Service Offerings
Combining AP automation processes with manual intervention, we provide comprehensive support for invoice processing to guarantee timely approvals and swift payment dispersal.
Invoice Data Entry Services
Our experts conduct both manual and automated data entry from scanned invoices into the financial system with utmost accuracy. Regardless of the invoice format (PDF, CSV, or XLS file type), we meticulously input your invoice and billing data—including invoice number, supplier name and address, project details, PO number, and other critical information—into your preferred database.
We support data entry for diverse invoice types, including but not limited to:
- Commercial invoices
- Credit and debit memos
- Self-billing invoices
- Purchase orders
- Scanned invoice images
- Proforma invoices
- Shipping/freight bills
- Expense report, among others.
Invoice Matching & Verification
We conduct invoice PO matching to verify that the details of a supplier’s invoice align with the details of the issued purchase order. To prevent discrepancies, invoice discrepancies, and overpayments, we meticulously check the accuracy of invoice details, including item description, quantity, price, and taxes. Upon completing the verification process, we validate the invoice, enabling the initiation of the payment process.
Data Capture & Indexing
Our professionals excel at capturing and indexing invoice attributes, including general ledger (GL) code, invoice type, supplier name, document number, document date, VAT amount, gross amount, and PO numbers. This ensures easy retrieval and accessibility of information when needed.
Invoice Processing: Fusion Digi Tech Human-in-the-loop Approach
As technology evolves, Accounts Payable (AP) solutions have made significant advancements in automating the entire invoice processing lifecycle, from receipt to payment processing. However, despite these advancements, inaccuracies within the system are inevitable. These inaccuracies may stem from various sources, including OCR errors, incorrect field mapping, and discrepancies with purchase orders, among others.
Considering that invoice processing is a vital financial transaction, ensuring 100% validation and checks is imperative. This is where our expertise comes into play. We deploy skilled resources who offer customized solutions to eradicate inaccuracies within your AP system, guaranteeing accurate processing of every invoice.
Root Cause Analysis of Bad Data in Company Datasets
A Study Conducted by Fusion Digi Tech on 50+ Clients.
Protecting Your Data Assets with Proven Data Security
- ISO 27001:2022 certified for data and information security
- Secured FTP server enabling safe data transfer
- NDA to protect sensitive client’s financial data
- Network Security Policy with updated firewalls and secure VPN access
- Supervised data operations within a secure facility
- CCTV monitored work areas
Our Clients Have Seen:
60% Time reduction in their invoice processing
80% Reduction in delayed and wrong payments
40% Reduction in late payment penalties
30% Overhead cost reduction
Support for Leading Invoice Processing Tools & Software
Being one of the renowned accounts payable outsourcing companies, our resources can work effectively on topmost tools and software for invoice processing and accounts payable management.
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Invoice Processing Service Workflow
We have put in place a streamlined invoice processing workflow that ensures quick and accurate processing –
- Upload documents on your DMS/ accounting software/ invoicing software or any other software you use, and provide us remote access. Alternatively, you may post invoices to our FTP hosting server which supports different file formats.
- Our team can work directly on your software, so you may access the data in real time.
- Our data processors employ automated and manual means to extract the required information, such as the invoice number, invoice date, vendor name, and line item details from the invoices.
- The extracted data is validated and verified to ensure accuracy. This involves verifying the accuracy of the data against the purchase order, contract, receipt, or any specified client instruction.
- After validation, the data is recorded in the general ledger for further processing of the payments.
Why Outsource Invoice Processing Services to Fusion Digi Tech?
With more than 20 years of expertise, we are a reliable partner for invoice processing outsourcing, serving clients globally. Our invoice processing and accounts payable services are designed to accelerate invoice processing time and enhance control and visibility into spending commitments. Through close collaboration with your team, we deliver high-quality services with rapid turnaround times.
Here’s what sets our accounts payable company apart:
Multi-tier quality checks
Robust security compliance
ISO-certified processes
Regular feedback and reporting
Quick turnaround time
Skilled and experienced resources
Let’s Connect!
Reclaim the time spent on tedious tasks in accounts payable and accounts receivable processing, allowing your finance team to concentrate on other essential responsibilities.
To learn more about our invoice data processing services, please contact us with your requirements at info@fusiondigitech.com. You can also request a trial at no extra cost.