Automotive – Manufacturing
It has been difficult to manage the enormous amounts of invoices issued within the automotive industry, many of which are still paper or PDF and require manual processing. Processing incoming invoices usually involves a lot of manual work and time, which can be expensive and vulnerable to fraud or human error.
The automotive sector has more moving parts than any other. It’s easy to be overloaded by the volume of bills that arrive while working with a large number of different suppliers. In addition, there are numerous supply chain problems that are now plaguing the sector that makes it difficult to keep up with consumer demands.
Challenges faced in the automotive industry:
- Decentralized activity across units
- Physical copies received at gate
- Entry error while documenting and storing the invoices
- Huge invoice count and various formats of invoices
- Costly affair as a huge team is needed
- Duplicate payments are done and no track of the same
- No early payment discount
- Cost of invoice processing is very high
In an industry where efficiency can make or break a company, automating AP invoice processes can ensure high efficiency in the automotive industry.
Automating the data entry process will help in centralised operations and save time and money while increasing accuracy. By automating it is easy to keep track of all invoices and visibility.
Using an automated workflow and a central dashboard, ELIPO automates the processing of PO and non-PO invoices. It keeps finance people happy because invoices can be booked to individual projects and saves them time chasing project managers for approvals.
Benefits of ELIPO
- 2X reduction in the invoice lifecycle
- 2X reduction in the time to get invoice approvals
- Enhanced visibility facilitates cash flow management
- 10X faster invoice data capture
- 10x time and effort saved contributing to increased efficiency
- Significant reduction in the cost of invoice processing
- Centralized activity across units
Features of ELIPO that will help:
Invoices get auto captured via AI.
All validation are done on the tool itself.
3 way match done
After checks are issued, the payment status and reference of paid invoices are updated in ELIPO.
ELIPO connect with ERP via file integration, which enables it to facilitate a fully automated AP process. Now 100% of invoices are available in ELIPO on the day of receipt and its artificial intelligence (AI) technology —helps automate invoice processing and learns the organization’s unique patterns to streamline processes.
After AP team, reviews the invoice and adds any header details needed, ELIPO makes it easy and send invoice to one or more approver for approval. Invoices over certain threshold amounts are assigned to the appropriate finance manager, and ELIPO ensures that approvals are completed following the sequence of the assigned approval order.
The approvers code the invoice with the correct GL and approve – all with the convenience of seeing the invoice image. Approved invoices are then reviewed by AP and authorized for payment.
If needed, approvers can re-route the invoice or ask questions to AP or other departments on top of the invoice, taking much of these time-consuming tasks out of the AP clerk’s day.