Streamline your Accounts Payable Activities with SunTec India
Managing invoices from different sources can be challenging, especially when they are in multiple formats, i.e., paper invoices, PDFs, emails, etc. Sifting through numerous invoices, capturing relevant data, and entering it manually into a consolidated database or financial system requires an optimal blend of expertise, effort, and time. Further, even the slightest error or discrepancy can result in delayed bill payments, penalties, poor vendor-customer relationships, and substandard credit scores. This calls for professional invoice processing services for the prompt dispersal of payments.
As a reliable accounts payable services provider, we provide seamless back-office support for global IT and software companies that offer Accounts Payable solutions. Our dedicated team of invoice processing experts can manage all types of invoices (standard, proforma, debit/credit invoices, and commercial invoices) and supporting documents, like vouchers, delivery receipts, export licenses, purchase orders, etc. As an extension of your in-house team, our experts can key in all the required information in the appropriate file formats, extract the desired data, and validate the entries in a timely manner.
Our Accounts Payable Processing Service Offerings
Using AP automation processes and manual intervention, we offer complete support for invoice processing to ensure timely approvals and prompt payment dispersal.
Invoice Data Entry Services
Our experts perform manual and automated data entry from scanned invoices into the financial system with high accuracy. Irrespective of the invoice format ( PDF, CSV, or XLS file type), we accurately enter your invoice and billing data (like invoice number, supplier name and address, project details, PO number, and other critical details) in 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 perform invoice PO matching to ensure that the details of a supplier's invoice match the details of a purchase order that was issued. To avoid discrepancies, invoice expectations, and overpayments, we further check the accuracy of invoice details, such as the item description, quantity, price, and taxes. Once the verification process is complete, we verify the invoice so that the payment process can be initiated.
Data Capture & Indexing
Our professionals are adept at capturing and indexing invoice attributes, such as general ledger (GL) code, invoice type, supplier name, document no., document date, VAT amount, gross amount, and PO numbers, for easy retrieval and accessibility of information at the right time.
Invoice Processing: SunTec India's Human-in-the-loop Approach
As technology advances, Accounts Payable (AP) solutions have made significant strides towards automating the entire invoice processing lifecycle, from receiving invoices to payment processing. However, despite the progress, inaccuracies in the system are inevitable. These inaccuracies can arise from a variety of sources, including OCR errors, incorrect mapping of fields, and mismatches with purchase orders, among others.
Given that invoice processing is a critical financial transaction, it is crucial to ensure 100% validation and checks. This is precisely where our expertise comes in. We employ skilled resources who provide tailored solutions to eliminate inaccuracies in your AP system, ensuring every invoice is processed accurately.
Root Cause Analysis of Bad Data in Company Datasets
A Study Conducted by SunTec India 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.
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 SunTec India?
With over 25 years of experience, we are a trusted invoice processing outsourcing partner catering to a worldwide clientele. Our invoice processing and accounts payable services aim to speed up invoice processing time and improve control and visibility into spending commitments. By closely coordinating with your team, we deliver quality services within a quick turnaround time.
Here's what sets our accounts payable company apart:
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Multi-tier quality checks
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Robust security compliance
ISO-certified processes
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Regular feedback and reporting
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Quick turnaround time
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Skilled and experienced resources
Let's Connect!
Reclaim the time spent on tedious tasks in the account payable and account receivables processing, and free your finance team to focus on other crucial work.
To know more about our invoice data processing services, contact us with your requirements at info@suntecindia.com. You can also request a trial at no additional cost.
Adrian Dick
CallPlus Ltd., New Zealand