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Automated
Automated
Manual
How It Works
The Significant Benefits of InShip for Your Customers
Increasingly, companies are moving to Automated Accounts Payable processing for the simple reason - it saves money.
To summarise, Manual invoice processing is a time-consuming chore. Often the workflow includes:
- Opening all supplier envelopes and extracting invoices
- If invoices are emailed - printing those invoices
- Sorting the invoices and manually allocating them against relevant POs and GRNs
- Forwarding the paper invoices to appropriate company employees for approval
- Keying all invoice data into the company’s ERP/accounting software
- Manually reconciling statements to invoices; requesting missing invoices and spotting duplicate invoices
- Filing and storing all hard copies
The Savings with InShip This time-consuming, expensive process, which can include as many as 10 steps per invoice, has been estimated to cost (minimum) €4.50 (US$5.30) per item (source: PWC). InShip has been proven to save users between 80 – 90%, compared to manual accounts payable processing.
Why is InShip so Cost-Effective? InShip’s online functionalities eliminate manual Accounts Payable processing by automating associated workflows.
Step 1 - Suppliers email invoices, statements, and related documents to a secure online address
Step 2 - InShip’s cloud-enabled architecture automatically extracts data held in those documents
Step 3 - The data is forwarded to the relevant internal employee for secure, authorized approval
Step 4 -The approval, together with the data, is migrated to the End-Customer’s ERP and/or accounts package for payment, compliance, and financial accounting It really is that simple.
Intelligent Rules-Based Processing for Flexibility
Because every business is different, users access the InShip Dashboard to establish specific rules to tailor our solution to their requirements. InShip does not ask users to change their internal processes to meet the InShip solution. Rather, InShip changes its processes to meet end-user needs.
Flexible User-Defined Data Capture – InShip captures all data automatically and those data capture requirements can be easily modified by the user. Capture fields can be added, edited, and deleted. Benefit: InShip can be reconfigured as requirements change.
Matching POs to GRN– InShip automatically matches Purchase Orders to Goods Received Notes to ensure that the customer has received exactly what has been ordered. Benefit: eliminates manual matching; ensures accuracy.
Watching for Price Increases – if prices of specified products / services increase above a set threshold, InShip’s Price Watch function notifies specified stakeholders within the user company. InShip can also provide alternative suppliers based on purchasing histories. Benefit: eliminates manual research and overview of pricing; increases the likelihood users are receiving the best price for purchased products and services, Simplifying Complex Approval Processes – InShip takes care of this by using pre-established rules set by the user. Examples include requests for approval can be automatically routed by specific sets or sub-sets of products (and their invoices) to specified employees, and/or products purchased in specified geographic markets (or regional areas) can be automatically routed to specified employees within those markets or elsewhere, and/or approval can be routed to a single headquarters office.
InShip is flexible - Its rules-based architecture can be configured to meet the unique approval requirements of most businesses. Benefit: speeds the approval process while increasing security.
Simplified Bulk Approvals – all documents from one supplier, or all PO matched documents, can be approved with a single click. Benefit: increased efficiency for larger suppliers, while ensuring approval security.
Online Mobile App Approval – InShip is available as a secure application for use on mobile devices. Authorized users can be granted approval permissions, enabling them to approve invoices remotely. Benefit: increased efficiency and productivity.
Remote Online Access – InShip is fully online, it is available 24 hours a day, 7 days a week, from anywhere in the world. Robust security ensures that only authorized employees can access the company’s InShip website, as well as all supporting documents. Benefit: increases efficiency, productivity, and security.
Line-by-Line Data Capture – InShip captures every line of every invoice for deeper insight, while eliminating the need for re-keying data into ERP and accounting systems. Benefit: speeds all supplier invoice processing while increasing payment and reporting accuracy.
Automatic Migration to the User’s Accounting Solution – InShip automatically migrates data into the user’s accounting solution by specified rules. For example, invoice data can be migrated to the General Ledger as well as Supplier Ledgers. Taxes, such as sales taxes / VAT, can be migrated to the specified ledger to ensure compliance). Benefit: increased efficiency, productivity, accuracy, and eliminates data re-keying.
Automatic Statement Reconciliation – manual reconciliation of statements against invoices takes hours. InShip eliminates this by automatically reconciling invoices against relevant statements. InShip also detects missing invoices, and spots double invoicing, prompting appropriate action on the part of the user. The Benefit: eliminates hours of manual reconciliation while improving accuracy, and minimizes accidental payment of duplicate invoices.
Purchase Order Creation – InShip integrates with many ERP and Accounting packages. However, some businesses require a supplemental or stand-alone system, where InShip can act as a separate solution to create Purchase Orders. In this scenario, InShip can work as a stand-alone system, or in addition to existing ERP and Accounting PO functions. InShip POs are routed according to rules-based instructions, and across a variety of parameters. For example, PO approvals can be routed to specified employees based on suppliers, items purchased, or values. Benefit: flexible PO functionality increases speed, accuracy, and security.
Comments – users can add new, pre-defined, or forced comments onto documents. Benefit: enhanced user collaboration.
7 Years of Invoice History at Users’ Fingertips – all documents received by InShip into the user’s secure online portal are automatically stored, and accessible, for up to 7 years. Older documents are migrated to a relevant Archive for a further 5 years. The Benefit: simplified search functionalities enable users to find required documents in moments, using a variety of search terms including supplier name, invoice number, date, PO, value etc. Rather than resorting to a manual search of stored paper files.
Paperless Automated Accounts Payable – Supplier invoices and statements are securely stored online, InShip eliminates paper storage requirements. Benefit: eliminates paper-based storage.
Document Tracking – invoices processed by InShip that require approval are tracked. The InShip Dashboard illustrates whose approval is required, and by when. Benefit: ‘At-a-Glance’ ability to manage invoice flows, while ensuring timely payments.
Other Benefits – InShip is scalable, delivering the flexibility to handle changing user requirements. Our solution also enhances collaboration among users who may be located thousands of miles away. InShip reporting tools work to help users pay suppliers within agreed terms, helping to promote goodwill. A Superlative ROI – InShip significantly reduces the cost of manual processing, while increasing accuracy and payment security. Combining all of the benefits, users discover that InShip provides an exceptional Return on Investment.
Why Businesses Switch to InShip?
The Efficiencies and Results are Due to InShip’s Intelligent Automated Features
Document processing time reduced by 90%
Manual Paper Handling reduced by 93%
Errors (manual processing -V- InShip) reduced by 97%
Hard copy document storage reduced by 100%
Paper Elimination – stores invoices, statements and related documents in a secure cloud
User Defined Data Capture – rules-based automated data capture
Issue Checking – can be modified at Global or group level
Document Routing – mirrors and automates both simple and complex process flows
Auto-Routing – automate the workflow using supplier codes, general ledger codes, delivery address, project codes, etc.
PO and GRN Matching – match invoices to POs and GRNs at a total or line-by-line level. Managing delivery, discounts, and surcharges
General Ledger Coding – auto-code invoices based on multiple factors
Line-by-Line Data Capture – auto-capture line items on invoices for reporting, coding, and search purposes
One-click Approval – with all relevant information on one easy-to-use Dashboard, approve documents with a single click
One-click Bulk Approval – similarly, all documents from one supplier or PO can be approved with one click
Approval Limits Set-Up – set up limits by a Supplier, user, or General Ledger code
Document Comment Insertion – authorized users can add comments all along the workflow for outstanding collaboration
Price Watch – watches for supplier price increases and displays those increases to users
Secure Online Invoice Storage – store all invoices, statements, and documents for a minimum of 7 years
Store High-Security Documents – highly confidential documents can be securely stored with restricted access
Statement Reconciliation – automatically reconcile invoices with statements
Fast Document Search / Search Reporting – find invoices and statements in seconds. Search by either an invoice or invoice line bases
Document Tracking – documents are tracked from start to finish
Issue Handling – multiple methods to manage invoice issues
Mobile Approval – approve documents using the InShip mobile app
UK Maintenance Company
The Issue
From its maintenance hub, this UK company supports over 5000 assets using a network of 250 suppliers located throughout the country, and handles 60 daily breakdowns, 100 services and 20 annual checks.
The Solution
The INSHIP model can be tailored to meet any customer need. For this customer, INSHIP added additional document types to the system, while providing new routing for these non-standard documents. Now the company’s suppliers e-mail their own standard documents to an INSHIP e-mail account. INSHIP extracts the documents and forwards the backup documents to a searchable file. Matching invoices are automatically approved while unmatched invoices and proforma invoices are forwarded for approval or rejection - all while keeping the supplier informed as to how each invoice is progressing.
The Brief
A system was required that could correctly deal with all the company’s supplier invoices and proforma invoices. The system also needed to automatically compare these invoices to purchase orders. Additionally, they required us to automatically recognise and store backup service documentation to meet regulatory requirements.
Client Feedback
“In the first few weeks after we started to use INSHIP, I was really surprised to hear that we were processing over 400 documents in a week - the system worked so well it really felt like 100 or less! Operators love using the system. It allows them to work in a structured way and to communicate with their colleagues and suppliers painlessly. We were surprised and delighted that INSHIP could integrate with our bespoke accounts system.”
Irish Hire Company
The Issue
The company is a medium size hire company which receives approximately 400 invoices a month.
The Solution
Using the standard INSHIP system, we advised this client to activate the ‘last approver’ option. This will ensure that any document (even those with a number of approvers, including the MD herself) may be reviewed lastly by the MD who is now able to confirm that the correct actions have been taken.
The Brief
The Managing Director (MD) required the ability to approve invoices from a number of suppliers once they had been actioned by her staff. This was to ensure all tasks had been completed correctly.
Client Feedback
“Now I know the process is being followed, I can see who is doing what. My staff find the system really easy to use and the automatic statement reconciliation has improved our month end accounts. INSHIP is saving the company money each week by ensuring all charges are dealt with correctly.”
Stacks Pharmacy
The Issue
Having to manually handle and process 12,000 invoices every month, across their 17 Branch Network, accounts payable processing was a time-consuming, expensive chore which delivered inefficient management of critical supplier invoices. Adding to its processing costs was the fact that all those physical paper invoices had to be stored somewhere. “The manual system was cumbersome,” reflects Managing Director Ade Stack. “It is particularly important to keep our suppliers happy by paying them on-time and within their terms because we respect their efforts, and our customers rely on their products. However, our manual processes could occasionally delay payments, while sometimes allowing inaccurately priced invoices to go unnoticed. I recognised that we needed a more efficient system to streamline our accounts payable process.”
The Solution
InShip Irish Partner, Smart Office AP was chosen by STACKS to resolve the company’s challenges. Stack Pharmacy Group replaced its manual supplier invoice processing workflow with Smart Office AP. Fully integrated with the Group’s accounting solution, Smart Office AP automates the entire accounts payable management process using seamless, digital online technologies. The Group has reduced its physical handling of 12,000 paper invoices per month, plus Supplier Statements, Credit & Debit notes, down to almost nil. Because the time-consuming chore of handling paper invoices has been reduced, the time it takes to manage accounts payable has also been reduced. The Group also saves on physical paperwork storage because it is no longer required. Automated migration of accounts payable data to the Group’s Accounts system removes data entry requirements as well as the possibility of human error, while the likelihood of paying inadvertent supplier overcharges has also been reduced.
The Brief
The client required an automated solution because the increasing volume of invoices, and continuing to operate manually was becoming impossible.
Client Feedback
With Smart Office AP, we save 90 percent of the time we had historically spent processing supplier invoices,” the Group Managing Director observes. “The Smart Office application gives me the visibility I require to control my suppliers’ paperwork, while allowing me to know at any moment in time what my outstanding debts are, no matter where in the world the physical invoices are located, or if they’ve been processed or not. “
