All About Using Tungsten InvoiceAgility for Accounts Payable

Efficient invoice processing is a must-have for any business. A functional workflow delivers faster results, keeps you compliant, and provides vital visibility for essential data. That’s not to mention its impact on your reputation with suppliers. Despite the need for high-level functionality, substantial friction remains in these processes today. Manual and tedious work consumes time and can even waste resources. To support the modernization of these processes, consider an innovative solution such as Tungsten InvoiceAgility.

InvoiceAgility is an advanced, exciting platform that combines solutions for capturing and processing invoice data for delivery to your ERP. Learn how this solution works and what it could mean for your business.

What is InvoiceAgility? A Quick Overview

InvoiceAgility brings together the best of two worlds. On one side is the advanced processing capabilities available for handling physical invoices through Tungsten AP Essentials. On the other side is the Tungsten e-Invoice Network, a supplier portal with a global footprint that streamlines the digital invoice process. InvoiceAgility combines these capabilities to enable you to accept any invoice from your suppliers, regardless of whether they’re located internationally or what local regulations apply.

With InvoiceAgility, your business can roll out straight-through processing for a broader range of invoices. With little to no human intervention needed for processing in many cases, the system enables rapid improvements in how you work.

What’s Possible With InvoiceAgility?

Faster processing is one of the main advantages of rolling out a system such as InvoiceAgility. With this system, you can accept invoices in various formats to satisfy different supplier preferences. Rapid processing of PDFs, paper, or e-invoices is possible. In some countries, strict regulations apply to e-invoices. With TotalAgility, you can maintain compliance with confidence.

InvoiceAgility includes solutions for validating invoices and checking to ensure documents comply with relevant tax rules. Additional configurable rules let you meet other obligations without hampering the processing speed.

With the built-in Tungsten Copilot, InvoiceAgility users can query their data for insights. Using this tool, AP teams can find ways to optimize cash flow by analyzing invoice trends. Find valuable information hiding in the data you already have.

How InvoiceAgility Works Within Your Business in Practice

From a bird’s-eye perspective, there are three core stages of operations when you process data using InvoiceAgility. Compare that to the many steps of a typical accounting workflow. This streamlined invoice automation delivers operational value and savings at the same time. So, what are these three stages?

First, invoices arrive and flow into your business. As mentioned, this can be scanned physical invoices, emailed or uploaded PDFs or e-Invoices. The ingestion process is fast and automatic.

Next, the InvoiceAgility system uses validation engines to inspect and analyze the invoice data. It ensures invoice data is accurate and can route exceptions to a human for intervention. It also checks to ensure the invoice is fully compliant with relevant tax rules and any other rules your workflow regularly uses. Invoices that conform to all the rules move swiftly through the system.

Finally, InvoiceAgility delivers the confirmed invoice data to your company’s ERP solution. The process for how this occurs is customizable to suit different organizational needs. From this stage, your teams can complete the remainder of the work efficiently.

Benefits for Your Business and Your Teams

InvoiceAgility yields benefits for both the organization as a whole and for the accounting teams who handle the work every day. These advantages make clear the value of advanced workflow automation for invoices. Organizationally, businesses can see improvements that include:

• A lower number of exceptions due to improved invoice data quality. Spend less time on resolution and more time on the next task.
• Clear visibility into invoice status for suppliers, reducing unnecessary communications.
• Up to a 90% reduction in touchpoints.
• Improved peace of mind relating to tax and regulatory compliance.

Accounts payable and finance teams benefit, too. The positive effects impact the quality of daily work and the most-watched departmental KPIs. Advantages include:

• A reduction in days payable outstanding (DPO) due to straight-through processing.
• Straightforward capturing invoices from any source, saving time and avoiding frustration.
• Less time spent handling suppliers with the advent of a self-service portal.
• No more late payment fees and options for better payment terms.
• Better cash flow visibility and more opportunities for strategic money management.

With InvoiceAgility, it’s possible to reshape this fundamental business process into a value creator.

Discover How to Reshape the Way You Process Invoices Today

Improved and accelerated invoice processing can have tangible benefits for an organization. Those advantages impact your bottom line, supplier relationships and operational planning. With better data and more insight into cash flow, you can position the business for long-term success from immediate process improvements.

Start exploring how an integrated capture and e-invoicing solution makes an impact with a short turnaround towards a profitable ROI. Learn more about InvoiceAgility today.