Payables Processing
Payables Processing
TEOCO’s world-class software manages the full life-cycle of invoice payments including account coding, management review, A/P interface, and payment reconciliation.
Our payables processing solution provides visibility into and control over nearly all aspects of your payables processing workflow by giving you access to an end-to-end view of network costs on a single, easy-to-use platform. It also provides you with comprehensive tools to manage and analyze invoices and network cost data.
By utilizing our payables processing solution to manage your payables processing workflow you will be able to:
- Improve processing time and efficiency – by automating much of your existing payables processing workflow
- Automate cost allocation procedures – with our two-way A/P feed
- Support regulatory compliance – through operational visibility provided through key management reports
Key features:
- Design a specific invoice processing workflow and approval hierarchy tailored to your business needs
- Apply general ledger (GL) codes automatically to all invoice charges, adjustments, and disputes
- Transfer files directly to your accounts payable (A/P) system to ensure prompt credit reconciliation and payment processing
- Create key management reports to analyze financial trends, enhance productivity, and measure various other operational factors
- Data from our payables processing solutions can be used to support GL and cost coding analyses, accrual and liability analyses, and financial forecasting
Invoice Processing supports management of invoice accuracy, reconciliation of account balances, and validation of charges and includes features such as:
- Bill Integrity and Tracking
- Automated Account Verification
- Business Rule Application
- Auto Pay Option
- Accounts Payable Integrity
- Cash Management
GL Coding automates the assignment of GL and A/P codes using your business rules with override available for exceptions and includes features such as:
- GL Summary
- GL Details
Invoice Review and Approval automatically sends designated management an e-mail message when approval work has been assigned. These e-mails include links to the invoices awaiting approval.
Accounts Payable establishes a two-way A/P feed that can be used to transfer files directly to your A/P system which ensure prompt credit reconciliation and payment processing – saving you needless late payment fees.
Reporting is available throughout the payables process and includes features such as:
- User-friendly drag and drop functionality
- Over 50 standard reports
- Custom report creation tools
- Easy report distribution tools
TEOCO’s payables processing solution can be delivered as a hosted solution or as a fully outsourced solution.
Hosted Solution
TEOCO can host and maintain all the required hardware and software for this solution at our SAS 70 Type II certified data center. Advantages of a hosted solution include:
- Full redundancy on your production database
- Pro-active server capacity monitoring to ensure sufficient space to manage your volume requirements
- Business continuity and disaster recovery plans
- SAS 70 Type II certified data center and hosting processes – which means we have the necessary procedures in place to fully secure and protect your data assets
Additionally, with a hosted solution, TEOCO will provide full hosting support to include:
- Provisioning the required hardware, Oracle licenses, and Business Objects licenses
- Hardware administration
- Application hosting and updates
- System availability and maintenance notification
- Server-based software management
- Client-based software management
- Database administration
- Connectivity management
- Security and business continuity / disaster recovery
Fully Outsourced Solution
For customers who need more than a hosted solution, TEOCO can also perform the day-to-day functions of payables processing.
In the fully outsourced service model, TEOCO will provide a dedicated outsource team to support your end-to-end payables processing requirements. The team will work closely with you to understand and identify your payables processing workflow and business rules, and process all of your invoices in a timely and accurate manner in accordance with your specified business rules and requirements.
Additionally, with a fully outsourced solution, TEOCO can provide:
- All hosted support such as licensing, software management, hardware provisioning, security, and business continuity / disaster recovery
- Invoice automation to capture and transform invoice data, perform invoice assurance checks, archive invoice data, and provide query on original invoice data via a web-based portal
- Invoice review, new BAN set-up, GL coding, and workflow processing
- Web-based access for invoice approvals and the ability to run standard and ad-hoc reporting on original invoice data
- Full visibility and oversight into the entire payables processing workflow
