Accounts Payable Outsourcing
CFOs outsource accounts payable processing to reduce costs and strengthen controls.
Elevate and Automate Your Accounts Payable Performance
CFOs expect more from the AP function. AP, long regarded as a back-office cost center, has evolved to a strategic business enabler charged with the mission to reduce costs, strengthen compliance and controls, ensure accurate and timely reporting of payments, partner with procurement, receiving and business units to streamline the procure-to-pay process and add value through more strategic payables-related working capital.
The AP function must streamline the invoice process, update or implement new technology and, like other parts of the organization, implement successful strategies such as outsourcing nonstrategic work, leveraging P-Cards for low-value high-frequency transactions and migrating from paper to digital workflow. Canon can help you achieve significantly elevated AP performance by effectively using the right mix of people, optimized processes, technology and analytics.
Potential benefits from an optimized accounts payable process include: improved operational performance, significantly reduced processing costs; elimination of data entry and paper invoices; access to efficient, lower cost shared service centers and automation; end-to-end visibility; lower risk and stronger internal controls and compliance; faster cycle-times; ability to capture available discounts, eliminate late fees; reduced calls from suppliers and improved supplier relationships; and higher accuracy.
See How AP Outsourcing Can Improve Accounts Payable Efficiency
A global information solutions company is able to maximize invoice processing efficiency, improve invoice cycle processing times with automated accounts payable workflows, and contain costs in their accounts payable process by partnering with Canon. We also opened an invoice imaging center on-site at the company's location to handle their U.S. operations. When asked to increase Canon's services to operating units in other countries and improve integration with their ERP systems, Canon moved the imaging operation to their own locations, resulting in a 50% increase in productivity.
Canon's Flexible Accounts Payable Service Can Optimize AP Invoice Workflow End-to-End
The first step to optimization centralizes the receipt, scans and converts paper or digital invoices into data and images that are routed to your ERP, AP workflow and content management systems. All data, including line-item detail, is captured for validation later on.
The second step validates the invoice and completes the approval process, whether it is a purchase order or non-purchase order invoice. Automated, rules-based workflow matches the data captured from invoices against the data in the master files, such as ERP, vendor master, purchase order system, paid invoices, etc.
These services may include both electronic and check payments. Canon staff reviews payment file and presents to client for final release.
The Canon support includes vendor maintenance and inquiry help desk, maintenance of AP records, reconciliation and analysis, reporting, maintaining policy, procedures and internal controls, administering programs such as P-Card, regulatory compliance for T&E, IRS reporting, tax and month-end and year-end routines such as accruals and 1099s.
Canon AP services can be provided at the client site, through the Canon business processing centers in the U.S. and offshore or in combination to meet business requirements. The service can be implemented in a modular step-by step process.
The policies, procedures and discipline in procurement and receiving drive the number of exceptions in the invoice process. That’s why when working to streamline the invoice process, Canon experts begin with the procure-to-pay (P2P) process.
Open standard and scalable, the Canon invoice automation platform can be integrated with virtually any ERP, ECM or P2P system. Automating capture, data conversion, validation, matching and workflow reduces the invoice processing time to days.
Reduce the Cost of Accounts Payable Processing and Strengthen Controls
Canon's accounts payable service is scalable and can be implemented step by step to add the right level of enhancement that makes sense for your process. Effective accounts payable processing is essential for every organization. With Canon, you can achieve significantly elevated AP performance without investment in technology. At the same time, you can significantly reduce the total cost of AP processing and strengthen controls with a consistent metrics and business rules-driven process.