So you’ve heard about automating invoices and discovered that invoice processing doesn’t have to be the long and drawn-out process that it’s made out to be. You’re familiar with a few of the technologies that can help simplify the process and make it all much faster without risking the integrity of your data.
But which invoice automation service is right for your company?
Well they’re all the same so it doesn’t matter, right? Not quite.
When it comes to automating invoices, there can be quite a difference in tech capabilities, security, AI accuracy, and pricing. In this piece, you’ll learn about the benefits of CoreIntegrator and Frevvo to help you decide what’s the best invoice automation software for your business.
But if you just want to get started, we can take your existing system and automate it from procure to pay in under a month. With a completely customized strategy, you keep all the handy programs you already love, and get to integrate them into your new invoice automation system.
What is CoreIntegrator?
Automated invoice processing is made easy with CoreIntegrator. We help customers transform from drowning in paper invoices to smooth sailing with only a handful of manual touchpoints. All while preserving data integrity to near 100% accuracy, thanks to an advantageous human review feature.
But the CoreIntegrator suite is so much more than a bunch of good technology. Our customers share their concerns when evaluating alternatives, telling us: “wow, it’s going to take so much time and effort to train people to use this system for our requirements”.
But when it comes to CoreIntegrator, Kellie at Warner Pacific describes CoreIntegrator as:
“so powerful, yet so simple to use“.
We specialize in invoice processing for companies with more than 250 invoices per month. But the workflow also provides benefits to organizations outside of those parameters, particularly those wanting to automate or digitize other processes.
There’s a huge learning curve that comes with onboarding most new software, which can delay the benefits to your business and stunt daily operations. But CoreIntegrator is able to fit into your current workflow and automate processes in a personalized way. So your people can jump right in without worrying about having to learn a whole new rulebook.
Automated invoice processing with CoreIntegrator
Want to work smarter, not harder?
Invoice processing with CoreIntegrator can help you do just that. Companies processing more than 250 invoices per month can see reduced processing costs (up to $6.00 per invoice). Plus, you can receive the invoice and pay out your vendor within 24 hours.
Here’s how it works with our proprietary system, A/P One:
1: Email your invoice to your personal, dedicated CoreIntegrator email account
2: Our system records the information you need by using the verified data capture service
3: Human review by a real person ensures nearly 100% data accuracy
4: The data is then added to your work queue within 1 business day
5: Managers approve the payment from their desk or remotely, and from any device (including their smartphone)
6: Your vendor invoice gets paid in one of three ways:
- Manually through your finance function
- With an automatic check
- Through our automatic payment portal
Here is the same information in a handy video:
Imagine the savings in time, headcount, and overall processing costs. In fact, at scale, this costs less than $2.00 per invoice – and as low as $1 per invoice at high volumes.
60% less work when you automate invoices
You already know that one of the most time-consuming parts of invoice processing is the very first step: extracting the necessary information from the invoice. Traditionally, even someone at the top of their game would take at least a few minutes to manually enter this data across. Not to mention GL coding, which adds a further chunk of time.
The screenshot below shows a standard invoice and all of the empty fields that would usually require manual input.
It’s estimated that about 60% of your invoice process can become automated when you use CoreIntegrators AP One and Smart AP software. By combining the likes of OCR technology and human review, we capture the key values you need, with extreme levels of accuracy.
Here’s another screenshot, showing how our technology has automatically filled the data categories you need.
Instant processing for recurring invoices without the risk of duplicate payments
There are a few payments that your team will cover every single month. The rent for your office space is the ‘big one’ here. These recurring payments are processed exactly the same way, every single time.
Since CoreIntegrators’ SmartAP technology learns about how your people process invoices, the program can take over the majority of your work. All based on your previous decision-making.
Our customers with recurring invoices find this service life-saving, saying:
“we are now completely automated because the system ‘learns’ each vendor’s G/L posting. It saves me so much time since 80% of my invoices are recurring payments”.
Let’s use the example of sending your processed invoice for approval and payment. The program records all of the potential people to send this invoice to, based on your previous decision-making. Then, it prompts you to choose between these scenarios and choose the right one in a single click:
With an overview dashboard, your people can see exactly when recurring payments are due, and where they currently sit in the process. This makes the whole thing easy and risk-free of duplicate payments.
Make maverick spending impossible
Fact: procurement team leaders like PO requests.
Also fact: your staff hate filling out PO requests because it holds up their purchase. Instead, they like to spend first and ask questions later.
This happening once or twice is manageable, but it can become incredibly frustrating for accounts payable if it becomes routine.
Opting for CoreIntegrator’s workflow forces your team members to actually start using their allocated budgets and moving through the proper PO request system.
This means that you’ll stick to pre-negotiated rates, and familiar supplier invoices move through the system with ease. No more invoice approval struggles for unbudgeted purchases.
But – and this is critical – with CoreIntegrator PO purchasing will NOT slow purchasing down!
Who benefits from automating invoices with CoreIntegrator?
Procurement teams who process more than 250 invoices per month benefit the most from working with CoreIntegrator.
All too often, we connect with finance functions that feel overwhelmed by their current system, drowning in invoice data. Instead, CoreIntegrator replaces the huge number of manual touchpoints in the invoice process with extreme accuracy.
What is Frevvo?
Frevvo, with headquarters based in Florida, was founded just over a decade ago. Starting with an online drag-and-drop builder, Frevvo was initially dreamt up because an insurance company needed to deal with lots of forms and data but wanted it to look good.
Now, the team provides invoice processing automation using visual point-and-click software. It can simplify your manual invoice processing by using complex business logic and defined approval routing.
Invoicing with Frevvo
Incoming invoices can be approved by creating a workflow with Frevvo’s template:
- Employee sends out an automatically validated form to signify which vendor invoices need approval
- This form is sent to a manager who checks and approves it with a digital signature
- Invoices below $10,000 (or your own figure) are sent straight to finance without the need for VP review
- Upon approval from finance, the payment process for a supplier invoice begins automatically since your payment software can integrate
Frevvo is useful to finance professionals who need more of a hierarchy or a specific approval process within invoice management. Since many companies are still working with non-PO invoices, we can see the appeal of creating a specific approval workflow through Frevvo. It requires two separate approvals (one from a manager and one from finance), which should make it hard for maverick spending to fall through the cracks.
If this type of form technology is the only thing you’re missing for automated invoice processing, Frevvo could be a good option.
Visual templates for easy customization
One of the key benefits of Frevvo’s software is its pre-built templates. When you sign up, you get access to over forty different templates for workflows across business operations. For example, you can access templates for:
- new employee onboarding
- time off request processing
- emergency contact forms
For HR professionals, this could be a great way to simplify processes and get much of the admin work automated. As far as invoice processing software, the templated workflows are customizable too.
However, it’s important to note that this technology focuses more on streamlining communication steps for approved invoices, not automating the manual data entry.
Who benefits from automating invoices with Frevvo?
Teams who need AP automation help should find Frevvo’s automated approval workflow beneficial. Accounts payable automation can be a pain point for many finance teams, so their form system could be a quick fix that helps departments stay within their budget and approve payments quickly.
Also, HR professionals using a manual process would benefit hugely from the automation capabilities of Frevvo, especially since its templated forms are scalable and applicable to many scenarios.
CoreIntegrator vs Frevvo for automating invoices
Here’s a comparison of some of the key features of invoicing automation for CoreIntegrator and Frevvo:
|Purchase order approval?|
|Cost per invoice||$1-2||Unknown|
|Automation for other features?|
|Verified data capture|
|Pay from within the system|
What’s the best platform for automating invoices for you?
It’s fair to say that most scaling companies need help processing invoices, especially to help keep the growth sustainable long term. But at the end of the day, every AP team is different and has varying needs. So even though invoicing is standard practice for every business, there is truly no single way to do it best.
If you’re interested in what CoreIntegrator’s automated invoice processing software can do for you, schedule a demo with the team.