Rapidly Adopt and Integrate Electronic Invoices into the AP Process

170 Systems delivers the most comprehensive invoicing solution on the market, without exception. Designed and implemented as a seamless part of the overall Accounts Payable (AP) process, 170 MarkView® e-Invoice integrates with 170 MarkView to provide a single, consistent end-to-end process for handling all invoices-paper or electronic.

170 MarkView e-Invoice enables organizations to rapidly adopt and integrate e-invoicing, a strategic initiative for many finance departments. But, unlike stand-alone e-invoicing solutions, 170 MarkView e-Invoice gives organizations the ability to implement e-invoicing without creating a separate, stand-alone process. Instead, e-invoices are processed according to the same best practices that 170 MarkView consistently uses for all invoice types, helping financial organizations to reduce costs, strengthen internal controls and deliver superior service to line-of-business managers.

Increase Productivity, Eliminate Costs and Reduce Errors

Electronic invoice receipt reduces costs by eliminating paper invoice handling for everyone from the mailroom to AP. Savings areas include opening incoming mail, sorting, data entry and document storage and retrieval. In fact, studies by The Hackett Group have shown that e-invoicing can reduce invoice processing costs to less than 20% of the cost of paper invoices, and AP productivity improves significantly as invoice line items processed per employee are 4.8 times greater than paper invoice processing.

E-invoicing reduces invoice capture time as there are no delays in receiving, handling, and entering data. Electronic invoices are instantly sent from the supplier to the buyer via the supplier network. Rapid receipt of invoices in the ERP AP module enables buyers to capture more prompt payment discounts, optimizing working capital.

Eliminating manual invoice data entry also reduces errors. With e-invoicing, the invoice process flows smoothly and with less rework and re-routing of information. The Hackett Group also found that the cost of resolving e-invoice discrepancies with suppliers is 70% less than with paper-based systems.

Keep it Simple for Users

A successful e-invoicing solution automates as much of the invoice-management process as possible and enables users to easily participate in the invoice processing workflow. The user community involved with e-invoices typically includes AP managers, line-of-business managers, auditors, and suppliers, all of whom need to interact with e-invoices without being hampered by the complexity of the back-office solution.

170 MarkView e-Invoice automatically renders the e-invoice so that it appears to the users as a virtual paper document. Then, 170 MarkView e-Invoice automatically attaches that invoice to the ERP transaction record, providing immediate access from within the ERP system. For line-of-business managers, who do not typically interact directly with the ERP system, 170 MarkView Express enables the browser based viewing of and interaction with invoices using 170 MarkView's intuitive markup tools to approve and/or annotate the invoice, which is then routed appropriately.

Leverage the Power of a Global Supplier Network

While electronic invoicing has existed for many years in the form of EDI (Electronic Data Interchange), usage has been limited to a small number of high-volume suppliers due to the costs associated with setting up and maintaining each one-to-one buyer-supplier connection. The emergence of supplier networks has greatly reduced the cost and complexity of creating and running buyer-supplier connections and has accelerated the adoption of e-invoicing.

The economic benefit of e-invoicing is tied to supplier participation in the supplier network. 170 MarkView e-Invoice can integrate with any supplier network, including the 170 MarkView e-Invoice Supplier Service and our partners' supplier networks, providing 170 MarkView e-Invoice customers instant access to thousands of enrolled suppliers. Further, the implementation process of the 170 MarkView e-Invoice Supplier Service and our partners' supplier networks includes resources to meet the buyer's goals for recruiting and activating suppliers-a critical part of each organization's e-invoicing initiative.

The global supplier network enables suppliers to send electronic invoices to their buyers without significant startup or ongoing costs, and suppliers do not have to change their way of doing business as the 170 MarkView e-Invoice Supplier Service's "on-boarding" functionality rapidly connects suppliers to the network.

A Single Source for Accountability

Only 170 MarkView provides a complete solution for automating the entire AP process: paper invoices, e-invoices, best practice workflows, and a global supplier network. While it is possible to piece together a solution using different systems from multiple vendors, a single point of accountability delivers significant benefits including lower total cost of ownership, reduced risk, consistent and automated internal controls, and seamless ongoing support. A single implementation team for paper invoice scanning, electronic invoice capture, and AP invoice workflow lowers implementation and operating costs and reduces the risks of delays in the project schedule. Paper and electronic invoice processing can be included in a single rollout to all users, including AP, the line-of-business managers who approve invoices, and auditors.

The AP process is mission critical as it assures access to the products and services that are required for the future activities of the enterprise. A single point of contact for support ensures rapid problem resolution and service continuation.

Benefits of 170 MarkView e-Invoice

Single, Integrated Process for All Invoices-Only 170 MarkView provides a single solution for paper and electronic invoices. E-invoicing is integrated into the overall AP process, and integrated into the ERP system as well.

Reduced AP Costs-170 MarkView e-Invoice eliminates the labor-intensive tasks of handling invoices in the mailroom, sorting invoices, and entering invoice data into the ERP system.

Increased Discount Capture-170 MarkView e-Invoice eliminates delays in entering invoices into the ERP system, reducing cycle times and increasing opportunities for prompt payment discounts.

Fewer Errors-The elimination of keying invoice data dramatically reduces invoice entry errors.

Automated Line Item Matching-The automatic validation of P.O. based invoice data-quantity ordered, quantity received, unit price, supplier status, etc.-at the line-item level accelerates the AP process and lowers administration costs.

Strengthened Internal Controls-170 MarkView's single process for all invoice types embeds controls within the AP process and assures compliance.

Single User Experience-All participants in the process learn a single user interface, resulting in more rapid adoption and an improved experience for AP managers, line-of-business managers, auditors, and suppliers.

Global Coverage-The 170 MarkView e-Invoice Supplier Service delivers compliance with international regulations including taxation, language, and currency.

Extensive Supplier Network with Rapid "On-Boarding"-170 MarkView e-Invoice Supplier Service leverages a large and fast-growing supplier network with thousands of active suppliers and rapid "on-boarding" of new suppliers joining the network. The 170 MarkView e-Invoice Supplier Service's innovative "on-boarding" capability streamlines the process of connecting suppliers to the buyers on the network.

Click on the links below to learn more about 170 Systems solutions.

Collateral

• Electronic Invoicing White Paper (PDF, 115 KB)