In Accounts Payable, the importance of efficient and accurate processing of invoices cannot be understated. This is especially true when it comes to managing due dates, a critical element that ensures timely payments and maintains healthy supplier relationships.
Supplier-Based Due Dates
In Certinia, due dates are automatically populated based on supplier rules configured in Supplier Management. These due dates can then be manually overwritten if needed. While Certinia’s system is certainly faster than a fully manual process, it has its limitations, requiring the manual maintenance of supplier-specific rules. Moreover, this approach doesn’t consider the unique payment terms that may be specified on individual invoices, potentially leading to late payment penalties and supplier disputes.
Invoice-Specific Due Dates
Kloo’s integration with Certinia introduces a more streamlined and accurate method for managing invoice due dates. Kloo utilises Optical Character Recognition (OCR) technology to automatically capture due dates directly from invoices. This approach has several significant advantages:
- Elimination of Manual Rule Maintenance: With Kloo’s OCR feature, the need to maintain an extensive list of supplier-specific rules is eliminated. This reduces the administrative burden on the AP team and saves time. By automating the data capture process, Kloo minimises the risk of human error, ensuring that due dates are recorded accurately.
- Invoice-Specific Payment Terms Consideration: Kloo recognises that each invoice is unique and may come with its specific set of payment terms. By capturing the due date directly from the invoice, Kloo ensures that these individual terms are considered. This approach is particularly beneficial in situations where suppliers offer varying payment terms for different services or products, or where terms change over time.
- Scalability and Flexibility for Business Growth: As businesses grow, the volume and complexity of invoices increase. Kloo's automated OCR system for capturing due dates is highly scalable, easily handling an increasing number of invoices without the need for additional manual setup or rule configuration. This scalability ensures that the invoice processing system can grow alongside the business, adapting to new challenges and changes in the volume of transactions.
Kloo for Certinia
By seamlessly integrating with Certinia's existing framework, Kloo introduces its advanced OCR technology for invoice management. This integration is designed to be both intuitive and user-friendly, ensuring a smooth transition for existing Certinia users. Businesses can now benefit from the combined strengths of Certinia's robust financial management system and Kloo's innovative approach to invoice processing, particularly in the accurate management of invoice due dates with OCR.
Key Takeaways
Kloo's integration with Certina transforms the management of invoice due dates, using Optical Character Recognition (OCR) technology. This technology significantly streamlines the process, ensuring due dates are captured with unparalleled precision and efficiency. This focused approach to handling invoice due dates, free from the constraints of manual rule maintenance and tailored to individual invoice terms, directly tackles the complexities inherent in invoice management.
The result is a system that not only enhances Certinia's existing capabilities but also equips businesses with a scalable and sustainable tool for managing invoices. With Kloo, businesses can ensure timely payments, maintain robust supplier relationships, and adapt more readily to growth and change, keeping pace with the demands of the modern financial landscape.
