Food & Beverage
AP Automation And RPA Can Help Food And Beverage Companies To Improve Operational Efficiency, Reduce Costs, Enhance Supplier Relations, And Maintain Compliance, Allowing Them To Focus On Their Core Business And Drive Growth.
Food and beverage companies may face several challenges
in their accounts payable (AP) process, including:
High volume of invoices
With a large number of suppliers, food and beverage companies may receive a high volume of invoices, leading to increased manual workload.
Complex pricing structures
Food and beverage companies often deal with complex pricing structures, such as volume discounts and promotional pricing, making it challenging to accurately process invoices.
Short payment terms
Many food and beverage suppliers have short payment terms, leading to a high volume of payments to be processed in a short period of time.
Perishable goods
The nature of food and beverage products means that they have a limited shelf life, making it important to process invoices and payments quickly to avoid wastage.
Integration with supply chain systems
Food and beverage companies often have complex supply chains, requiring integration between invoicing systems and other systems such as procurement and inventory management.
Food safety regulations
The food and beverage industry is heavily regulated, with strict requirements around traceability and labeling, making it important to have accurate information on invoices and in the AP system.
3-Way Match
Automated 3-Way PO Matching with the ability to build in tolerances and business parameters
Companies that use a manual accounts payable (AP) process may face several issues, including:
- Increased Manual Workload: manual data entry, filing, and processing of invoices can be time-consuming, leading to increased workload for employees.
- Inaccuracies and Errors: manual data entry is prone to mistakes, leading to incorrect information on invoices and incorrect payments being made.
- Slow Processing Times: manual processing can be slow, leading to payment delays and impacting vendor relationships.
- Lack of Visibility: manual processes can result in a lack of visibility into the status of invoices, making it difficult to track the progress of payments and approvals.
- Inefficient Use of Resources: manual processes can be repetitive and prone to errors, leading to increased costs and decreased efficiency.
- Security Concerns: manual processes can increase the risk of fraud and theft, as well as the risk of sensitive financial information being lost or misfiled.
- Integration Challenges: manual processes can result in data silos, making it difficult to integrate with other financial systems and share information between departments.
Benefits of the Centreviews AP Automation Solution
for the Food & Beverage Industry
Cloud Infrastructure
Work Anywhere: Process and approve invoices with Centreviews solution at any time, from anywhere, and on any device.
Easy Capture: Invoices and bills are automatically captured into the platform and immediately available for processing.
Around the Clock Automated Coding: Our AI Bot equipped with advanced technologies accurately extracts data from invoices in real-time to reduce manual data entry and errors.
Communicate & Approve: Edits, attachments and questions asked and answered on top of the invoice enable approvers to review and approve faster and be held accountable for bottlenecks.
Functionality and Service
Invoice Tracking: No more lost or forgotten invoices with advanced tracking, automatic notification reminders and ability to mark urgent invoices.
Audit-Ready: Either in-house or external, auditors can be granted limited access to search any invoice and its accompanying information.
Seamless Integration: Securely connect our Centreviews bots with your accounting system to sync invoice data, POs, payment information and more.
Fast Implementation: With no lengthy implementation or extensive training required, you’ll be up and running in days, not months.
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