Accounts Payable Empowering Business

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How Accounts Payable Enablement Empowers Business

27%
of organisations incur late payment fees

Source: Basware research report: Lost in Transaction 2010

Doing more and more with less and less

The demand to increase efficiency while meeting compliance standards is rising all the time. In addition, the need to control costs is ever-present.

This pressure is not just internal; external business partners are also demanding better service and more value.

The challenge for Chief Financial Officers is how to reconcile demands for increased efficiency with the need to control costs. It’s a delicate balancing act, but one that must be accomplished.

Turning a cost centre into a profit centre

Improving the cost structure, quality and accuracy of information in an organisation calls for a critical look at its finance functions.

Recent research by Deloitte and AT Kearney found that finance teams can increase the efficiency of their transactional activities through:

  • Automation, document management and webbased workflow
  • Increased outsourcing and new alternatives like virtual shared services
  • Aligning cost-cutting with an organisation’s structure, capabilities and future strategy

In other words, the finance function can be transformed from a cost centre to a profit centre.

30%
of organisations miss early payment discounts

Source: Basware research report: Lost in Transaction 2010

The Iron Mountain Answer

Iron Mountain’s Accounts Payable Enablement Service offers increased efficiency while also reducing costs and lowering risk.

Businesses become more streamlined and costs more manageable while compliance becomes less of an issue. And those are just the headlines.

At Iron Mountain, we take away the drudgery, routines and human errors of the Accounts Payable process. In their place, we give you instant access to your information in the way you need it. So you can respond more quickly, more accurately, and at lower cost.

Accounts Payable Enablement Services: The Benefits

Iron Mountain’s Accounts Payable Enablement Service offers an integrated, compliant and cost-effective solution for your entire invoice process.

19%
of organisations do not have enough information to support compliance regulations

Source: Basware research report: Lost in Transaction 2010

Staff time spent more valuably

  • Directors have more time to deal with strategic, high-value activities
  • Managers can focus their attention on improving processes rather than simply managing them
  • Increased staff capacity allows you to get more done without increasing headcount.

Increased process efficiency

  • Every invoice is dealt with faster and more accurately
  • All invoices are received via one channel, eliminating the possibility of duplication
  • All information is validated before you receive it. That way you have peace of mind that it is 99.9% accurate
  • Urgent invoices or high-value applicants can be quickly and easily identified and prioritised
  • Exceptions are highlighted and can be resolved quickly
  • Regular business reporting allows you to identify persistent problems and make improvements.

Straightforward compliance

  • Increased transparency enables end-toend auditable Accounts Payable process
  • Instant access to and control of up-todate, accurate information helps you comply with industry, EU and other regulations.

60%
of organisations see Accounts Payable automation as a reliable way to improve process efficiency while avoiding late payment and accounting errors

Source: Basware research report: Lost in Transaction 2010

Better relationships

  • Suppliers are paid on time, resulting in improved relationships with the potential for greater flexibility and increased cooperation.

Peace of mind

  • Your Accounts Payable information is accurately processed, triple-checked, securely stored and efficiently managed by an established global leader in information management.

How It Works

  1. Receive Invoice
    All inbound invoices (paper, email, fax and e-invoice) are automatically routed to your local Iron Mountain office
  2. Extract Information
    Paper documents are scanned and digitised using
    • optical character recognition (OCR)
    • intelligent character recognition (ICR)
    • multi-lingual data extraction
  3. Validate Information
    Documents checked to
    • validate fields
    • identify duplication
    • notify vendor if incomplete
  4. Transfer
    Faster processing
    • Metadata, image files and any other required data sent for processing
    • Prioritisation for early payment discounts
  5. Report & Evaluate
    Enhanced financial reporting and compliance
    • Real-time information
    • Business effectiveness
    • Process quality
  6. Archive
    Total peace of mind
    • Physical and digital records stored and protected securely
    • Indexed for fast access
    • Secure destruction

A Partner You Can Trust

Our customers range from small legal practices, local businesses, health authorities and government departments to the world’s largest banks and major airlines.

Whatever your size or sector, we can deliver improved efficiency for your business.

Comprehensive service, seamlessly integrated

We deliver ‘end-to-end’ processing with experience across the business process management chain. This enables us to provide comprehensive and integrated services including mail handling and data extraction, business rule application and safe storage.

Digital records can be quickly accessed online, and we can provide you with fast and reliable access to your original paper records when you need them.

Security

With highly secure facilities, vetted teams and a robust chain of custody, our standards mean your information – and your customers’ information – is always in safe hands.

Global network, local service

We are a global company that feels local. Our investment in a network of processing centres across Europe ensures that our quality standards are applied locally, with representatives in your area to assist in the smooth running of your business.

If your business is expanding globally we can support you on every continent. Iron Mountain has more than 1000 facilities in Europe, the United States, Canada, Latin America and Australasia.

Trusted brand

With over 58 years of expertise and demonstrable financial stability, Iron Mountain provides records management solutions to over 85% of the FTSE 100.

Flexible approach

Our team of experts will work with you. We can adapt our services to work with your internal systems and keep pace with your changing needs.