Commercial Applications:
TrakAP - Accounts Payable Invoice Processing System

• TrakAP Brochure

Accounts Payable (AP) departments in today's global organizations operate under increasingly strict and fluctuating requirements. From satisfying external customer demands, to meeting increasingly stringent financial controls, and internal margins, much depends on the success and efficiency of the AP team. The effective management of invoices significantly impacts vendor relations and corporate profitability, and the proper management of invoices can be the difference between dollars saved and dollars lost.

The AP functions within organizations are now a focus because technology is changing the way this department functions. Automation is driving productivity and efficiency, as well as cost reduction. Finance managers see how their AP department could be viewed as a strategic asset – strengthening relationships with suppliers and vendors, enhancing customer service, and providing significant cost savings.

To ensure invoices are promptly paid and mishandling does not compromise hard-earned business relationships, organizations are increasingly depending on the benefits of an integrated AP solution with their ERP, accounting, workflow, and/or document management business applications. Without a robust and dependable means of capturing invoice data, organizations must depend on their AP staff to manage the task of manually keying data into their systems. And manual data entry means mistakes, which are often costly and difficult to locate once they have been entered. As an organization grows, the workload placed on the AP department increases exponentially, forcing the hiring of additional resources. Organizations need a solution that reduces the cost per transaction of invoice processing, strengthens vendor relationships, and facilitates continual improvements to AP processes over time.

Imagine processing all invoices the day they are received, no matter how many batches are handled each day. Picture the benefits of recording the batch number and date received, identifying the vendor, and even capturing data from key invoice fields — not manually, but automatically. Think of the time saved by quickly delivering invoices and key data field values to your ERP, accounting, workflow, and/or document management solution for further processing — without a lot of manual data entry. Welcome to the power of TrakAP.

TrakAP is a fully scalable solution. Whether an organization processes several hundred or several thousand invoices daily, TrakAP can ensure the invoice processing operation runs smoothly. TrakAP allows you to minimize the costs and complexity of developing and maintaining an invoice processing system. With invoice data available within minutes of scan time, data can be used to see AP liabilities before the information enters back-end accounting and ERP systems. This data can then be used to better manage cash at hand, adjust the processing order of invoices yet to be posted into the system, capitalize on preferred vendor relationships and vendor discounts.

TrakAP's advanced recognition technology dramatically reduces the keystrokes required to enter data. Whether you need to capture a single field such as invoice number or you need to extract data for an unlimited number of fields, TrakAP offers archiving on all your key index fields. TrakAP can automatically extract index fields, and then releases the image and data to the back-end business applications. Captured data is immediately available, enabling management to make business decisions based on relevant and timely information.

TrakAP provides organizations unparalleled automation, visibility, and control over their AP process, giving organizations the ability to realize significant benefits, such as reduced AP cycles, streamlined efficiencies, enhanced accountability, and optimized corporate performance.