Tired of chasing approvals, fixing data errors, and drowning in paper invoices?
The bustling processes in Accounts Payable (AP) departments are often riddled with inefficiencies, repetitive tasks, and an overwhelming volume of invoices. While AP teams work relentlessly to manage these operations, maximum time is still spent on manual document handling, data entry, and chasing approvals.
What is Vendor Invoice Management (VIM)?
Vendor Invoice Management (VIM) is the process of capturing, validating, approving, and paying supplier invoices using an automated system. Instead of handling invoices manually (printing, emailing, or chasing approvals), modern VIM platforms enable payables automation by routing tasks digitally for faster turnaround, greater visibility, and enhanced compliance.
VIM plays a critical role in optimising the accounts payable process by standardising every step of the payables process workflow. This improves the overall efficiency, reduces human error, strengthens internal controls, and helps organisations manage cash flow more effectively.
What is Symtrax Compleo Invoice Platform (CIP)?
Symtrax’s Compleo Invoice Platform (CIP) is a cloud-based accounts payable (AP) solution that works across ERPs, or accounting applications, whether SaaS-based or on-premises, via API for real-time access. It enables end-to-end automation of invoice approvals and document processing, all without any coding.
It enables the receipt of invoices through multiple channels and standardizes their processing within a user-friendly, centralized interface. This streamlines collaboration across departments by making it easier to access and share essential information such as supplier record validation, approval workflows, and payment authorisation.
What Are the Benefits of Symtrax CIP Over VIM?
- Complexity: CIP offers cloud-based accounts payable automation with quick, no-code deployment, minimising IT effort for faster adoption and lower setup costs.
Other VIM solutions often involve complex setups, heavy customisation, and higher implementation costs, creating friction in vendor invoice management. - Integration Flexibility: CIP is ERP-agnostic, seamlessly integrating with SAP or any other platforms, eliminating migration headaches in the P2P process.
While other VIM solutions struggle with integration hurdles, especially during SAP S/4HANA migrations, often requiring frequent costly technical intervention and reliance on multiple vendors to achieve the automation. - Maintenance & Upgrades: CIP requires minimal maintenance with automatic updates, ensuring continuous operation.
VIM typically demands maintenance and manual upgrades, increasing IT workload and cost. - User Training & Adoption: CIP’s intuitive interface enables quick learning and faster adoption across teams.
VIM requires extensive user training due to its complex interface and workflows. - Vendor Dependency: CIP gives you full control without reliance on third-party vendors or licensing constraints.
VIM faces dependency issues, especially if support or licensing terms change. - Issue Resolution Delays: CIP gives faster issue resolution without dependency on multiple vendors, ensuring continuous workflow.
Multivendor platforms often delay issue resolution due to fragmented support. - Infrastructure & Cost Efficiency: As a cloud-based accounts payable platform, CIP eliminates server costs and reduces IT overhead.
VIM requires multiple VMs for tasks like OCR reading, API execution, and raising infrastructure expenses. - ROI & Cost of Ownership: CIP delivers better ROI by lowering operational costs and increasing workflow efficiency.
VIM traditional systems often result in a higher total cost of ownership.
The Numbers Don’t Lie: Why AP Teams Need Automation Now
- Time Spent: AP teams spend over 10 hours per week processing and managing invoice payments.
- Outdated Processes: 47% of AP teams still rely on paper-based or partially manual systems.
- Cost Savings: Businesses can save up to $13 per invoice by moving from paper-based to electronic invoicing.
- Process Efficiency: 95% of companies using automation, report smoother, faster operations, especially for tasks like data entry.
- Error Reduction: Approximately 39% of invoices contain errors, underlining the urgent need for businesses to adopt invoicing solutions.
Final Verdict: Transform Your AP Process with Symtrax CIP
Managing invoices shouldn’t feel like a daily battle. Your accounts payable (AP) team deserves more than outdated processes, endless manual tasks, and slow approvals.
From effortless invoice automation to easy collaboration and faster payments, CIP simplifies every step of your accounts payable process without overwhelming your team or your budget.
Powered by AI/ML-driven data extraction, CIP goes beyond traditional OCR, accurately reading and processing invoices in various formats without manual intervention. Built for flexibility, speed, and accuracy, CIP grows with your business, helping your team work smarter, not harder.
