Education Industry
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Education Industry

Modernize your accounts payable organization via automation

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Education

 

Modernize your accounts payable organization via automation

The education industry is rapidly evolving, driven by increased focus on early learning, higher education, as well as online teaching methods. Students have much to benefit with the increasing growth in innovative educational content, and new transformative learning spaces.

 

Key trends

  • Increased adoption of digital textbooks
  • High penetration rate in the post-secondary education sector
  • Rising interest in competency based education and online education
  • Increasing merger and acquisition (M&A) activities
  • Growing legal and regulatory issues, with more emphasis on quality assurance

The sector is also not immune to the latest technology trends, with mobile computing, Bring Your Own Device (BYOD), and even 3D printing bringing unprecedented changes in the educational landscape.

 

Apart from revolutionizing academic processes, it is time educational institutions also invested adequate time and resources to modernize their back-office processes.

Key challenges in education

 

While educational institutions are at the vanguard of innovation and cutting-edge research, they lag behind in back-office processes including accounts payable (AP), often causing a drag on their profits. Paper heavy, outdated invoicing processes could be holding back educational institutions from enjoying a truly efficient and quick purchasing experience. To fix this, they would be well placed to adopt a robust digital and data-driven approach to invoicing.

 

Top pain points

  • Education
    Lack of automation that necessitates increased spending on manual labor
  • Education
    Manual scanning, keying, routing, approval and archiving that increases costs
  • Education
    More number of touch points across the invoice lifecycle, leading to delays in processing
  • Education
    Increased inaccuracies and errors, leading to cash leaks
  • Education
    Reduced discount opportunities

Join hands with Invocus for efficient expense management

 

Educational institutions can achieve better payment efficiencies by leveraging our end-to-end eInvoicing solution suite. We help you forget about paper checks and invoices, and make a smooth and clean transition toward automation. With our comprehensive solution, equipped with pre-defined workflows and analytics, you can drive increased supplier adoption and collaboration, and implement a strategic and streamlined approach to payments management.

 

An eInvoicing solution can empower educational institutions to maximize their purchasing power

 

What you gain

 
  • A centralized purchasing experience
  • Reduced complexities and greater cost savings
  • Timely payments driving more favorable supplier contract terms
  • More supplier discounts
  • Improved financial reporting, and optimized budget and resource allocation

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance