Wax Digital and e-Docs to reduce purchasing, paper and process

21st July 2011

Wax Digital has partnered with specialist scanning bureau e-Docs UK to provide its sourcing and spend-management clients with a fully managed processing service for inbound paper invoices.  e-Docs UK’s outsourced invoice scanning and data extraction services eliminate the need for Accounts Payable teams to manually key supplier paper invoices, greatly reducing labour-intensive processes and their associated costs.

Under the arrangement, supplier invoices are mailed to e-Docs’ UK service centre where they are opened and scanned. A team of e-Docs operators then validates the scanned data According to e-Docs this manual validation raises data accuracy rates from 30-40% to in excess of 99.1%.  Once all fields are verified, the invoice image, header, line item data and cost codes are returned via secure FTP for automated release into the Wax Digital web3 spend management system

web3 then matches the invoice data against the purchase order data on the system and writes matched invoices to the ERP system for payment. Where exceptions arise, web3’s automated workflows ensure that documents are routed quickly and accurately to employees across the enterprise while an auto-policing function prevents rogue paper invoices from being entered onto the system. 

Daniel Ball, commercial director, Wax Digital said: “Our business is all about trying to remove paper from the order to invoice lifecycle, but it is never possible to do this completely and we wanted to be able to offer our clients the best possible means of processing those invoices  that continue to arrive in paper form. 

Our partnership with e-Docs UK allows us to do exactly that, delivering class-leading data accuracy for the best possible match and straight-through-processing rates. Customers pay per document, eliminating fixed overheads, and a low flat fee per invoice makes the service extremely cost-effective.” 

Ian Daniels, sales and marketing director, e-Docs UK said: “We’re delighted to be working with Wax Digital as there’s a great synergy between the two businesses. 

“Paper is always going to feature in the invoicing process to some degree and we can help Wax Digital clients make the processing of that paper as painless and cost-effective as possible. Where appropriate, we can even combine to offer clients a complete purchasing and Accounts Payable outsourcing solution built on best of breed technologies.” 

The combined Wax Digital and e-Docs UK solution is available now.

 

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