Microdea’s Synergize for Accounts Payables enables insurance organizations to streamline the accounts payable process through electronic workflow and automatic document matching. This helps insurance firms to reduce print, copy, courier, and storage costs, avoid late penalty fees and most importantly negotiate significant early payment discounts with suppliers.
Managing invoices, expense reports, payments, purchase orders, and receipts is challenging and time consuming. An automated payables process when compared to a manual paper based process will reduce back office overheads and contribute to increased profitability. Effective payment processing strengthens vendor relations and helps insurance organizations better manage their cash resources.
Synergize for Accounts Payables allows all documents and information related to a payables transaction to be maintained in a single, secure repository. Electronic workflow automates the validation of data, activation of exception alerts, and forwarding of documents to the appropriate personnel. This ensures that documents are processed in a timely manner consistent with corporate best practices. Synergize streamlines the accounts payable process thereby enabling insurance organizations to increase efficiency, reduce costs and maximize cash flow.
Synergize for Accounts Payables provides:
- Increased efficiency of the accounts payable process through workflow automation
- Assurance that relevant documents are not misplaced or incomplete
- Increased employee productivity by automatically addressing payables exceptions
- Real-time alerts of missing or incorrect data to avoid costly errors
- The ability to avoid late penalty fees and achieve early payment discounts
- Enhanced relationships with suppliers by meeting predetermined scheduled payments
- Audit and security capabilities that address compliance with various tax authorities
- Scanning and imaging to enable easy access to payables information from a single, secure location
- Reduced printing, copying, couriering, and storing costs
Improve your insurance firm’s accounts payables process with Synergize's document management and workflow capabilities. Increase efficiencies, reduce costs and enhance supplier relationships.
For more information on our highly configurable off the shelf Synergize solution for Accounts Payables, contact us at 905.881.6071 ext 244 or marketing@microdea.com