Value Invoice Processing (VIP) is an Accounts Payable invoice processing platform from Mid-America. Constructed specifically with our customers in mind, this software aims to provide automated invoice processing at an affordable rate. Automated invoice processing, an industry technique that was once limited to large companies, can now be implemented and utilized by companies of all sizes at a lower cost.
VIP is a secure, hosted environment that processes scanned or electronic documents with services that extract key data elements from each invoice. Mid-America can also provide the scanning services to eliminate the handling and manual data entry of your invoices. Clients view the electronic invoices in the VIP Workflow. Typically, within 24 hours of submission, your Accounts Payable department can access your invoices and send them through pre-configured workflows for approvals. If invoices are pre-approved and match all the requirements, they can be sent direct to your ERP or accounting software for payment.
VIP can be customized to filter and distribute invoices based on department, keywords, vendor, and other criteria. VIP also has Smart AP, which can recognize repeating invoices and learn to correct any previous processing issues. Using this Robotic Process Automation (RPA) allows the use of key values and learned values further automating your invoice processing in VIP.
VIP can save your organization hours of frustration and tedious work by eliminating your invoice handling, scanning and data entry while automating approvals. Rather than meticulously keying in data by hand, you can scan and email (or directly mail invoices to Mid-America for scanning) to VIP. From that point on, basic data extraction and processing are provided as a service.
Managing invoices in VIP can be accomplished up to six times faster than traditional, manual processing. Once an invoice has been processed in VIP it becomes accessible to all appropriate personnel for review. Department managers and organization executives can approve or deny invoices in VIP with one click, from PCs and mobile devices. Email notification alerts approvers of a pending invoice and they can link to VIP. They can also approve or reject the invoice from the email message. VIP can be utilized anywhere you have access to the internet, making AP invoice processing viable in work-from-home environments.
With VIP automated invoice processing, accounting teams can spend more time addressing higher priority projects, and less time on invoice review. Fewer hours are required to process your current volume of invoices lowering your overall costs in this area.
VIP provides a view of all invoices in process or completed, reducing the chance of double payments, missed payments, or other financial mistakes. Early pay discount timeframes can be met, and past due payment fees avoided. Plus, you only pay for the volume of invoices that your process, making it efficient and affordable.
VIP process configuration can many times be completed in days at much lower costs than on-premise software implementations. Your dedicated VIP hosted site eliminates the need for more network servers and software licensing. VIP is also easy to learn how to use, with an intuitive user interface.
VIP efficiently manages your AP invoice data capture and approvals, making the necessary data available to your ERP or accounting software for payment processing. Integrations to vendor and PO tables can provide further automaton and accuracy. Optional Payment services are also available with VIP with payment s delivered via checks, ACH, Wire Transfer or a Virtual Credit Cards. Virtual Credit Cards can earn rebates adding to your VIP AP invoice processing cost savings.
The advantages that VIP can provide to your business help to streamline your workflow, bolster efficiency, and provide accurate invoice processing at an affordable rate. Providing a workflow platform with easy access and configurable process rules allows organizations to utilize the VIP automation from beginning to end, uncompromising in quality or efficiency.
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