Imagine reducing your Accounts Payable processing expense without capital investment while gaining better control over the entire process. When you outsource the functions of your A/P department to us, that’s exactly what happens.
We can help you manage purchase orders, imaging, electronic invoicing and dynamic discounting. And we can integrate with any number of accounting systems at the same time. As a result, you can eliminate internal workflow processing, long-term hardware and software contracts for printers and supplies and you can take advantage of CTP’s dedicated, secure systems to handle it for you, typically with more reliability and better turnaround.
Our accounts payable solution can reduce the costs of AP processing by up to 40% while providing data for Spend Analysis. We provide your business with imaging and workflow which can reduce your days payable outstanding (DPO) by 5 days compared to paper-based processes. Our 99.5% accuracy guarantee eliminates exceptions caused by data entry errors, and our vendor portal saves our clients an average of 20% in departmental labor expense by allowing their vendors to perform self-service workflow through electronic invoice submission, invoice status viewing and on-line exception resolution functions. Our vendor portal also provides a “PO flip” platform to allow non-EDI vendors to invoice electronically. Improved visibility to early pay discounts and automatic prioritization of invoices can reduce your annual spend by an additional 2%.
CTP’s proven and innovative solutions will put your department back to work on the business instead of managing mountains of paper. For more information read on, or contact us now to learn how.
Working with CTP, it’s simple and direct. You send us a batch or daily payments or to process, print and mail for you. We print checks to based on your business requirements and mail them, or use a range of electronic payment options. You pay only for what you process.
Based on your business rules, we provide you with a web-based control panel that lets you control your entire operation in any way you see fit. We integrate with your system electronically, and we then carry out your instructions. Our system provides granular control over management authorization as well as per-payee instructions.
Back Office Control
Our solutions are geared toward helping you improve the operations of your financial back office without disrupting existing systems or software. Our program is capable of scanning and storing documents, bridging and interfacing with numerous accounting packages, automatically merging and error-checking data, monitoring A/P spending and controlling payables on an individual vendor basis.
Tax and Business Regulation Compliance
CTP works with national accounting firms and corporations themselves to provide comprehensive tax payment processing for sales and use tax, property tax, telecom tax and business regulation and license fees. We handle these payments and provide you with online monitoring tools, allowing you to work collaboratively with your internal accounting group, treasury group or CPA firm.
Vendor Portal & Electronic Invoicing
Our Vendor Portal provides a single point of entry to allow our clients’ suppliers to view document status and allows them to participate in both the submission and correction processes.
Vendors can self-register within the system or if preferred, registration can be managed by our clients. Registration becomes a part of an approval process and your vendors can provide payment-related information as part of their profile. Once approved, a vendor can then submit invoices electronically through the portal, and individual document status can be queried for any document.
This vendor portal includes a ‘supplier snapshot’ dashboard displaying summary data and status for:
- Invoices presented as either via paper or EDI / ERS
- Credit/Debit memos
- Payments scheduled and completed
- PO “flip to invoice,” eliminating the need for paper invoices
This allows your suppliers to validate document content and understand where invoices are in the AP process and reduce our clients’ vendor support services costs. The Vendor Portal includes functionality for invoice submissions, invoice status and client/vendor communications. Communications are stored in an audit log, allowing better controls and auditability.
A unique feature of the Vendor Portal is that it allows vendors to participate in the order presentment, dispute management and exception management processes to allow invoices to be approved or resubmitted. This reduces time and expense to the vendor in resolving exceptions and provides faster payment to the client.
We process invoices and support documents in 19 different languages for:
- Credit memos
- Utility bills
- Proof of Delivery (POD)
- Travel and expense reports
The proprietary platform has been developed and optimized for invoice capture, validation and matching and it allows for business rules to be configured on a client by client basis.
CTP Manages It All
By transferring your labor-intensive mail room administration functions to CTP we can leverage a network of 30+ North American operating centers to process all inbound invoices within established turnaround times and quality levels—guaranteed.
We are available to review, assess and identify solutions and best practices that can improve your AP process. Contact us today to see how we can streamline your AP operations.