Cobwebb Cloud Capture Finance is a cutting-edge solution for invoice processing that offers advanced capture, extraction, and validation capabilities. This cloud-based platform, hosted on Microsoft Azure, provides configurable business rules, general ledger coding, and user-driven approval and exception workflows.
The software addresses several common business challenges faced by organisations:
- Inefficient and costly manual processes: Traditional paper-based invoicing systems can lead to inefficiencies and high costs, especially for organisations that work with suppliers from different countries and need to handle invoices in multiple languages. Cobwebb Cloud Capture Finance streamlines these processes, eliminating manual tasks and improving efficiency.
- Slow processing and errors: Manual data entry and matching line item quantities and prices can lead to delays in invoice processing. Mistakes in keying data can be costly and may result in delays in approvals and timely payments. With Cobwebb Cloud Capture Finance, these errors are minimised, speeding up the overall process.
- Lack of visibility and control: Without a single view of all invoices, organisations face challenges in managing the invoice processing workflow effectively. Critical bottlenecks may be missed, leading to longer processing times and costly exception handling. Cobwebb Cloud Capture Finance provides enhanced visibility, allowing businesses to have better control over their invoice processing.
- Incomplete financial picture: Delays in posting invoice data into the ERP (Enterprise Resource Planning) system can lead to an incomplete financial view. This lack of up-to-date information hampers the decision-making process for business units and finance managers, as they do not have real-time access to accurate cash requirement data. Cobwebb Cloud Capture Finance ensures timely posting of invoice data, providing a complete financial picture for informed decision-making.
- Time-consuming maintenance and IT support: Traditional systems often require extensive maintenance, upgrades, and IT support, resulting in additional costs and efforts that can impact overall system performance and bottom line results. Cobwebb Cloud Capture Finance eliminates these concerns, offering a hassle-free solution that requires minimal maintenance and provides ongoing upgrades and support.
In summary, Cobwebb Cloud Capture Finance is a comprehensive solution that addresses key challenges in invoice processing by leveraging cloud technology, advanced automation, and seamless integration with existing systems. It streamlines operations, improves efficiency, enhances control and visibility, and eliminates the need for extensive maintenance and IT support.