Why should I automate accounts payable?
Manual processing of invoices is time consuming and subject to both errors and fraud. According to Aberdeen, manual processing of invoices takes on average 14.2 days. AP Automation can cut that time in half or more while improving accuracy and helping you close your books faster.
How long does it take to activate NIVO1 AP Automation?
It takes just 5 days to activate AP Automation. You'll have access to a fully working system ready for final tuning and training.
Why is NIVO1 activation so much faster than other solutions?
We provide a native integration to ERP systems. It communicates using web services and understands both the structure of the ERP system and the required data elements. It automatically synchronizes data with the underlying ERP on a real time or scheduled basis. Moreover, it is maintained by NIVO1, eliminating the need for ongoing support from IT.
What are the benefits of SaaS and running AP Automation in the cloud?
First, AP teams tend to be distributed especially in larger organizations. A distributed, but accessible and reliably-connected infrastructure is required. SaaS applications fill this need. In fact, most ERP applications are being moved to the cloud for the same reason. Secondly, SaaS solutions don’t require capital outlays for hardware and software. Instead, a company pays an annual subscription fee, based on the number of invoices processed. As a result, the total cost of ownership for a SaaS solution is much less than an on-premise equivalent.
What is the cost of NIVO1 AP Automation?
Subscriptions are priced on the basis of the number of invoices processed. There is no per user charge nor licensing fees. The NIVO1 Supplier Portal is part of your NIVO1 AP Automation and is free of charge to your suppliers.
How often do you release new versions of the solution?
As a SaaS application, we continually enhance and improve the solution. You automatically get access to these enhancements at no additional charge.
What is invoice financing and how does it work?
Invoice financing is a low cost financing option for suppliers, allowing them to get fast access to working capital. Suppliers select the invoices for early payment and the terms of payment. Payments are delivered directly to the supplier account, usually the same day or the following day.
Why is financing good for my business?
Many corporations are extending their payment terms 60, 90 days or more, depriving suppliers of the working capital needed to run their business. Bank lines of credit sometimes fill the need, but require applications and credit checks. AR financing requires no checks nor underwriting. It's available if and when you need it.
What is the cost of invoice financing?
Invoice financing offers competitive rates to the supplier – as much as 1/3 the cost of alternatives – all with no system or process changes required by the buyer or supplier.
What is the difference between invoice financing and factoring?
A Factor takes over all receivables collections for a supplier, encumbers all receivables, and advances funds to the supplier against the value of the receivables. Invoice financing has lower interest rates and higher advance rates than suppliers can receive via factoring.
Why would I choose to get paid early?
Cash flow is the lifeblood of any business.By accelerating payments, you’ll have access to payments from your customers sooner.Best of all, you can use this cash for any purpose -- to fund your company’s growth, to add inventory, or to support ongoing operations.This is not a loan; you’re simply being paid sooner in exchange for a small discount on your invoice.
What capabilities exist in the NIVO1 Supplier Portal?
Suppliers can view the status of their invoices and learn whether the invoice is in-process, paid, rejected or awaiting approval, and when they will be paid. They can upload invoices directly into the Supplier Portal and bypass email and direct mail. We are adding more functionality all the time.
How long does it take to set up and give us access to the Portal?
It takes just a few minutes. We'll provide you a secure link to the portal in an email. Click the link and complete the activation process. It's that simple
How much does the Portal cost?
The Supplier Portal is free. There is no cost to the buyer nor the supplier.