Unlocking the Power of EBC Live: A Comprehensive Guide

What is EBC Live?

EBC Live is a cloud-based Electronic Bill Capture (EBC) solution that streamlines the accounts payable (AP) process by automating the capture, processing, and routing of invoices and other business documents. It eliminates the need for manual data entry, reduces errors, and improves visibility into the AP process.

Key Benefits of EBC Live

• Automated invoice capture: EBC Live uses optical character recognition (OCR) to extract data from invoices and other documents.
• Improved data accuracy: OCR technology minimizes errors and ensures the accuracy of captured data.
• Reduced manual processing: Elimination of manual data entry reduces labor costs and frees up staff for higher-value tasks.
• Enhanced visibility: EBC Live provides a centralized repository for all AP documents, improving transparency and control.
• Faster invoice processing: Automated workflows and routing accelerate the AP process, reducing payment delays and improving supplier relationships.

How EBC Live Works

EBC Live utilizes a three-step process:

1. Capture

Invoices and other documents are captured through various methods, such as email, fax, or mobile app.

2. Process

OCR technology extracts data from captured documents, which is then validated and corrected if necessary.

3. Route

Processed data is routed to the appropriate approvers and stakeholders based on pre-defined workflows.

Features of EBC Live

EBC Live offers a range of features to enhance the AP process:

• Invoice approval workflows
• Document management
• Supplier onboarding
• Payment tracking
• Reporting and analytics

Implementation of EBC Live

EBC Live can be implemented in a variety of ways:

• Cloud-based: Hosted in the cloud, providing scalability and ease of access.
• On-premise: Installed on the company’s own servers, offering greater control and security.
• Hybrid: A combination of cloud and on-premise, providing flexibility and customization.

Benefits of Implementing EBC Live

Companies that implement EBC Live experience numerous benefits:

• Increased Productivity: Automation reduces manual tasks, freeing up staff for more strategic initiatives.
• Improved Accuracy: OCR technology minimizes data entry errors, leading to more accurate accounting records.
• Reduced Costs: Automation reduces labor costs and eliminates the need for manual processes.
• Enhanced Compliance: EBC Live simplifies compliance with regulations and standards.
• Improved Supplier Relationships: Faster invoice processing improves supplier satisfaction and reduces payment delays.

Choosing the Right EBC Live Solution

When selecting an EBC Live solution, consider the following factors:

• Business size and complexity
• Specific AP challenges
• Budget and resources
• Vendor reputation and support

Conclusion

EBC Live is a transformative solution that revolutionizes the AP process. By automating invoice capture, processing, and routing, EBC Live increases efficiency, accuracy, and visibility. Companies that implement EBC Live experience significant benefits, including reduced costs, improved compliance, enhanced supplier relationships, and increased strategic flexibility.