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Inbound invoice processing: Ways out of the cost trap
Motivation
In organisations where hundreds or several thousands of invoices arrive by post each day, the demand for hard-working people to enter the invoices manually, check them, post them and file them is high. The more people are involved, the higher the costs. In practice, prompt entry of invoices the day they arrive is the exception. Yet a delay in processing invoices can lead to considerable losses in terms of cash discounts and liquidity. The absence of a same-day overview of accounts payable represents a corporate risk that should not be underestimated.
Solution
DOXiS InvoiceMaster offers a way out of the cost trap. It provides secure, same-day automated processing of inbound invoices. The invoices are scanned in, read with OCR software and then automatically classified by supplier using learning and generic methods. Information relevant for posting is extracted and send to the relevant ERP system, e.g. SAP, for further processing. Invoices with a purchase order reference can be processed fully automatically, including posting in the ERP system, if they match the purchase order. Invoices without a purchase order reference go through an electronic standardisable invoice verification workflow. This reduces manual processing to a minimum: Significantly more than 50 % of the time spent on processing invoices can be saved in this way, with the system paying for itself in less than a year, even in cases where there are just a few hundred documents arriving per day.
Product features
DOXiS InvoiceMaster at a glance:
- All-in-one application for automated inbound invoice processing and verification, incl. invoice receipt ledger
- Processes invoices with and without a purchase order reference, part invoices and collective invoices, credit memos, etc. Automatic header data analysis and identification of supplier/invoicing party
- Maximum automation through a combination of generic/rules-based and associative methods.
- Automated table analysis and extraction option using generic and learning processes
- Integration with leading ERP/financial accounting applications – standard interface available for e.g. SAP R/3
- Workflow for centralised and decentralised invoice verification, even for complex verification and approval processes
- Procedural verification, e.g. VAT ID
- More than 95% classification rate for A-list suppliers
- Workflow with DOXiS BPM, groupware and/or application workflows, e.g. SAP Business Workflow
- Processing structured and unstructured documents
- Processing paper and electronic documents and datasets, e.g. EDI
- Application upgrade available – from invoices to all inbound mail (DOXiS Inbound Center)
Fields of application
- Automatic capture of inbound invoices in accounts payable
- Workflow-driven verification of supplier and service invoices, even in decentralised set-up across departments or sites
- Automated processing of network operator invoices from automatic capture to posting, without user intervention
- Mass data processing for commercial invoices
References
Interesting customer applications using SER InvoiceMaster can be found in the left-hand panel. Click on the customer name to find out more.
