Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Invoice Processing Solutions Explained

When invoices enter the accounts payable department, they can either scanned into the invoice processing solution or if they are in an electronic format, the data is transferred. Optical Character Recognition (OCR) technologies can be used to automatically read the data on the invoice, therefore completely eliminating any manual data entry that might have traditionally been carried out. Alternatively, manual data entry can be carried out using a range of indexing tools to make this a quick and easy process. To share the invoice data and avoid duplicate data entry, invoice management platforms are often integrated with the financial system.

For any invoices that arrive without purchase orders (POs), the coding and authorisation modules can be used to automate the coding and approval. The coding module allows either the procurer or the accounts payable department to code the lines of the invoice online. This reduces the issues of invalid or inappropriate codes being used and speeds up the process by using intelligent defaults and validation rules. Authorisation modules automates the invoice approval process: email alerts are sent to procurers with a hyperlink to their intray where they can view a list of invoices to be authorised. They can then either accept or reject each invoice, with automated invoice processing to refer or forward to a colleague as well.

For invoices with purchase orders, matching and resolution modules allow any invoices that automatically match the receipts to be automatically posted to the finance system. If invoices arrive with no receipts, the invoice processing solution will prompt the procurers to receipt the goods using similar functionality to the authorisation modules. It also manages the approval process for discrepancies between orders/receipts and invoices, and facilitates coding adjustments for authorised discrepancies.

Once invoices are approved, the invoice management solution can post the details to the finance system, the invoice image and associated details are then available to be retrieval.

Compliance Issues
The BIP 0008 standard aims to guarantee that electronic documents are legally admissible. Document management solutions can be used to ensure that the document captured is an exact copy of the original and therefore accepted as legally admissible.

Document management solutions should also fully support Sarbanes Oxley (SOX).

Documation is a leading provider of document management software and services solutions to UK, European and global companies. By removing paper and manual processing from business operations we help our clients reduce costs, improve efficiencies, maintain business control and achieve legal compliance. We have an array of public and private sector customers using our invoice processing and document archiving solutions.

The cornerstone to our success is our proven track record in building and implementing high-quality, business-focused solutions specific to individual client needs.

Our core product, 'Enable', is a powerful, modular solution designed specifically to automate document intensive business processes. If you have high volumes of documents to manage or complex processes in any area of your business or across your whole enterprise, Enable provides all the performance and features you need for a fast and efficient operation.
Sign In or Register to comment.