INVOICES
Automatically transfer invoice information straight into your
ERP system
INVOICES is the world’s number one choice for automated data capture from invoices. The software automatically extracts information from any incoming invoice, validates it, and transfers it to an ERP system.
There are many ways for invoices to arrive: in envelopes, by fax, as email attachments, via XML or PDF. INVOICES handles them all.
All information of interest is captured automatically. Validation and verfication of the invoices can also be handled automatically since the software comes equipped with country-specific profiles regarding tax rates, currencies, date formats etc.
The captured information is exported from INVOICES to your target system for coding, authorization and approval by your accounts payable staff.
INVOICES is the first step to electronic invoice processing. The software can be seen as a funnel for all your incoming invoices, directing them into the same flow, regardless of source.
Suitable for you if:
Your company processes more than 5000 invoices per year.
With INVOICES, you will:
Improve your bottom line
Costs for manual keying and manual verification are eliminated.
Improve financial control
You get fast and accurate financial statements and simple access to any invoice.
Improve supplier relations
As your invoice processing gets faster, you eliminate late-payment penalties and increase early-payment discounts.
Improve employee satisfaction
Staff can focus on more rewarding tasks than keying in information into computers.
Technical capabilities
What types of invoices can be handled?
- Paper
Although IT develops rapidly, paper invoices will continue to exist for some years to come. Consequently, INVOICES digitizes your invoices and provides high quality extraction results. - XML variations
Although there are numerous different XML invoice standards, INVOICES handles the input and creates a digital image for use in the subsequent process. - PDFs and images
INVOICES extracts information from PDFs and all major image formats (TIFF, PNG, JPG, etc.). - Fax
Fax images are automatically imported by means of a link to your company’s fax server. The subsequent process is the same as for all other digital images.
Self-learning technology
INVOICES automatically learns where to find the information of interest on the invoice and creates a knowledge base for each supplier. Consequently, the extraction of information becomes even faster and more precise with time.
Automatic sorting
Suppliers and buyers are identified and compared with data imported from your financial system. The type (general expense or purchase order) is detected, as well as whether it is an invoice or a credit note.
This information is the basis for the automatic sorting that saves a lot of time and work in the initial stages.
Built-in support for regional variations
INVOICES comes equipped with ready-to-use sets of country-specific settings, including VAT rates, date formats, currency characters, etc. Business logic, for example, to validate dates, VAT, and sums, is also part of these settings.
You can, of course, add or adapt parameters to suit your business requirements.
Automatic purchase order matching
INVOICES handles line items, which is a prerequisite for automatic purchase order matching. Thus, if you integrate INVOICES with your purchase and financial systems, you can substantially increase the value of your electronic invoice processing.
Automatic check of sums, VAT amounts and more
INVOICES can perform a number of tests automatically, for instance:
- Does the sub-total in a line item row correspond with the number of articles and unit price?
- Are VAT rates and amounts correct?
- Is the due date reasonable?
If everything is correct, the invoice may be transferred without further manual interaction.
Personal inboxes ensure fast and accurate verification
Where discrepancies are found, invoices must be manually verified. INVOICES provides each operator, or group of operators, with a separate inbox that contains only those invoices that they are authorized to handle. In this way, work can be distributed to multiple operators, and the risk for unauthorized access is minimized at the same time.
Business system integration
INVOICES integrates seamlessly with most ERP systems on the market. ReadSoft has certified inhouse integrations for SAP and Oracle E-Business Suite.
More material on Invoice Processing and Accounts Payable Automation at readsoft.com
Invoice Processing
Invoice processing can be costly and cumbersome if the handling is carried out manually. But with a software system for automated invoice processing, costs and payment cycles can be reduced dramatically.
Automated invoice processing is becoming standard among efficient and cost-conscious organizations around the world. Thousands of companies already use ReadSoft's invoice processing software to reduce costs and increase speed in the AP department.
Go green
An automation system for invoice processing will not only cut down on costs and handling time, it will also spare the environment by using less paper and transports.
Invoice processing automation - How it works
Automated invoice processing starts with handling the incoming invoice. If it is a paper invoice, the system turns it into a digital image (scanning) and automatically extracts information from it. If it is an electronic invoice, it is directly imported into the system.
The invoice processing software thereafter matches the extracted information against a purchase order. If there is a complete match between the purchase order and the invoice, it is posted for payment automatically. If no purchase order exists, it is routed to the correct person for cost allocation and further handling.
The invoice processing cycle can be followed and tracked giving you full control over costs, bottlenecks, or other problems that may occur. This will provide you with a complete audit trail to support compliance with legislation such as the Sarbanes Oxley act (SOX)
Invoice processing automation - the benefits
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Invoice processing automation is more cost effective than manual handling.
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Invoice processing automation is faster than manual handling.
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Invoice processing automation will give you better control over your invoice processing procedure.
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Invoice processing automation will enable you to take advantage of early payment discounts and avoid costs for late payment penalties.
Invoice Processing software improves accuracy and efficiency in handling invoices. It makes it possible for invoice processing to achieve a fully automatic invoice flow. The software captures all of your invoices, on paper or in electronic form, interprets each invoice and identifies requisite information. It then transfers this data into your financial business system.
Invoice processing is done by using OCR and ICR recognition technology, the system accurately captures all critical invoice data: vendor ID, date, line item and total amounts etc. Financial data is available much faster, accounts are resolved with minimal human interaction and the entire invoicing process becomes a streamlined operation. Not to mention the savings in invoice processing costs!
Your accounts payable staff will experience drastic improvements in their daily routines in invoice processing. The time required to process paper invoices will be reduced, as well as the time spent on correcting data errors. You don't have to turn to an expensive invoice processing service to handle your invoices efficiently - the invoice scanning software will take care of the job for you.
Invoice automation
Invoice automation is being used by thousands of cost-conscious and effective organizations around the world.
Through invoice automation and scanning, these organizations can:
- Increase efficiency in their invoice processing.
- Decrease costs for invoice processing.
- Get a highly automated accounts payable process which speeds up payment times.
- Send and receive E-invoices to become even more automated
Invoice automation - economical and ecological
Invoice automation and scanning will not only affect your bottom line, it will also spare the environment by using less paper and transports. If you start using e-invoicing, you will reduce even more waste.
Invoice automation, e- invoicing, and scanning - How it works
Invoice automation requires all information to be digitized. Through scanning, paper invoices are turned into a digital image from which the invoice automation software can extract information.
Through e-invoicing, you can also receive electronic invoices, straight into the invoice processing software (or send E-invoices to your customers).
The invoice automation software matches the invoice information against a purchase order in your ERP system. If there is a complete match, the invoice is posted for payment in a fully automated process. If no purchase order exists, it is routed to the correct person for further processing.
Invoice automation makes it possible for you to follow and track your invoice processing. You can spot bottlenecks early and get a complete audit trail of your automated process (enabling compliance with legislation such as the Sarbanes Oxley Act)
Invoice automation, scanning, and e-invoicing - the benefits
- Invoice automation is faster and less expensive than manual handling.
- Invoice automation will give you better control over your AP cycle.
- Invoice automation will give your staff time to focus on productive tasks.
- Scanning will make all your documents digital for easy search and retrieval.
- E-invoicing will speed up your invoice processing even further (since all invoices arrive in perfect, electronic format.)
Invoice Processing Automation
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