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 as PDFs. INVOICES handles them all.
All information of interest is captured automatically. Validation and verification of the invoices can also be handled automatically since the software comes equipped with country-specific profiles regarding VAT-rates, currencies, date formats etc.
The captured information is exported from INVOICES to your target system for coding, authorisation 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 digitises 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 pre-requisite 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 can 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 authorised to handle. In this way, work can be distributed to multiple operators, and the risk for unauthorised access is minimised at the same time.
Business system integration
INVOICES integrates seamlessly with most ERP systems on the market. ReadSoft has certified in-house integrations for SAP and Oracle E-Business Suite.
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.)
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