Increased Savings, Efficiencies, and Compliance
Resolving problem invoices can be time consuming, with effort typically expended in making phone calls, sending e-mails, researching, waiting for responses, and following up while the problem is being investigated. Often, there is no electronic tracking solution showing where a problem invoice resides and why it has not yet been resolved. Vendors may call regularly, wondering about payment, while AP lacks an efficient way to track and respond to these inquiries quickly.
Eliminate Duplicate Payments
By automatically checking for duplicate invoices, you can eliminate the cost of duplicate payments. This includes the actual cost of duplicate payments as well as costs associated with employee time and administration.
Improving Use of Vendor Discounts
With more predictable cycle times for payments to vendors, the use of vendor cash discounts can be balanced against the impact of early payment on cash position.
Eliminating Late Payments
Better management of the vendor invoice process lets organizations take advantage of more early-payment cash discounts. An automated solution means that you can take all legitimate discounts and avoid late payments.
Improved Reputation with Vendors
nvoice Management lets you build a better reputation with your vendors a significant benefit. With timely payments and increased visibility into the payment process, vendors are more likely to continue business relationships and to work to enhance them.
Your most significant potential for savings is in the reduction of AP invoice cycle times and the elimination of late fees, which results in greater vendor discounts. Significant reduction in cost per transaction (CPT), improved cash management through AP liability reporting capabilities, and virtually eliminated data entry labor costs through data capture using OCR and rapid data entry all combine to ensure significant savings across your AP department.
A-Softech Invoice Management Solution
Invoice Reader is workflow system which helps customers to scan/read invoices in bulk from various sources, run OCR. Does validation and send data for further processing to ERP systems. It works with high level of automation and seeks none or very little human intervention.
A-Softech Invoice Management (How it works)
The application lets you monitor the invoice process from start to finish, beginning with the initial receipt of invoices (whether paper or electronic). Key process improvement steps include the following.
Centralization and Consolidation
Multiple AP groups can be consolidated, and all transaction processing can be centralized to a single location. A central site or shared-services center can collect and control invoices from geographically dispersed locations around the world.
Optical Character Recognition
Using imaging technology, all paper documents can be digitized. Imaging and OCR add even more value by taking away manual data entry and auto-populating transaction fields for further processing.
Initially, invoice metadata is validated to help ensure that it is complete and applicable. After validation, the data is processed according to a series of client-specific configured business rules. After validation and execution of the business rules, an attempt should be made to post the invoice automatically.
Many of today s enterprise solutions are based on a service-oriented architecture (SOA), a collection of resources that are made available to participants or services in a network and can be accessed in a standardized way. Content and information in enterprise resource planning (ERP) applications often is widely distributed and accessible via technologies such as XML; HTTP; Web Services Description Language; SOAP; Universal Description, Discovery, and Integration; and Java.
A-Softech Invoice Management (Features)
The A-Softech Invoice Management application includes many features that are derived from years of experience in optimizing AP processes for the world s leading companies. These include the following.
The available OCR option virtually eliminates manual data entry. The OCR option captures the following basic data from invoices by default:
- Vendor name and ID
- Company code
- Invoice date
- Invoice number
- PO number
The software automatically lets you analyze and detect the presence of duplicate invoices and eliminate duplicate payments.
The software allows you to automate the monitoring and capture of possible discounts, helping management optimize capital.
Integration with SAP
The Solution uses BAPI s and IDOC to Integrate with SAP through PI server, the solution is made integration friendly that it can be integrated without PI as well, but PI is definitely advisable
Invoice Management Cockpit
All information relevant to a transaction is visible on one screen. Scanned images, links to transactions (POs, goods receipts, invoices, and so on), comments, history, and other communications are consolidated in one location with links to more details.