Invoice Processing: IMS Summary |
Documation’s Invoice Management Solution ‘IMS’ is the invoice processing solution built on the Enable platform, which encompasses functionality specific to accounts payable. Within our client base, IMS is being used to process invoices in multiple languages, multiple currencies and compliant with a country’s specific tax and financial rules.
Automated invoice processing from Documation provides a comprehensive range of functionality including:
- Capture of invoices from paper, email, EDI, XML
- Extraction of index data (header and line level) via OCR
- Matching and exception handling for PO invoices
- Automated coding, distribution and authorisation of non-PO invoices
- Posting to ERP
- Integrated retrieval of document image from ERP
- Full document audit trail
- Management reporting
Having specialised in invoice management solutions for 20 years, we fully understand the challenges faced by corporate AP departments. By working closely with our clients we develop innovative and proven solutions to address their unique business issues. |
Invoice Scanning & Capture
Automatically extracts and validates key data from all invoice sources:
- Scanned paper, Spreadsheet, eForms, EDI, XML, Email, etc
Automated Data Capture (ADC) uses OCR technologies (optical character recognition) to automatically “read” the invoice and inputs the details straight into your finance system. It can also learn new supplier invoices automatically.
Alternatively, manual data entry can be made as quick and easy as possible with the use of scanning and on screen displays. The indexing software contains features such as: zoom in and look up, and barcode merging eliminates any duplicate data entry.
IMS includes a module called iCode. It eliminates this duplication by allowing procurers to code online, whilst also removing issues of invalid or inappropriate coding. When coding and authorisation are complete, IMS automatically posts the details to the finance system.
The IMS Coding Assistant is an optional part of iCode. It makes the move to online coding as easy as possible for both the AP team and the people coding the invoices.
It includes 3 key elements:
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Distribution for coding - this helps the AP team to select the right person to code each invoice.
- Invoice coding assistance - aids the actual coding of invoices, by providing intelligent defaults and relevant coding selections for each individual.
- Coding validation - ensures coding is accurate before it is posted by providing comprehensive coding validation.
Invoice Matching
Invoices with purchase orders are usually matched to the order and/or the goods received note so they can automatically sent for payment. With IMS, matching is done online at the time of data entry.
Invoice Matching Resolution
During the matching process the invoices often don’t match the order and/or goods received note. If matching fails, the AP team are alerted immediately so that data entry errors can be resolved or the discrepancy process started straight away. This avoids costly delays and re-processing.
Invoice Approval & Authorisation
Invoices that do not have purchase orders often require authorisation from the original procurer. Delivery of invoices to authorisers, monitoring and reminders are all handled automatically. Using IMS ensures that the authorisation rules are exactly defined and adhered to. It can also handle multi-level authorisation where the invoice needs to be approved by more than one person.
Invoice Storage and Retrieval
Instead of spending time searching through cabinets jammed full of invoices, IMS allows you to find an invoice instantly and to view complete details of its history and status. IMS can be integrated with your finance system allowing you to view the invoice and full status details without leaving the application.
Documation’s Invoice processing solution integrates seamlessly with finance applications including Oracle Financials, SAP, Coda, PeopleSoft, Sun Accounts, JD Edwards, Sage, Geac and many more.
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If you are processing thousands of invoices per month and want to improve efficiency and control within your accounts payable department, then please get in touch with us today! |
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