Automated Invoice Processing

Version One’s technology can streamline your ‘Purchase to Pay’ processes and eliminate the need for time-consuming and error prone paper-based accounts payable methods.

One of the most protracted and costly processes within any medium to large sized organisation, is the manual processing of supplier invoices. Inputting supplier invoice data into the accounting system, validating the data, authorising the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an enterprise, often resulting in reduced supplier discounts and/or severe late payment penalties. Version One’s DbAuthorise and DbArchive enable the automated authorisation and electronic storage of supplier invoices. DbCapture complements these systems by enabling the automated extraction and validation of supplier invoice data.

DbCapture automatically recognises the document type, be it supplier invoice, purchase order, cheque or remittance, then intelligently highlights and extracts the pertinent information. The system validates extracted data against the accounting system and automatically highlights any discrepancies for intervention as appropriate. The accounting/ERP system can then be populated with the data accordingly.

By processing incoming invoices using DbCapture, companies are experiencing the following benefits:

- Data entry costs reduced by over 50%
- The redeployment of accounts payable staff to carry out more productive roles
- The elimination of data entry errors
- Swifter invoice processing maximising early payment discounts
- Improved cash flow

Version One’s end-to-end electronic document imaging and document management software solutions seamlessly integrate into all the main accounting and ERP systems.