Purchase Invoice Automation
Version One's technology can streamline your purchase invoice processes and eliminate the need for time-consuming and error-prone paper-based accounts payable methods using invoice processing software.
Eliminate manual invoice processing
One of the most protracted and costly processes within any organisation, is the manual processing of purchase invoices. Inputting purchase 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 organisation, often resulting in reduced supplier discounts and/or severe late payment penalties.
Using OCR (Optical Character Recognition) Technology
With Version One's systems, sophisticated OCR technology is used to automatically capture invoice data. This is then extracted and validated before the data is exported into the accounts system and the corresponding image is archived.
Using Version One's workflow system, invoices are then sent electronically around the organisation for approval and/or coding. Business rules can be built into the authorisation process (e.g. based on supplier, value or cost centre etc.) so the system knows which authoriser to send the invoice to. When an invoice is given final approval, it can be sent back to accounts payable staff or the data can be used to automatically update the status in the accounting system.
The Version One document archive ensures an electronic image of the invoice is stored for audit purposes, along with the authorisation audit trail. This image can be accessed from within the accounts system or web browser and linked to other relevant documentation such as the PO, PoD, remittance etc.
Key benefits of Purchase Invoice Automation:
- Reduce data entry costs by over 50%
- Eliminate data entry errors
- Maximise settlement discounts
- Minimise late payment penalties
- Eliminate lost invoices
- Improve cash flow
- Re-deploy accounts payable staff to carry out more productive roles
