Multi Channel Invoice Processing the way forward eflow GUIDE: ONE PLATFORM. MULTIPLE SOLUTIONS Top Image Systems
A Guide to: Multi Channel Invoice Processing Money makes the world go round, or so they say. For many in the AP department they would say that in fact invoices make the world go round. Thousands of invoices are received by organisations every month. Paper is still going strong, with around 28.5 billion paper invoices sent each year in Western Europe. And despite promises to the contrary, the advent of different media channels bringing e-invoices, EDI, pdf s, mobile capture and so on has actually further complicated the AP department s role. In short, processing invoices: is time consuming is costly can cause delays in payments can lead to penalties and sanctions But you know all this already. You also know that AP automation has been around for more than a decade and that too has now become confused. Do I need a solution for paper invoices and a solution for e-invoices, and how much will that cost for two solutions? is often what we hear, and for many outside of the largest organisations, neither has been a viable option. The good news is that the technology has progressed and is now more simple and easy to implement and it s known as multi channel invoice automation. Once upon a time Invoice automation used to be a replacement to manually keying in invoice data from paper invoices. Now invoices come in from multiple channels and you need a solution that can deal effectively with all sources of data. What we call multi channel invoice processing ; a single solution that captures data at the point of entry to the organisation whatever the original format of the invoice (paper, EDI, e-invoice, or pdf). eflow Invoice uses single platform technology which means it uses a range of technologies in a single solution in order to process the invoices across the organisation whatever the source or the format a truly multi channel solution. Captured data is validated and fed directly to the ERP system(s) that you already use. Using multi channel invoice processing, AP staff deal only with exceptions or problem invoices in a single solution. How many times do you hear of EDI data validation failures days after the event, Why didn t we reject this data immediately after it was received? is often what we hear. For the first time AP staff have clear visibility of the complete end to end accounts process. You can see what stage each invoice is, no matter how it was delivered: paper, pdf or e-invoice. You can view your liabilities at any point, where invoices are being held up for validation or authorisation, if you are on target for upcoming payment dates and so on. With invoice automation, power is placed firmly back within the AP department who can ensure efficient, legally compliant processing and payments, whilst at the same time whose personnel can cut processing costs. 2015 Top Image Systems Ltd. 2
A Guide to: Multi Channel Invoice Processing (CONTINUED) What is Multi Channel invoice processing? A Multi Channel invoice processing schematic. SCAN PAPER SUPPLIER PORTAL MFPs OCR MOBILE CAPTURE INTAKE DATA EXTRACTION RULES & CONSISTENCY CHECKS VALIDATION APPROVAL & EXCEPTION WORKFLOW ERP EDI CONTINUOUS LEARNING EMAIL E-INVOICE ELECTRONIC ARCHIVE / ECM Multi channel invoice processing means being able to accept and process in the same way all invoice types in all formats, and here s what to look out for: Paper Documents Intelligent Data Capture (IDC) for paper-based invoices is a key part of the multi channel process. It is vital that the data extraction engine can be deployed quickly without the need to create templates or learning scripts for suppliers, as this is almost impossible to manage if you have 20,000 vendors for example. PDF Processing New technology has come to invoice processing that will read an invoice.pdf file 100% of the time with no errors. Clients find that converting suppliers to print to pdf is readily accepted, it actually lowers the suppliers cost, is greener and because it will also email a receipt and a tracking number back to the supplier, it is a much more secure solution, with no more paper invoices disappearing in the post. PDFR technology uses the underlying machine-readable data within a pdf file and it is as reliable as an e-invoice. 2015 Top Image Systems Ltd. 3
A Guide to: Multi Channel Invoice Processing (CONTINUED) Flexible e-invoice Processing Flexible e-invoicing i.e. XML or EDI submissions should be accepted in multiple formats that suppliers are readily able to supply without cost, rather than having to conform to the receiver s rigid specification. Self Service TIS Self-Service option your suppliers can actually take control of the complete Submit-Correct- Manage process. The supplier simply loads in their invoices for processing, the invoice is automatically sent to the eflow platform which responds directly to the supplier Self-Service portal with either acceptance or a prompt informing the supplier that they have an incomplete invoice submission i.e. some of the invoice fields couldn t be read and must be corrected. Your supplier can also monitor the progress and status of the invoice through to payment. This solution enables often troublesome Long Tail suppliers to become completely touch-less transactions for you and your staff. Self Service can also be used for submissions or simply invoice detail and status enquires which at the very least will reduce the number of unnecessary calls made to your staff. Manual Validation It s important when AP staff make good any data corrections this work isn t wasted. Intuitive Learning that follows the key strokes of the AP staff so that the application learns from the error made in locating the data and automatically applies this knowledge in future. Improved service for less Implementing a multi channel invoice automation solution can be a good time to review and streamline your current processes. If you work in regional offices, for example, you might want to centralise the point of entry for all invoices. For some however this is just not practical. The beauty of eflow Invoice for multi channel processing is that invoices can be processed locally or centrally to suit your business processes. Capture the benefits of straight through processing The ultimate aim of automatic invoice processing is straight through processing (STP) where invoices automatically enter an organisation, are matched to data in the ERP system and are paid accordingly, without AP staff ever having to touch them manually. All the while accurate data is available at every step of the process so AP staff can identify any potential problems and have an accurate picture of their liabilities at any given point. The multi channel advantage A single platform solution dealing with all invoices from all sources streamlines your processes. Whether an e-invoice, pdf or a paper invoice, data is captured on entry to the organisation and from thereon dealt with in exactly the same way. As legal requirements for auditing and reporting are getting stricter, it is important to have a single internal control system which consolidates audit trails for all document types, formats and activities instead of requiring 3 multiple solutions and audit trails. Further, electronic archiving of all documents whatever the original format is consistent and ensures legal compliance. In a nutshell, multi channel invoice processing brings: Full control of all documents from reception to archiving Fraud detection Collaboration with suppliers for improved exception handling Visibility of all important information in real time And it s all quick and easy to implement. Sounds good, doesn t it? For further information, email TIS directly at contact@topimagesystems.com. 2015 Top Image Systems Ltd. 4
Conclusion eflow is our powerful, proven and homegrown technology. eflow provides customers with a end-to-end solution to capture, classify, process, validate and deliver business-critical key data lying within incoming documents, to the people who need it most. eflow is designed to work with various ERP, finance and purchasing systems, allowing organizations to retain and exploit the inherent value in their legacy systems. eflow is based on a One platform. Multiple choices approach offering customers modular or comprehensive solutions to best meet their specific industry and business process needs. Our offer includes consulting, training and support services tailored to your specific solution and your unique requirements. eflow reduces manual intervention by the use of workflow, improves response time to customers, suppliers and partners, and ensures compliance with corporate regulations and industry standards. Processing efficiency, accurate information and improved throughput lead to significant savings and rapid ROI. 2015 Top Image Systems Ltd. 5
ABOUT TOP IMAGE SYSTEMS Top Image Systems (NASDAQ: TISA) provides advanced capture, workflow & delivery solutions via its proprietary flagship eflow platform and a new mobile imaging platform driving a portfolio of mobile capture and image processing apps. Our industry-leading eflow Invoice solution optimizes Purchase to Pay for enterprises around the world. Our document classification, approval and validation software enables straight through processing of all incoming financial documentation. We offer end-to-end invoice processing in five simple steps Capture, Recognition, Validation, Approval and Payment. eflow Invoice ensures that invoices will be processed quickly, accurately, and efficiently with builtin best practices that make the lives of AP staff much easier. Top Image Systems mobile and cloud offerings, tight integration with SAP and other leading ERP systems, and highest recognition rates enable straight through P2P processing at hundreds of companies worldwide. ENGAGE WITH US ONLINE WWW.TOPIMAGESYSTEMS.COM 2015 Top Image Systems Ltd. 6