As I followed the senior accountant back to her office, we passed aisles of massive cabinets. Only later would I learn that those cabinets are where their vendor invoices went to die! I say “die” because, although it seemed like a proper storage option, it really was an expensive, never-touched solution. The reason I took … Read More
“Oh, I’m just starting to research OCR” are common words I hear as a representative of a company that specializes in the software. There are some essential items to know when starting your search that will allow you to get the best answers from a solutions specialist (or software salesperson): 1. Know the concept of … Read More
Watch a video from ABBYY to see how easy ABBYY FlexiCapture for Invoices extracts data from reams of invoices while doing the 2-way match and then exporting to your accounting system.
When competition is tough. It forces companies to respond quickly to new challenges and maximize the efficiency of each business process. To achieve all this, many companies have implemented accounts payable automation and while evaluating their solutions, they’ve discovered many extra benefits. Let’s look at the challenges you face when it comes to AP processes and how you can maximize the efficiency of your AP department with ABBYY FlexiCapture for Invoices. Companies receive invoices in many forms and format and for organizations having multiple business units and subsidiaries control over the invoices flow may create additional challenges. On their way to the AP department invoices may get lost or delayed and you might not be sure at what time the invoice will reach your AP staff. But with ABBYY FlexiCapture for Invoices, all incoming invoices are captured right at the point of their arrival, independent of their form or format, then digitized and routed for centralized processing.
So no invoices are delayed or lost and there are no additional costs for document delivery or hand-to-hand transfer. Now you can be sure that each invoice gets to your AP staff in the shortest possible time and you enjoy visibility and control over your invoice flow. As soon as an invoice arrives at your AP department, a number of manual operations are routinely performed including checking its information, comparing it with the audit, getting approval, and keying its data into your financial solution. These traditional manual approaches to invoice processing are slow, time consuming and inefficient. So imagine how your company would benefit by minimizing the time and costs of such tasks and now imagine achieving it with ease with FlexiCapture. As soon as a document is digitized, ABBYY FlexiCapture recognizes it and transforms the image into highly accurate electronic data, so there is no need to manually rekey information anymore.
FlexiCapture identifies the country of the company being invoiced and checks each document for compliance with local regulations, the company’s business rules and master databases. Now you’re free from having to go through such checks manually since you can rely on ABBYY FlexiCapture’s accuracy. The solution also performs automatic purchase order matching. Comparing the values in the order with those on the invoice matched invoices automatically approved and routine for posting. In those cases where matching is unclear, the accountant can view the order, compare the values and accept the invoice. Plus you’ll save even more time by leveraging the solutions intelligent document routing. Based on the results of multilevel checks, each invoice is assigned to status and moved to the next appropriate step. Valid- Approved for further posting of payment Exception- Sent to your accountant because of missing information. Rejected- For return to your supplier.
Did you ever imagine that invoices could be processed without human intervention and that your accountants could be free to focus on documents requiring their specific attention for more efficient review and correction of documents? ABBYY FlexiCapture for Invoices guides users through fields with uncertainties provides a description of any problems and suggest values from the recognition cash. And in case a vendor was not clearly identified, ABBYY FlexiCapture suggests the likely best matches from your ERP database. FlexiCapture can also be trained to locate necessary data on an image. This intelligent training is completely under your control. Now your invoices are converted into digital data ready that is verified, 100% accurate and ready for posting and payment. What’s next? Whether you’re using a special invoice approval workflow application or leveraging the built in functionality of your ECM or ERP system, FlexiCapture accurately delivers invoice images and data to the workflow.
You can be sure that all employees involved in invoice approval have access to the information needed for fast and efficient decision-making. FlexiCapture ensures fast and seamless integration with SAP, Microsoft dynamics, Oracle, or any other financial application your company uses invoice images turned into electronic format of your choice and attributed with recognized data are transferred to your ECM system for long term storage and payment. Now you are always prepared for audits and inquiries and able to easily locate and retrieve any document at any time. So would you like to get in control of your incoming invoice flow, increase visibility over your invoice handling, reduce invoice processing cycles, make payments on time, and improve control over your cashflow, reduce operational costs, be prepared for audits and inquiries and transform your accounts payable department into a model of efficiency.