Automate and optimize your accounts payable/receivable process

Invoice Processing

Managing critical Invoice Processing tasks at the entry point is critical to increase productivity and ensure information quality at a lower cost.

Optimize Operations

Get all the information and tools you need to run and optimize your Papersoft Invoice Processing services.

Enhanced profitability

Automate invoice processing and speed up invoice handling by eliminating paper-based document lifecycle management procedures

Superior performance

What are Papersoft Invoice Processing services?

Our services where designed to speed up the Invoice Processing tasks, reduce costs and accelerate business processes by automatically extracting invoice data and routing it to the appropriate workflow for further action.

We provide organizations with invoice process automation, giving them the ability to realize significant benefits: reduced invoice processing cycles, streamlined efficiencies, enhanced accountability and optimized corporate performance.

How it works

What does it do?

Offers image archiving on key index fields, quickly and accurately populating an ERP, accounting, workflow and/or document management system with data and images:

  • Captured data is immediate available, enabling timely workflows and business decisions.

Automates extracting header and footer data for indexing and business uses with advanced recognition technology:

  • Dramatically reduce the keystrokes required to enter data while delivering data directly into the ERP, accounting, workflow and/or document management solution in a fraction of the time.
  • Utilize business rules to automatically validate data and deliver images into the AP process.

Has full back-end ERP integration with line items and can extract data from an unlimited number of fields:

  • Automatically match PO’s with invoices, virtually eliminating tedious, labor-intensive, manual matching.

Digital transformation

Why automate the Invoice Processing process?

Accounts Payable (AP] professionals know that discovering more efficient ways to handle invoices is a major goal. AP departments operate under increasingly strict and fluctuating requirements.

  • Satisfying external customer demands.
  • Meeting increasingly stringent financial controls and internal margins.
  • SOX compliance.

The management of invoices can significantly impact vendor relations and corporate profitability. Automatically managing invoices will result in faster, safer, and more reliable financial information.

Streamlined offer

Why select Papersoft Invoice Processing services?

DELIVERS MAXIMUM COST REDUCTION

  • Reads up to 98% of data from an invoice automatically, leaving only a small amount to be keyed manually.
  • Cost savings are dramatic and ROI is guaranteed.
  • Works ‘out of the box’ on day one with no initial learning period, so savings are realised immediately.

REQUIRES LITLE OR NO MAINTENANCE

  • Uses rules powerful enough to work across all invoices.
  • No supplier-specific set-up or ‘tuning’ is required from the customer point of view or business perspective.
  • It will continue to perform to the same level even when suppliers change their invoices or new suppliers come on-stream, so no ongoing ‘maintenance’ is required.

EASY TO USE

  • Users don’t need to know how the system works, they just scan and validate any unrecognised data when applicable.
  • No need to ‘teach’ the system about invoices from new suppliers, they just concentrate on capturing data.
  • Users can retrain the system to improve performance over time using a simple point-and click interface.

WILL IMPROVE YOUR INVOICE DIGITAL TRANSFORMATION PROCESS

  • With powerful recognition technology, and workflow features it will streamline and improve your accounts process.
  • Can automatically prioritise invoices from suppliers with early-payment discounts.
  • Route high-value invoices or invoices from specific suppliers for administrator approval or route problem invoices to exception handling.

“Papersoft Invoice Processing services allow finance departments to easily automate the processes associated with accounts payable/receivable. These processes include invoice reception and handling, reconciliation and approvals, disbursement scheduling, settlement (including confirmation and reporting), and internal and external service support.”

Cristina Silva
Cristina SilvaOperations DirectorPapersoft

Gains

Major Benefits

REDUCED LABOR

  • Invoice Processing.
  • Invoice Sorting.

REDUCED PAPER HANDLING

  • No lost invoices.
  • Can be accessed by multiple users and locations simultaneously.

INCREASE PROCESSING SPEED

  • Invoices can be scanned and processed on the day that they are received increasing visibility for management.
  • Early payment discounts can be utilised.

ACCESSIBILITY/AVAILABILITY

  • Access to documents is quicker.
  • Information sharing is enhanced.
  • Storage space for of physical documents is less.

IMPROVED DATA ACCURACY

  • Fewer data entry mistakes are made.

Customer Segment

Who needs it?

MEDIUM/BIG ACCOUNTING FIRMS OR LARGE BPO FINANCIAL SERVICES THAT WANT TO:

  • Organize unstructured data.
  • Manage volume peaks.
  • Register accurate data into ERP´s.
  • Meet regulatory target dates.
  • External/Internal audit control.
  • Vendor relation satisfaction.
  • Credibility/Professionalism.

FINANCE DEPARTMENTS THAT AIM TO:

  • Aprove/Reject internal information.
  • Avoid service cancellation/penalties.
  • Optimize cash flow.

The processing flow in 10 seconds

How does it work?

Metadata Extraction & Business Rules
(OCR/ICR/IDR)
Knowledge Base Master DataQuality Control & adaptive classification technologyExport Connector
Following fields are extracted using extraction module:

Order Number
Invoice number
Invoice Date
Currency
VAT Amount
Net Amount
Total Amount
Order Date (when available)
Delivery Number (when available)
Delivery Date (when available)

Papersoft uses fuzzy database reconciliation comparing information such as names, address, bank details, supplier number, order number, with the ERP master data (txt/csv).

Vendor Number

Papersoft operator performs a visual check and makes manual insertions / additions to the extracted invoice data with direct image access. A validation workstation shows the user the invoice data and the corresponding image. The image section can be magnified allowing the user to quickly check the result without fatigue. The field color shows incorrect fields at a glance. The editing mode is variable, so the processing may be limited only on erroneous invoices. During the validation the user can directly jump from one faulty field to another.

The new coordinates of the field saved and the system self-learns updating the project and fixing the issue.

Simple data transfer to any target system, recognition result in XML/CSV format

Advanced data extraction

Invoice Headers

Advanced data extraction

Table Line Items

All invoice header services – StandardTable line items Extraction & Business Rules
(OCR/ICR/IDR) – Standard
Web service for validation against ERP for line items – OptionalBpm Client Exception Handling
(Web Browser) – Optional
Described in previous image.Find and read the invoice items (table) such as:

– Item number
– Item quantity
– Item units
– Item individual amount
– Item total sum.

Based on the PO number and each item number all table line items extracted are matched against ERP information individually. Any mismatch found of quantity or unit amount generates an alert for client validation.All mismatched items are grouped by invoice for client validation. The exceptions can be categorize by type on a dashboard

User options:

– Rejection process. A template email can be created with all mismatch reasons or requesting PO number, and shared with vendor.

– Acceptance process. The user is able to edit information for a specific line item and update the input before submission to the ERP. Also change process queue for NonPo.

Meet deadlines (Reg. or IG) with no workload control
Multiple systems/teams to validate info accuracy
High concentration of tasks that no one recognises value
Information delivered lately by vendors (near termination)
Fines or mistrust when fail due to no payments
Big effort of re-work due to bad accuracy
Logistics due to lack of space
Lack of process control: noticed only when requested

Not only a tech issue!

The probability of reducing document handling costs and streamlining tasks is huge if you work with a proven Invoice Processing service and a team of certified experts. Not only you will be able to deal with low tech-prone users and put more human focus (relevant process feedback) on critical functions and processes, but you will also leverage the relationship with suppliers and create value for both parties.

Opportunities abound

Shaping the future together!

Papersoft’s Invoice Processing Solution was specifically designed to address these pains. It easily allows you to save time and costs while making sure that your information keeps on track, audited and organized all the way through the process.

Challenges and impact on your daily activities

By enabling automation in your working processes, you will reduce your accounts payable/receivable and invoice processing inefficiencies like:

Lack of visibility into transactionsManual paper based processes
Procurement– Billing errors
– Overpayment
– Poor compliance rates
– Missed discount opportunities
– Failure to track supplier performance
– Increased cycle-times
– Higher processing costs
Treasury– Unable to accurately predict flow of funds into / out of enterprise
– Limited ability to manage working capital levels to the advantage of the enterprise
– Lower levels of liquidity because of higher processing costs
Suppliers– Duplicate billing / Invoicing
– Missed or lost payments due to inability to account for specific transactions
– Poor performance ratings
– Frustration
– Increased cycle times
– Higher processing costs
– Inability to track invoice processing status

Actions should be taken!

… to leverage the cost savings and cycle-time benefits that can be realized from an automated, highly-functioning operation.

Once you’ve automated accounts payable and invoice processing, you should extend the visibility that the new solution provides to the larger enterprise.

Accounts payable and invoice processing activities impact other groups within the organization such as procurement, treasury, and accounting:

  • Procurement can use invoice details to audit contract compliance and determine if preferred suppliers were used.
  • Treasury can benefit from understanding the cash ramifications of altering payment schedules or missing deadlines.
  • Accounting can use accurate, timely accounts payable and invoice processing information to ensure that financial reports reflect the organization’s market position and provide clarity to stakeholders.

It’s like building pieces of Lego®

Check one of our licensing packages and move on!

Each Papersoft Licensing Pack has a specific function and the combination of Packs allows to meet the most different process management and organizational needs – in an agile, secure and accurate way.

Based on more than 17 years of experience, Papersoft can guide you on the path to innovation with streamlined Delivery Packages that smooth the path to your digital transformation journey.

Papersoft partner program

Expand your business and unlock a world of opportunities by partnering with Papersoft.

We have the technology and the expertise. You have the market knowledge and/or the software solution that can be enriched by integrating our solutions or services. Together we can power growth and achieve great things!