Automatic invoice matching eliminates duplicate actions
Is doing something twice efficient? Probably not. Do you still waste time coding your invoices? My guess is yes. Automate the entire purchase-to-pay process and stop wasting precious time.
Imagine: A purchase order is registered. A couple days later the goods are received and registered. Another couple of days later the supplier sends the invoice. Do you have to do anything at all or is the invoice automatically coded, authorized and pushed to the financial system?
As if you walk back to your car to lock it, only to find out that you already did. At least you made sure that you didn’t forget, but the time and energy spend was unnecessary. The same still happens daily in invoice processing within many organizations. The purchase order is approved in advance. Why would you go through the same process again?
That can be done differently. Not by removing those duplicate actions from your workflow, but by having a robot take over the work. In the previous blog we already wrote about OCR-as-a-Service, the tool that takes over the majority of the recognition of incoming invoices and while improving the quality of the recognition on-the-go. With auto-coding and auto-matching within Onventis Invoice Processing extraordinary results are suddenly made possible.
The Invoice Processing robot recognizes the PO numbers on the invoices received and then automatically matches them with the purchase order or a registered receipt. Is the information correct on all rules and is there a full match? Then the robot knows enough, and the invoice can be booked immediately. After all: the robot makes no calculation errors and the information from the order or receipt has already been approved in advance. The invoice no longer needs to be approved by people.
Sometimes there is no match due to, for example, a difference in price, a different number of products delivered or additional unforeseen costs. Then Onventis Invoice Processing automatically forwards the invoice to the appropriate authorized person for assessment. The software clearly reports on which line(s) the mismatch has been detected by means of colours. The final decision is now up to the employee: Accept the difference, request a credit note from the supplier or consult a colleague through a side-step in the workflow. Or something else entirely.
You decide which deviations are permitted and how large these margins are for each supplier. A combination of a percentage with a maximum absolute amount can also be set. In addition, Onventis Invoice Processing facilitates a set of checks that the robot performs automatically before a decision is made to auto-code, match or offer the invoice to the finance department for checking.
The Invoice Processing robot codes and matches your invoices automatically based on your authorization matrix. The only thing you do is handle deviations. Why would you do duplicate actions if our robot can do that for you too? Tireless. 24/7. 365 days a year.
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