|
|
|---|
Incredibly fast and accurate invoice processing with Formic Fusion for Invoices accounts payable software…
Any sizeable organisation receives hundreds, often thousands of supplier invoices each day that must be entered into an accounting system. Despite the advent of Electronic Data Interchange (EDI), between 75-80% of invoices are still processed manually according to IBM, Gartner and Aberdeen Group.
What’s more, Byline Group’s research into Accounts Payable (A/P) processing revealed that: -
No one can argue that processing invoices is labour intensive but it is also expensive, takes time and has the potential for mistakes. When you consider that according to Byline’s research an accounts payable clerk handles just 70 invoices per day on average, it becomes relatively straightforward to put a labour cost on the front end processing. But the repercussions are felt further downstream too.
Formic Fusion for Invoices takes the hassle out of invoice processing. The software will automatically scan, extract and validate invoice data and feed directly to your accounting system and it does this with surprising speed and accuracy. Easy to set up, easy to operate and highly productive, Formic Fusion for Invoices is quick to establish itself as a valued member of your A/P team.
Processing invoices is a complex business. Invoices come in a multitude of formats, layouts and styles from a wide variety of different suppliers.
Formic Fusion for Invoices can handle any invoice, from any supplier in almost any format. Whether machine printed or part handwritten, single or multi-page, coloured or white paper, whatever the country of origin – Formic Fusion for Invoices accounts payable software handles them all with unassuming ease.
Simply scan in an invoice using our invoice scanning software and select the items of information that you want to capture by defining a target zone for each of them; the system will automatically distinguish between the field label e.g. VAT amount and the associated value. Select the supplier name as a unique attribute of all such invoices. Now, every invoice from this supplier is automatically recognised and processed and the captured data sent straight to the underlying database.
Extracting information from tables is no mean feat. The challenges include identifying columns and lines of information and knowing where one item description ends and another begins. Formic Fusion for Invoices automatically detects the number of columns and the header titles and places a data capture grid over the entire table, allowing you to finely adjust it for pinpoint accuracy. By selecting one key column that contains a single value for each item listed, it’s easy to discover what adjacent information is associated with each item, even if that information runs over multiple lines.
There’ll no doubt be occasions when you may want to capture handwritten information, for example, nominal codes assigned by remote parties or the detail of an invoice that has been handwritten onto a pre-printed form. For these instances, Formic Fusion for Invoices has a simple and elegant solution. Define the area where the information might appear and each time the software detects its presence a window will pop-up for an operator to key in the requisite data.
To ensure near perfect accuracy, each piece of data can be validated against almost any criteria you choose or against any other data values. For example, the alpha-numeric format of a supplier invoice can be validated and total values can be cross-checked with sub-totals to negate the need for manual checking. And with an optical character recognition (OCR) rate of at least 97% your confidence in the accuracy of the resultant data should remain equally high.
If there are only a fixed number of possible values for any piece of data, it makes sense to create a list of them in a lookup table. Then, during invoice processing, Formic Fusion for Invoices software will always look to match the data it sees on the invoice to one of these values, further increasing the ultimate data accuracy.
Invoice data capture presents one obvious area for improvement. Managing the digitised invoices through the entire workflow approval process offers the potential for even greater efficiency and cost savings. That is why Formic have chosen to partner with a few select class-leading purchase-to-pay (P2P), Enterprise Resource Planning (ERP), Electronic Content management (ECM) and Document Management (DM) providers to offer you a range of fully integrated solutions capable of biting even larger chunks off your process improvement wish list.
(926 KB)
