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The intelligent document recognition capabilities of Formic Fusion can be applied to many different application areas and one such significant area of value is that of invoice processing.
Research by Byline in to Accounts Payable (A/P) processes found that:
The desire for lower process costs is a permanent feature of organisations' business planning. Accounts Payable invoice processing is labour intensive and automation can reduce labour costs and/or allow resources to be re-deployed to more value-added areas.
Formic Fusion for Invoice Processing is a fully customisable invoice processing solution that scans supplier invoices and automatically extracts and validates the data they contain before exporting it to accounting systems for processing.
Formic Fusion for Invoice Processing identifies incoming documents as invoices and immediately begins extracting information such as purchase order number, invoice date, total amounts, line item data and more. Supplier ID is automatically determined and critical information is validated against existing data in accounting systems before being exported directly into Enterprise Content Management (ECM), Enterprise Resource Planning (ERP), Accounts Payable (AP) and other back office systems. The result is a faster, more efficient means of handling invoices, which results in: -
