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Invoice Processing - The Missing Link
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Irrespective of whether a company has installed a Document Managment System (DMS) or not,
it is common practise that accounts personnel in the accounts payable department must first
manually interpret all incoming invoices (either from DMS image archive or direct from paper) according
to internal departmental allocation proceedures and then manually enter relevant key information
into the finance booking system for payment.
It has been proven, that by automating the interpretation and the data entry of invoices and linking
the DMS / Workflow to the finance systems, significant costs savings can be achieved through the
reduction of manual work and improvement in efficiencies through more secure invoice handling
proceeedures, archiving and retrival.
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The Benefits of Automatic Invoice Processing
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- Reduce data entry costs as the amount of manual work is reduced
- Increase data accuracy in the entry process
- Shorten data entry times - significant for companies fulfilling ‘Just-In-Time’ deadlines and in Germany, to take advantage of Skonto additional discounts for paying invoices within time deadlines
- Secure invoice handling through electronic distribution, archiving and retrieval
- Improve the capacity to deal with seasonal variations in demand and work load
- Provide a better and more efficient working environment through the elimination of monotonous tasks
- Provide the link between document management and financial systems
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Processing Invoices From Known and Unknown Suppliers
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In the first instance, the
Palmares ADCS Recognition Server is designed to search all
pages of an invoice for typical national and international keywords, their variants and any possible
short-forms then resolve and isolate data relative to keyword. In the absence of certain keywords -
i.e invoice totals, the Recognition Server then looks for typical structure.
Like all aspects of life, knowledge produces results. The
Palmares ADCS Invoice Editor is an invoice
structure identification learning tool which assists Palmares to identify known supplier´s invoices
in order to resolve typical problems as shown below.
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Automatic Invoice Project Criteria
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Success depends on establishing and meeting realistic objectives and expectations.
It is essential that a potential invoice processing project takes account of the:
- Availability and structure of online databases
- Countries of origin determines the extent of keyword analysis,
- Company specific data to be located i.e. special customer / part number structure,
- Provisions for handling appendices,
- Departmental allocations methods,
- Locating hand-filled stamps,
- Ratio of invoices from known to unknown suppliers,
- Processing time Vs volume,
- Format and structure of the output
- Workflow connectivity and interaction,
- Measurements for project success,
- Price, return on investment (ROI) and pay-back time scales,
- Acceptance criteria
- Implementation milestones.
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