Invoice Data Capture: The Next Step In Accounts Payable Automation
Visibility and control over your invoice flow
Today, most organizations are using some form of electronic invoicing with key suppliers. But still, some of your suppliers can’t (or won’t) submit invoices electronically and many invoices arrive on paper, in email as PDFs, images or other formats, and via fax.
Ivalua offers a web (HTML 5) invoice data capture solution (as part of its Invoice Management suite) to capture, validate and integrate non-standard invoices data (paper-based, PDF, Word, image…) into the workflow process, Ivalua solutions, ERPs or other back-end systems and help your company gain better visibility into the overall accounts payable process.
How does it work?
First you get non-standard invoices from your suppliers, like: email attachments (PDF, JPEG, Word documents…), paper-based invoices, faxes. Faxes and paper invoices need to be scanned and digitized, Ivalua customers perform this task in-house or rely on Ivalua partners to collect their paper invoices and digitize them.
Once these invoices are digitized, they are uploaded into the Ivalua Invoice Data Capture modules (one by one or in batch) by your AP department though the Ivalua web platform.
The Ivalua Invoice Data Capture module can then “read” the invoices, spot and capture all the relevant data (supplier’s name, currency, amount, VAT…) and integrate them into the Ivalua Invoice validation workflow and reconciliation process. Just like invoices you receive in the common standard formats (EDI, cXML, xCBL…).
The Ivalua Invoice Data Capture module also has the capacity to spot errors (like the total amount of an invoice doesn’t match cost excluding VAT + VAT) and its self-learning algorithm makes that once it spotted and corrected a type of error, the system will automatically correct the error when it occurs again in new invoices.
How does Invoice Data Capture Help your company save Money?
- Eliminate lengthy, redundant data capture process & tasks, reduce manual data entry and errors. For a company that handles tens of thousands of invoices per month, even a small margin of error can result in huge losses. Your AP team can be more performant and focus on their real value-added missions and objectives.
- Accelerate the invoice processing cycle and you can avoid late payment penalties even better, and reap the benefits of on-time or early payment discounts negotiated by buyers.
- Improve your data accuracy
With the Ivalua Invoicing modules you can also:
- Capture invoices through PO-Flip, Receipt-Flip, Online Entry or by optional integration via EDI/cXML or integrated scan/OCR solutions.
- Bring all supplier invoices into a seamless electronic invoicing process.
- Connect the “long tail” of the large number of smaller suppliers to an integrated procurement platform.
- Apply an innovative self-learning algorithm to accelerate the conversion and mapping of scanned invoices.
- Use integrated workflow to accelerate approvals and exception management.
- Leverage the supplier portal to expose process steps, invoice status and required actions to suppliers.
To learn more about Ivalua Invoicing solution visit the Invoice Modules Page.