Solutions - Purchase Invoice Automation
V1 Document Management’s technology can streamline your purchase invoice processes and eliminate the need for time-consuming and error-prone paper-based accounts payable methods.
Eliminate manual invoice processing
One of the most protracted and costly processes within any organization, is the manual processing of purchase invoices. Inputting purchase invoice data into the accounting system, validating the data, authorizing the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an organization, often resulting in reduced supplier discounts and/or severe late payment penalties.
Using OCR (Optical Character Recognition) Technology
In just five weeks and with the same number of staff, we have reduced the time it takes to process an invoice by up to 66%...
- Karen Dicks, Director of Finance, Specsavers
With V1 Document Management's systems, sophisticated OCR technology is used to automatically capture invoice data. This is then extracted and validated before the data is exported into the accounts system and the corresponding image is archived.
Using V1 Document Management's workflow system, invoices are then sent electronically around the organization for approval and/or coding. Business rules can be built into the authorization process (e.g. based on supplier, value or cost centre etc.) so the system knows which authorizer to send the invoice to. When an invoice is given final approval, it can be sent back to accounts payable staff or the data can be used to automatically update the status in the accounting system.
The V1 Document Management document archive ensures an electronic image of the invoice is stored for audit purposes, along with the authorization audit trail. This image can be accessed from within the accounts system or web browser and linked to other relevant documentation such as the PO, PoD, remittance etc.
Key Benefits of Purchase Invoice Automation
- Reduce data entry costs by over 50%
- Eliminate data entry errors
- Maximise settlement discounts
- Minimise late payment penalties
- Eliminate lost invoices
- Improve cash flow
- Re-deploy accounts payable staff to carry out more productive roles
Contact Us
Download Brochure- Document Imaging & Archiving
An efficient document management and document imaging system not only offers a real step towards the holy grail of the paperless office - it also delivers much greater control, reduced costs and better customer service. - PoD Scanning and Retrieval
Our electronic document management software can be used to archive and retrieve all manner of business documents, and an area where this is of particular benefit to numerous organizations, is in the archiving of Proof of Delivery documents (PoDs). - Purchase Order Approval
DbAuthorize is V1 Document Management's document authorization module, which enables the entire approval process to be streamlined. Simplifying the document approval process reduces administration costs and errors. - Automated Electronic Document Delivery
DbMail is a set of tools for automated emailing. Emails can be delivered as plain text or HTML emails, with or without attachments. DbFax is a server-based fax system, purpose-designed for automating the faxing of business documents. - Laserforms Printing Solutions
DbForm enables the electronic design of business documents, thereby enhancing the default output from ERP and accounting systems. - Secure Check Printing
Our secure check printing solution consists of an output management system and a specially adapted laser printer with additional security features. - XML Support for Legacy Systems
Our web-interface provides document access through a standard browser. Management reports can be automatically posted on the company portal. - OMR and Barcode Printing
Our LaserForms printing solution (DbForm) also provides many other advantages, such as using bar codes for document recognition, Optical Mark Recognition for using Pitney Bowes type mailing machines and much more. - Export Documentation
Our export documentation solution is based on the acclaimed DbForm output system. As well as producing custom export documentation on plain paper using laser printers, the system offers sophisticated output handling.
