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

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

Our Solution

DbCapture - Automated document scanning, imaging and invoice processing