BPMS Guide

A Beginner's Guide to Invoice Processing Using a Document Management System

So, you are beginning to think that there must be easier ways to process purchase ledger invoices than pushing pieces of paper around the office only for them to be mislaid or ignored causing delays to processing resulting in irate suppliers.

If the answer to this is yes, but you simply don’t know where to start looking for a solution, the latest in our guides might help you.

What Should an invoice processing solution do for You?

Assuming that your key reason for considering a document management system is to rid yourself of time consuming cumbersome manual process in processing your invoices, any solution you choose should enable the following:

  • Capturing of invoices from a scanner, MFP, email, or drag-n-drop from your desktop
  • Validation of invoices using your defined business processes and rules
  • Reviewing your invoices, GL coding, and approval processes
  • Approval of invoices by authorised personnel within your organisation
  • Availability of data for download to be used as input directly to your accounting system
  • Mobile Access allowing authorised personnel to approve invoices from any device at any time
  • Integration capabilities that work seamlessly within your existing IT systems. The invoice processing automation solution should integrate across email, shared portals, CRM, ERP and HR systems, together with any other homegrown software applications you may be hosting.

Removing the Error from invoice processing

By fully automating your invoice processing you can be sure that every aspect of your activities from the initial capture of the invoice to its eventual approval is fully logged and working hand in hand with your accounting package

All of your existing protocols and rules should be fully reflected within your chosen solution. Whether this be the triggering of approval workflows, the checking of purchase orders against incoming invoices, the setting up of new supplier accounts or the identifying duplicate invoices. 

Digital invoice processing solutions such as DocuWare, deliver many productivity benefits with far less time being necessary to account, match and process documentation. Your accounting staff will instantly benefit from:

  • Capture invoices using artificial intelligence.  DocuWare Intelligent Indexing for instance delivers machine learning capability that understands and extracts data from any invoice and it is this critical index data which drives workflow processes. DocuWare Intelligent Indexing replaces previously error-prone and time-consuming manual data entry by both recognising and recording unstructured data contained within invoices.
  • Automate your workflow digitally by routing documents and data for approval and post-back. Digitally route invoices through approval chains for faster decision making or initiate a straight-through approval based on predefined rules. Quickly handle exceptions while maintaining visibility throughout the process. Create a booking record for easy posting back to your ERP system.
  • Securely store and effortlessly archive and retrieve digital documents.All invoices are maintained within a secure, accessible repository and are tightly organised based on their captured index data. Apply retention policies, rapidly collect information required for audits or carry out analysis for departmental process improvements. Access anytime, anywhere, from any device — including mobile.

Automated workflows are the key to your future success

Digital workflows are specifically designed to automate, track, and report on any accounting process. A comprehensive digital workflow should allow you to track a document at any stage of its process life cycle. A full range of reports enable you to see how many documents are at any given stage within any process.

Your invoice processing workflow should automatically check for any duplicate invoices and determine if a supplier is already in the system. If not, the solution should initiate an automated new supplier set up procedure. This built-in verification facility helps eliminate fraudulent invoices from bogus suppliers a phenomenon sadly on the increase.

Digital Automation by design enables the sharing of information with anyone on your team who needs visibility into a workflow process. Every employee responsible for completing a task can view it in the office automation solution. Email updates can be sent to alert employees to new tasks in their work environment. Exceptions and escalations can be configured easily. At a glance, a manager can see what steps are complete and what remains to be done and all in real time.

Protecting proprietary information is a priority for most businesses. Digital Archive’s provide strong security and backup measures to ensure instant information recovery in the case of a disaster, whilst preventing unauthorised employees or others with nefarious intent out thus meeting your critical compliance responsibilities.

To learn more about DocuWare and how it could benefit your organisation why not get in touch with BPMS for your free consultation and demonstration.