Zaventem, Belgium (February 15, 2018) — ABBYY, a leading provider of technologies and solutions to action information, and iGuana, a leading Document Management and Digital Archiving Solutions provider for the BENELUX region, are pleased to announce their partnership.
iGuana and ABBYY decided to join forces in an effort to help enterprise-level customers streamline and automate invoice processing for Accounts Payable (AP) departments. The primary goal of the partnership is to integrate two powerful enterprise software platforms into a one-stop-shop solution for automated invoice capture, data extraction, intelligent processing and digital archiving.
The solution offers a significant potential for immediate cost savings and quick ROI. It can change the AP department’s traditional role as a cost centre into that of a profit centre, contributing positively to the organization’s bottom line. By scanning paper invoices at the point of entry, an entirely automated accounting process can be achieved, from initial extraction of invoice data all the way to archiving the documents in compliance with regulations.
Combining decades of expertise in electronic document management, digital archiving and intelligent data capture for a wide range of industry verticals, iGuana and ABBYY are able to address the complex invoice processing needs of enterprise customers in Banking, Finance, Insurance, Healthcare, and other sectors.
The iGuana-ABBYY Integrated Invoice Processing Solution
Processing paper invoices represents a big challenge for organizations. This time-consuming, labour-intensive and often error-prone process can have a significant impact on an organization’s bottom line and ability to successfully compete in today’s fast-paced business environment.
ABBYY FlexiCapture, an Enterprise Capture Platform, powerfully integrated into the iGuana iDM Electronic Document Management & Digital Archiving System, can fully address this challenge. The iGuana-ABBYY Integrated Invoice Processing Solution will enable companies to automatically handle incoming invoices across all stages of the AP process – from digitization/scanning and classification of invoices, data extraction and validation, to release and final booking of invoice data in ERP, accounting software, or any other back-end system.
Invoice Scanning & Data Extraction
All incoming paper invoices are scanned directly into iGuana iDM, a centralized digital archive. ABBYY’s artificial intelligence (AI) based data extraction technology automatically extracts key invoice data (supplier name, invoice number, date, amount, and other details). Built-in country-specific settings ensure automated control of regulatory compliance. Validated invoices are automatically booked in ERP or accounting software.
Invoice Routing & Workflow
Posted invoices can be automatically routed to responsible members of staff for further action. Invoices can also enter a sophisticated workflow based on triggers, user actions and other business rules, including invoice approval, escalation and error-handling. For example, invoices containing specific line items can be automatically routed to select users as part of approval workflow involving specific actions by specific users in a pre-defined sequence. ERP or accounting software is automatically updated with invoice status, such as “Pending Approval”. Full audit trail is available for all individual invoice transactions. These workflow actions can also be performed on-the-go, using the iGuana iDM secure mobile application.
All scanned invoices are indexed, classified within a logical structure and securely archived in iGuana iDM in a legally compliant, revision-proof format that guarantees future accessibility. Users can easily retrieve invoices on demand using a powerful search function and consult all invoices directly from their ERP screen.
The iGuana – ABBYY collaboration makes it possible to offer enterprise-level customers a simple yet powerful turnkey solution for Accounts Payable Automation, based on a unique combination of expertise in high-volume document processing and intelligent data extraction.
Some of the key benefits to customers include, but are not limited to:
- Increased process transparency and improved internal controls
- Standardization of invoice processing and visibility for budget management and planning
- Cost savings from elimination of manual data entry through automated data extraction
- Removal of risk associated with lost, misplaced or mishandled invoices
- Optimization of data and process quality through validation and compliance assurance
- Improved cashflow management via elimination of late fees and double payments
ABBYY is a leading global provider of technologies and solutions that help businesses to action information. The company sets the standard in content capture and innovative language-based technologies that integrate across the information lifecycle. ABBYY solutions are relied on to optimise business processes, mitigate risk, accelerate decision making and drive revenue. ABBYY technologies are used and licensed by some of the largest international enterprises and government organisations, as well as small and medium businesses and individuals. ABBYY Europe GmbH is a member of the ABBYY Group supporting sales and marketing activities in Western Europe. The ABBYY Group maintains offices in Germany, the UK, France, Spain, Ukraine, Cyprus, Russia, the United States, Canada, Australia, UAE, Japan and Taiwan. For more information, visit www.ABBYY.com.
ABBYY, the ABBYY Logo, and FlexiCapture are either registered trademarks or trademarks of ABBYY Software Ltd. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective owners and are hereby recognised.
For more information, please contact:
ABBYY Europe GmbH
Landsberger Str. 300
80687 Munich, Germany
Tel.: +49 89 69 3333 0