Processing paper invoices often presents a big challenge for companies. Registering invoices, posting them to a company’s ERP system or accounting software and managing the subsequent approval process usually translates into time-consuming, predominantly manual work. As a result, companies experience unnecessary, yet substantial, losses in productivity and incur costs, such as forgoing early-payment discounts, that could otherwise be easily avoided.
With the iGuana iDM solution for Invoice Processing and Approval you will be able to scan all invoices directly into iGuana iDM. Your accounting staff will be able to post scanned invoices from their ERP screen and initiate an automated invoice approval process. With a press of a button you will be able to access all archived invoices through your ERP’s familiar user interface (for example, SAP, Axapta or MS Dynamics NAV) and view an individual invoice’s status at any point in time.
This means that next time your supplier contacts you to inquire about the status of a particular invoice, you will be able to easily locate the archived invoice and see what stage of approval the invoice is at (e.g. paid, pending approval, etc.) with a few simple clicks.
iGuana iDM can help you substantially shorten your invoice processing and approval times. As processes become more transparent, liquidity planning can be significantly improved. At the bottom line, the finance department plays a major role in a company’s overall efficiency.
Once a paper invoice is delivered, it is scanned directly into iGuana iDM by a responsible member(s) of your staff. Through integration with your ERP system, the scanned invoice becomes available for viewing in your ERP i.e. users responsible for processing invoices do not have to log into iGuana iDM to view them – all they need to do is log into the ERP. Users review the invoice and post it to the ERP directly from their screen.
Invoice Recognition and Data Extraction
In addition to the out-of-the-box scanning process described above, iGuana iDM offers optional invoice recognition functionality based on powerful free form recognition and data extraction. Once an invoice is scanned, iGuana iDM extracts supplier name, invoice number, date, amount and other details, and automatically posts the invoice to your ERP system or accounting software. Given a wide array of invoice formats, if a potential error in invoice data extraction occurs, users are alerted so that appropriate corrections can be made hassle-free before the invoice is posted.
All scanned invoices are indexed and archived in iGuana iDM in a legally compliant, revision-proof format. Users can easily retrieve invoices on demand using a powerful index search function. For a detailed overview of available functionality, please visit the iGuana iDM Suite page.
iGuana iDM can automate your invoice approval process in two ways: approval routing or approval workflow. Full audit trail is available to track all tasks performed by users on a particular invoice. You can also approve invoices on the go using the iGuana iDM mobile application.
Option 1: Approval Routing
The routing function provides a simple and effective way of ensuring that invoices posted to your ERP are automatically routed to a select number of people for approval. Users responsible for approvals are alerted via e-mail or sign directly into iGuana iDM to see invoices pending approval. E-mail alerts are a convenient way, especially for managers, to approve invoices in a timely manner. iGuana iDM automatically updates your ERP with invoice status, such as “Approved”, “Pending Approval”, etc. At any point in time a user can log into the ERP to view the status of each invoice.
Option 2: Approval Workflow
The workflow function provides a more sophisticated way of routing invoices based on triggers and user actions. For example, it is possible to have invoices above a certain amount or containing specific line items to be routed to specific users for approval. In addition you can set approval deadlines and reminders, require multiple users to complete certain tasks in a particular order before an invoice is approved, and perform other actions, depending on your business requirements.
Improve your business processes with iGuana iDM.
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