How to automate invoice processes with data capture?
By using KOMI Doc multiple features, you can seamlessly simplify your invoice management with accounts payable automation.
Why switch invoice processes to digital ?
In numerous companies, accounts payable processes are still largely manual and paper intensive. Ensuring challenges put business in a disadvantaged position. That is why transforming accounts payable processes in Finance departments through automation helps organizations to reach their digital transformation’s objectives and brings multiple benefits.
# Unauthorized purchases,
# Paying invoices before product or service receipt,
# Double payment (duplicates),
# Errors between Purchase Order (PO), Delivery Order (DO) and invoices,
# Data entry errors due to manual data entry from invoices into the accounting software,
# Inefficient storage (time needed to retrieve an invoice, disappearing Invoices),
# Slow processing (scanning, coding for the correct accounts, cost centres or projects, review, and approval),
# Operational costs,
# Lack of staff productivity.
# Reduce paper handling,
# Eliminate manual data entry and associated errors,
# Avoid rework from having to rekey or reprocess invoices,
# Integrate invoice processing with an ERP,
# Speed up processing time (including review and approval),
# Implement a smart way of keeping digital copies.
# Cut down on unnecessary costs,
# Increase visibility throughout the A/P process,
# Improve staff productivity and enable them to focus on more added-value mission,
# Improve vendor relationships and save money by avoiding late fees,
# Meet your financial obligations to taxing authorities.
Accounts payable automation within a Document Management System
By combining document capture and imaging technology with advanced workflow capabilities, KOMI Doc solution empowers co-workers to manage unstructured, unpredictable processes in a simple and intuitive way and helps to automate every phase of supplier invoice processing.
# Invoices are received by email, postal mail or uploaded to KOMI Doc web portal by vendors.
# Paper invoices are opened, sorted, and digitized prior to being processed through KOMI Doc solution.
# Invoices received as email attachments are automatically captured thanks to the KOMI Doc email capture engine.
# PDF invoices are processed in order of arrival.
# KOMI Scan Capture automatically extracts required data fields (header, PO Number, and line items)
# To examine invoices and capture all relevant data, our engine uses OCR, Semantic analysis and deep learning mechanisms.
# Thanks to a video-encoding system, captured data is easily checked.
# Eventual mistakes can be corrected with a human intervention.
# KOMI Scan Capture engine will keep learning and improving from errors reported to constantly reduce captured errors.
# Invoices are gathered into a serial or parallel workflow, and automatically sent to managers or departments to review and approve.
# Purchase orders, supplier invoices, and delivery orders could be automatically matched by the software to ease the approval process. Matching invoices to POs reduces invoice approval times, and ensures correct financial coding.
# Each invoice is sent into the workflow for automatic matching against the purchase order. This matching process can compare just the invoice metadata (vendor name, reference, total amount) with that shown on the purchase order.
# Workflow steps can be configured such that the responsible person will then receive an email alert so that he or she can approve the invoice. If there are other people involved in the approval workflow, email alerts to them will also be automatically generated.
# Captured information is exported in a CSV file ready for integration into a Financial ERP.
# It is the system integrator’s (or customer) responsibility to perform integrations between ERP Systems and KOMI Doc software.
# KOMI Doc’s scope of range is limited to:
# Data Capture and processing (automated data extraction and controls),
# Generate an export file of captured data in a certain format required by the ERP,
# Document management and archiving.
# PDF invoices are dynamically filed into KOMI Doc DMS for legal preservation and immediate access.
# Instant invoices search and retrieval is made possible by full text indexing the contents of documents, including scanned paper documents.
# With KOMI Doc powerful search engine, you can:
- Search by content, version, metadata, and more,
- Save document searches for repeatable document retrieval.