iVoucher™ is a cloud AP Automation supplier invoice reconciliation solution. The solution provides for the automation of invoice reconciliation process for both PO and non-PO invoices and provides functionality including OCR invoice import and capture, invoice pairing and matching with PO’s/receipts, invoice approval routing, and ERP A/P voucher creation.
iVoucher Features and Benefits Include:
Eliminate manual data entry and need to hire more staff
Provide AP with visibility to see all invoices in approval process
Touchless Invoice Processing
Have the ability to track issues associated with each “problem” invoice
Both PO and non-PO Invoices which has been approved will be automatically transmitted to and imported into QAD with a voucher being created there. The frequency of transmission is selected by the client and ranges from twice a day to every hour.
A unique algorithm which automatically “pairs” each invoice line to the appropriate PO line and then proceeds to match the price and the quantity. Pairing uses items like Part number; Unit price and quantity to assign the proper PO line to each invoice line. Result is large multi-line invoices can be processed Touchlessly.
Once a PO invoice has been reconciled and approved, a QAD Voucher is created by iVoucher and imported into QAD for payment. For non-PO invoices, once the invoice has been GL coded a QAD Voucher is created by iVoucher™ and imported into QAD for payment.
Automation starts with capturing the data from an invoice. Our solution uses a process called Optical Character Recognition (OCR) to read and capture all the information on an invoice. This includes the data on each individual line regardless of the format of the invoice.
Our OCR software uses a technique called “tag reading” which allows it to find the field it is looking for, regardless of where it is located on an invoice. For example, our software will look for and find the tag “Invoice number” regardless of where each vendor places that data on their invoice. This results in very fast & accurate reading of the invoice.
As part of our set up we will build the connectivity into your version of QAD so that invoices that have been approved in iVoucher will be automatically imported into QAD.
Our solution provides the ability to handle the matching of both 3-way and 2-way PO invoices. As part of the process the system automatically identifies which PO lines are being billed on an invoice and then checks to see if the goods have been received. If so, the invoice is transmitted to QAD and the appropriate PO line and Receipt is vouchered.
Invoices that fail the rules set by a client are put into specific “Hold” categories along with a comment on the problem and the line on which the problem occurred. The invoice is then automatically routed to the person who needs to correct the issue and they receive an e-mail telling then that there is an invoice they must review.
We provide the ability to have their vendors directly e-mail their invoices to a mailbox we maintain. We also can set up a PO box to receive mailed invoices. The objective is to reduce work that must be done by the organizations AP staff.
Our solution reconciles both 2-way and 3-way PO invoices, as well as provides assistance in GL coding non-PO invoices. Reconciliation of 2-way invoices does not require receipt data for processing. iVoucher™ is capable of creating a QAD receipt programmatically while importing the Voucher into QAD for payment.
Organizations who hold inventory that is on consignment typically release it as it is consumed. Automating the invoice processes for this type of inventory is extremely complicated, but our solution easily handles this situation too.
After a payment run has been completed in QAD, we have the ability to receive the details and connect them to the invoices that have been paid. We also have the ability to send out an e-mail to vendors indicating the details of the invoices that have been paid.
Our solution has many reports that can be used to monitor the invoices being submitted by vendors. These include a vendor scorecard which provides a list of the number of invoices submitted by a vendor and whether they needed to be ‘Touched’ by the client because the invoice did not agree with the PO.
We store for at least 5 years of all the invoice images that have been processed. It also allows for the user to upload additional related documents that they wish to stay associated with the invoice.
The iVoucher™ Workflow functionality electronically routes an invoice throughout an organization that requires human intervention (whether GL coding for non-PO invoices or Buyer approval for PO invoices that were not auto-approved) based on configurable rules created by the End-user organization. The routing rules are highly configurable and are based on the data imported into iVoucher™ from the Supplier’s invoice as well as on the results of the reconciliation process (i.e; pairing/matching of PO invoices).
iVoucher identifies and records the specific line on the invoice with a problem, which makes it easier to resolve the issue. The solution also allows the client to proactively reject an invoice back to the vendor with the reason for the rejection, so the issue can be resolved quicker
Invoice Auto-Tracking feature to track and process discount eligible invoices within the discount period.
To assist an approver the solution provides several tools. These include a summary of how the previous invoice from a vendor was GL coded. It also allows for a default GL code to be automatically assigned to the invoice.
A dashboard lists the location of each invoice as well as the days left until the Due Date. Based on an organization’s process/preference, reminder e-mails can be sent to users when the invoice has not been approved in a timely manner.
The Touchless processing and Rapid corrections features can triple the processing rate per employee to achieve rates of 3,000 invoices per month, per employee.
A dashboard provides a listing and image of every invoice being processed along with the name of the person who is “holding” the invoice.
When you have sound and efficient supplier relationships, you get the supplies and services that you need quickly and at the lowest cost.
Key factors for improving Supplier Relationships include:
ISS Group offers an integrated set of solutions called Supplier Relationship Improvement (SRI). Our on-premise or cloud based solutions digitize your business processes providing your organization with the right tools for global process standardization, practicing consistent communication, responsibility and patience and reduction in the process cycle time allowing buy-side organizations to create more effective relationships with their suppliers and well-run operations.
The Supplier Relationship Improvement Solutions include iApprove, iPurchase, iManagePOs and iVoucher.
AP Automation for QAD: Touchless Invoice Processing Watch today to hear Sean Brown, IT Manager at Somero Enterprises explain how Somero has achieved a greater than 60% touchless invoice processing rate by using the iVoucher™ AP Automation solution for QAD, and the benefits/ROI that accomplishment has generated. Learn why automated Line Item ‘pairing and matching’ with QAD PO/Receipts is…
ERP systems play a vital role in the enhancement of a business’s back office functions related to technology, human resources, marketing, manufacturing, finances, and much more. Many companies are realizing that the functionality of these processes can be further enriched by integrating their ERP software with automated (processes and systems largely operated by technology) solutions…
As the operator or purchasing manager of a business, it is your responsibility to forge solid vendor relationships. Whether you have worked with a supplier for decades or are in the initial stages of building a relationship, there is always room for improvement in the vendor relations arena. Below are five strategies to help you…
