What is the negative impact of Business Process Silos on Productivity? When was the last time you lost something to the black hole of corporate paperwork? Was it a vacation request that went from your supervisor to the department manager to human resources and back to you? A prospective or current customer sales quote waiting…
Replace manual, paper-based processes and spreadsheets
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.
How Our Clients have Utilized the iVoucher Invoice Reconciliation Solution to Improve Business Efficiency
iVoucher Features and Benefits Include:
- The ability to scan and view invoices
- Data is automatically imported into your AP system
- Automatic reconciliation of supplier invoices with PO’s and receipts
- Non-matched invoices are sent through the approval process
- Eliminate late payment fees
- Reduce administrative cost and time
- Obtain better visibility and audit-ability of the supplier invoices
- Take advantage of supplier discounts
With iVoucher Companies Achieve Savings Through Four Key Factors
Eliminate manual data entry and need to hire more staff
More Visibility. Centralized Platform
Provide AP with visibility to see all invoices in approval process
Elimination of Paper Forms
Touchless Invoice Processing
Auditability and Accountability
Have the ability to track issues associated with each “problem” invoice
Key Product Features
Automate AP & Lower Transaction Costs
Get control over the entire invoice handling process with innovative, efficient and cost-effective invoice automation
Significantly reduce ‘Time and Cost’ of your organizations AP personnel – We do the heavy lifting…!
Integration with QAD SE & EE means data is automatically imported into your AP system
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.
Line item ‘Pairing and Matching’ with QAD PO’s/Receipts
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.
QAD A/P Voucher creation upon invoice approval
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.
Data capture – using OCR providing the ability to scan and view capture the data on an invoice
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.
Uniqueness of our OCR software
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.
Data is automatically imported into your AP system
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.
Automatic reconciliation of supplier invoices with PO’s and receipts
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.
Non-matched invoices are sent through the approval process
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.
E-Invoicing for A/P
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.
Process both PO and non-PO Invoices into QAD A/P Vouchers
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.
Ability to process Consignment Invoices
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.
Document Storage of Invoice and related documents
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.
Configurable Rules-based Approval Workflow
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
Take advantage of Supplier Discounts
Invoice Auto-Tracking feature to track and process discount eligible invoices within the discount period.
Tools for searching, coding and approving invoices
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.
Eliminate late payment fees
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.
Reduce administrative cost and time
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.
Obtain better visibility and auditability of the supplier invoices
A dashboard provides a listing and image of every invoice being processed along with the name of the person who is “holding” the invoice.
Streamline and Improve Supplier Invoice Processing.
Reduce Errors and Take Advantage of Supplier Discounts.
Supplier Invoice Reconciliation Efficiency
Supplier Relationship Improvement
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:
- Pay invoices in a timely manner. Many suppliers will offer discounts if you can provide faster payment. By having better pricing and faster turnaround, you can also start to speed up the quote-to-cash process. Some of the savings that you acquire from suppliers can also be passed to your clients. This will allow you to turn more quotes into cash, having a direct impact on your bottom line.
- Create channels for consistent communication. Communication is the key to any healthy relationship, and it’s a good point to keep this in mind when dealing with suppliers. Communication will create transparency on both sides of the channel and prevent hiccups or missteps, like incorrect inventory count or missing purchase orders. Having the right tools in place that allow both internal and external teams to quickly communicate and share documents and other information will help facilitate a more transparent, even-sided conversation.
- Dish out blame evenly. Pointing fingers during a dispute is instinctual, but it’s important to distribute blame on all sides. An easy way to ruin a relationship with a supplier is to place all the blame on their processes when things go awry. When communication isn’t clear and dilemmas occur, it’s important to look at the situation from both sides of the transaction critically. Opening the floor to a conversation around the issue and realizing that both sides are likely at fault shows respect, translating to a better relationship and smoother future processes.
- Create transparency through technology. Trust is critical for a constructive buyer-supplier relationship, and the best way to build trust is to establish transparency. By using a fully integrated procure-to-pay system, procurement is able to access real-time information that they would typically have to request from their supplier. This also saves time, as procurement no longer has to try to contact a supplier by phone or email. By simply logging into a platform, they can get what they need right then and there. Technology also simplifies basic tasks like ordering more supplies and renewing contracts. Digitizing key processes like these eliminates the chance of error and creates a satisfactory transaction system for both parties.
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.
Learn More About Supplier Invoice Reconciliation with iVoucher
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