Efficient, compliant document and invoice processing can all be achieved with a document management system such as Doxis. All this can bring cost savings, and the enhanced efficiency can also be enjoyed by your customers who are more likely to receive payments on time.
Manage all financial information in a structured manner
When all your data relating to one contract or supplier is not accessible in one place, it can be difficult to get full visibility. This can make it difficult to make connections and see updates that are relevant. By keeping all information in one place, your finance teams can spend less time trawling through separate systems and are less likely to overlook certain information. This ultimately reduces the time to completion of essential financial processes and contributes to satisfied customer, supplier and client relations.
It also provides cost-saving benefits, such as reducing time spent on administrative processes. Repetitive, time-consuming accounting tasks relating to document management can be streamlined.
Employees can focus on higher-value tasks, meaning that your business revenue potential increases.
Doxis Intelligent Invoice Automation
Advice from Gov.UK states that invoices must be paid within 30 days unless otherwise stated. For peace of mind, it’s recommended that it take no longer than two weeks from the time you receive an invoice until the money is deposited into your customer’s account.
If you’re finding that invoices are routinely being paid over this deadline or that your suppliers are often chasing up payments, this is something that your business will want to address. It’s all part of ensuring that you have positive relationships with your suppliers and maintain their loyalty. It will also remove the risk of paying interest on late payments.
It’s not just about doing the bare minimum. Being able to offer an exceptional service that exceeds expectations can give you the edge over your competitors and boost customer loyalty.
Invoice processing automation software enables businesses to process invoices in 3-5 days, This equates to over a 50% time saving compared to a manual process.
How does it work?
Whatever digital format your invoice is received in, the integration of SAP with Doxis has the ability to extract and process the invoice data automatically. Scanned invoice documents are read with Optical Character Recognition. This software has the ability to read text inside images and scanned documents.
The invoice documents will be filed in Doxis and linked automatically with the appropriate Doxis Supplier Workspace. This will initiate the review process.
Every invoice will have a separate entry in the invoice ledger before it is forwarded to the SAP system.
Persons responsible for reviewing an invoice are determined automatically based on factors such as the company code, cost centre or suppliers. The invoice data and documents are sent to them automatically.
- Automated invoice reading
- Workflow-driven review and approval
- Posting of supplier invoices in SAP.
- The document is filed in the Doxis Supplier Workspace or, if it is related to a purchase order, in the Doxis Purchase Order Workspace.
Personalised communications, accurate reports, and timely invoices contribute to building trust and strengthening client relationships. With Doxis, data from an order confirmation can be automatically passed to the SAP system.
Order confirmations can be posted automatically if they match the order in the SAP system completely.
If a deviation from the order is detected, a review and posting workflow is started. This means that humans are still overseeing the details to ensure accuracy.
All order confirmations, including their processing status, are displayed in the integrated invoice monitor and linked to the Doxis Purchase Order Workspace.
Audit-proof and traceable
If your business is called up for an audit, you’ll be able to present all the documentation with ease. This will not only save you time, it will also save your business money, as your teams won’t have to dedicate hours of time to sorting all the paperwork.
See how invoice automation could transform your business processes
If you’re searching for invoice automation for your business, a complete enterprise content management solution for financial services may be the solution. Speak to the Doxis specialists at Ignite. We’ll be able to inform you of which solution and features are right for your business.