How Your Finance Team Can Excel With Sharp Optimised Workflow Software
There are lots of benefits to automating your invoice process. It means that your finance team has fewer repetitive tasks to do, the process becomes quicker so you can pay suppliers on time, avoiding late payments, and invoices that have been scanned and stored in the system are safe and secure.
As part of our suite of Optimised Software Solutions, we have developed an application that makes processing invoices easy. Invoices can be scanned and managed by a customised, automated workflow that will keep everything on track.
Our Optimised Workflow Software manages the whole process by automatically checking invoices against purchase orders and delivery notes, and removing error prone manual comparison. Automatic triggers and alerts keep you up-to-date at every stage in the life of an invoice - from receipt, through to approval and payment.
How it works
Optical Character Recognition (OCR) is used to extract key information such as supplier name, invoice total, and VAT amount from your stored invoices. Thanks to smart tagging and machine learning, OCR templates are easy to setup and accuracy is improved over time.
Getting invoices into the system is quick and easy. There’s no need for any manual data entry, and the system works with both hard copy and electronic invoices.
Our Optimised Workflow Software can perform validation checks on the information extracted during the OCR process to ensure that line items add up to the invoice total amount or that the VAT amount is correct, for example. It can also extract key data, such as supplier name and invoice number, and check they correspond with valid purchase orders.
Store and retrieve
Once captured, your invoices are indexed with the key data extracted by OCR and then stored securely in a Document Management System alongside other relevant documentation, such as purchase orders and delivery notes.
Storing the invoices securely in a central repository means they can be quickly and easily retrieved to help you deal with queries as they arise. You can search for specific information by keyword, which is much faster than searching for paper invoices in filing cabinets.
Business rules for invoice approval can be defined and applied uniformly, with associated workflows and triggers. For example, if the nominated invoice approver is not available, the system will not allow an invoice to go ignored. Instead an alternative approver will receive an automated alert notifying them of the need to check the status of the particular invoice.
Sharp Optimised Workflow Software can help your business store and scan invoices electronically for greater security and more robust processing. To find out more, Get in Touch.