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Tim Robertson

Sap Business One Invoice Scanning With Intelligent Data Capture
150 150 Tim Robertson

Sap Business One Invoice Scanning With Intelligent Data Capture photo

PayStream Advisors did a survey of corporate back offices at the end of 2017, and found that many organizations are struggling with high volumes of both email and paper invoices – without an efficient way to capture the information into SAP Business One or other ERP.

With the plethora of options around this burning issue, it’s easy to get confused. Even the different file formats are treated differently, so it’s a good idea to understand which technologies do what, exactly. Let’s start with the bigger picture.

Inputting Invoices Into SAP Business One

Overall, here are some of the issues you might identify with:

  • Emailed invoices are received electronically, printed out and then keyed in manually
  • Many companies may have some OCR software, but often it is outdated or not compatible with SAP Business One. Older OCR software often requires a lot of manual effort (manual field-mapping, for example)
  • PayStream talks about “efficient invoices” in the report, meaning invoices that arrive for processing through EDI or a solution portal. The vast majority of invoices are not in this category however, as most suppliers are sending both emailed and paper formats to their customers
  • With larger invoice volumes comes a need for more people to handle the workload

Here is a breakdown of the technologies available for invoice scanning and capture today:

Five Ways To Process An Invoice in 2018

1. Digital PDF
Suppliers issue an invoice from their ERP as a digital PDF. The PDF is sent to a specific email address that uses automation and Artificial Intelligence to instantly recognize the vendor and read all of the field data. The accuracy rate of 100% is achieved because it is a direct data transfer, since digital PDFs have a data layer that can be extracted by the software. Suppliers don’t need to change any of their technical structure or pay network fees, so on-boarding is rather painless.

2. Advanced OCR
For Paper Invoices
Paper invoices are scanned and advanced OCR recognizes the supplier and processes the invoice according to pre-set rules. The software intuitively knows which fields to captures and stores the information in a database. Accuracy rates are high for this method as well: around 95%. Suppliers are already sending their invoices by post, so on-boarding is unnecessary.

For Invoices Sent In Email as Scanned Images:
Sometimes suppliers will send a “picture” of the invoice (also known as a scanned image). This type of file is processed by advanced OCR as well, with the same accuracy rate.

3. Invoice Portals
Suppliers enter invoice data in a supplier portal. Usually the data is manually keyed in, a time-consuming task. Low on-boarding rates (but usually good for smaller suppliers).

4. EDI or XML
The supplier sends an invoice in the XML or EDI format. Buyers who have an EDI system in place are happy, but usually suppliers have to justify the cost of installing and maintaining EDI. EDI and XML both have high accuracy rates, but the on-boarding rate is low, due to cost.

5. Manual Data Entry
Keying in data from invoices manually, either from paper invoices or from emailed invoices that have been printed out to facilitate the process.

Things to Consider

For organizations looking to capture email, paper, and EDI or XML invoices digitally, it’s important to think about:

  • the time involved in set up
  • the I.T. resources needed
  • infrastructure costs
  • cost involved for the supplier
  • on-boarding rates

Intelligent OCR & Intelligent Data Capture
EchoVera’s Intelligent OCR & Data Capture solution handles all the above file formats, from paper, to email, PDF, EDI, and XML very efficiently. It integrates with SAP Business One – read more about it here.

How Sales Order Processing for NetSuite Increases Sales
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How Sales Order Processing for NetSuite Increases Sales photo
Sales order automation gives companies using NetSuite the ability to move away from the data entry of paper, fax, and emailed sales order documents

Companies using cloud-based sales order automation solutions receive validated orders directly into their NetSuite ready for processing – within seconds of their customers having sent it. Better yet, it’s done with zero technical changes or process change in the sender’s environment.

Not only does the processing of sales orders become more efficient, some companies have experienced substantial sales growth as a result of implementing sales order automation.

Most orders are received via phone, fax, with the vast majority arriving on email,” said an executive at Arco, a company that provides over 22,000 products in the safety category worldwide. “Our products were shipped to over 100 countries last year! Once received, the order is processed manually. Because of the time this takes we couldn’t process orders fast enough and were losing potential orders as a result.”

How automation processes emailed orders

Customers who send their sales orders by email are given a specific email address assigned for processing their orders. Sales order capture technology maps the data directly from the PDF (or Word, XML, EDI, Excel) document, validates it, and then places it into NetSuite.

How sales order automation handles faxed or paper orders

For customers who print or fax in their orders, Intelligent OCR for sales order processing intuitively detects each customer’s unique identity. It then performs field mapping on each order form, and makes the data available in the sales order application.

The impact on customers

It’s important that customers are not impacted by a new technology related to their ordering process, which is why this approach to automation works so well. And because best-of-breed sales order automation is cloud-based, there is no need for any application, infrastructure, or process change for the buyers sending in their orders.

Overall benefits of an automated approach

Certainly companies are reducing sales order processing administration overhead. Employees are freed up from the manual task of keying data or inputing sales order information directly, and can focus on more high value work. Errors are eliminated – accuracy rates of 95% for paper and 100% for electronic formats. And ultimately, sales order automation gives the customer a better experience.

For more information about ASAP Sales Order Processing Automation for NetSuite, click here.

PayStream Report: Invoice Approval Workflow Trends
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PayStream Report: Invoice Approval Workflow Trends photo

Paystream Advisors finds that a large percentage of organizations say manual data entry is one of their biggest issues. Companies currently receive invoices in EDI format, paper and email – paper and email (usually a PDF) being the most predominate format.

As a result, a lot of time is spent inputting, processing, and manually transporting supplier invoices. As a company grows, invoice volume puts pressure on staff and resources.

Other Invoice Pain Points
Routing issues, lost or missing invoices, and decentralized invoice receipt are other pain points PayStream uncovered. Exceptions have a tendency to bog down processing time as a result of rigid workflows or missing documents.

Solving Invoice Processing Issues With Invoice Workflow Automation
The report also reports on how invoice approval workflow automation (IWA) has provided the benefits to companies who have embraced it:

  • Lower processing costs
  • Improved visibility of liabilities
  • Shorter approval cycle times
  • More productive employees

Achieving Invoice Workflow Automation Success
The new report also provides advice on how to choose and deploy the right IWA solution for your business. Key deciding factors include:

  • types of invoices the organization deals with
  • invoice volumes
  • ERP integration
  • staffing levels
  • company growth

To download a copy of the report: PayStream Advisors Invoice Workflow Automation Report click here.

Intelligent Document Recognition – Making Invoices ERP Ready
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Intelligent Document Recognition – Making Invoices ERP Ready photo


Intelligent document recognition (IDR) is an important technology for growing companies. With growth comes larger invoice volumes and a greater strain on resources.

A recent PayStream Advisors report highlights the fact that one of the biggest challenges facing both enterprise and SME organizations is the handling of large volumes of both paper and email invoices – the majority of which are not received as EDI or XML.

Because of this, many AP departments devote a large portion of their time to the manual input of invoice data into their ERP – a time-consuming and error-laden process at the best of times.

The good news is that most ERPs output invoices in PDF format, which is extremely compatible with the A.I. and automation currently available in intelligent document recognition technologies.

With respect to ERPs that produce invoices in other formats (such as XML, Excel, EDI, or JPG among others), the good news is that intelligent capture technology can handle these formats as well. 

How Intelligent Documentation Recognition Works

To classify an invoice, IDR uses information stored in a database to recognize documents according to their layout.

Once the document is recognized, IDR collects data from the data fields that have been mapped according to rules that apply to that vendor or organization. This data is then sent into a business process such as an invoice processing application, approval workflow or to the ERP.

Some IDR technologies are electronic only, in that they can only process electronic formats. Others can handle paper invoices as well by scanning the information and then mapping the data fields accordingly.

Intelligent OCR handles both paper and electronic formats seamlessly.

Paper invoices are scanned and intuitively recognized by the software, the field data is mapped and the invoice status is available in a central dashboard. Electronic invoices, in any format, are instantly recognized and processed in a similar fashion.

For companies that are looking to streamline their AP processes, Intelligent OCR combined with workflow creates a seamless process that reduces processing costs and speeds up approval cycle times.

Advanced IDR

Intelligent OCR uses both A.I. and capture automation to scan paper and electronic invoice documents, turning the information into useful data. The cloud-based software seamlessly integrates with popular ERPs and requires minimal  I.T. involvement.

See more about Intelligent OCR here.

 

 

 

 

Accounts Payable Enters The Year 2018 With AP Automation
150 150 Tim Robertson

Accounts Payable Enters The Year 2018 With AP Automation photo

 

Accounts Payable in 1988 and 2018

In 1988 approximately 15% of US households had PCs (personal computers), there was no internet as we know it today (although there was Internet Relay Chat), Motorola was selling mobile phones (mostly for installation in cars) and a cloud was a “visible mass of condensed water vapour floating in the atmosphere, typically high above the ground”.

Paper and paper processes were king – meaning if paper is still central to your 21st century AP process your AP team is still working with leading edge, circa 1988 technology!

It’s How Invoices Are Paid That Counts

Your accounts payable team is responsible for processing and reviewing the invoice transactions between your company and your suppliers. On the surface the process is fairly straightforward. You buy something, with or without a PO, and then you have to pay for it. Your payment must meet the terms and conditions agreed upon at the time of purchase.

As is the case in most things – the devil is in the details. And it turns out that this “simple” process is actually quite involved. It’s how you pay your invoices that counts.

  • Are your people opening the mail and routing paper invoices – or are they printing e-mailed invoices and then sending the paper for approval?
  • Who is coding your invoices, and who approves each purchase?
  • Does the invoice, based upon the amount, need more than one authorization?
  • Who checks to be sure that the PO-based invoices match the actual PO and if this is not the case, what happens next?
  • How do you know when the goods/services are received and what happens when there is a discrepancy? Who reconciles?

In 1988 this process could take several days – sometimes weeks. There was no other way. But “it’s 2018” and our solution is doing the following for clients:

  • reducing approval cycle times by up to 70%
  • reducing processing costs by up to 40%
  • having an up to 20% increase in invoice volumes without adding staff

In 1988 you had no choice – take that piece of paper, put it in an envelope, have someone walk it up 3 floors and around the building, wait for it to come back…

Make A Choice

Today you do have a choice – stay loyal to your paper processes or advance to a cost effective, efficient automated AP technology that empowers everyone who touches the payment process.

To find out more about EchoVera’s AP Automation that has a 95% approval rating and requires minimal I.T. involvement, click here.

Scanning Invoices Into Accounts Payable with Artificial Intelligence
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Scanning Invoices Into Accounts Payable with Artificial Intelligence photo
Scanning Invoices Into Accounts Payable with Artificial Intelligence photoIn a new report issued by PayStream Advisors, one of the biggest back office challenges organizations face is the capture of both paper and emailed invoice data into their ERP. See PayStream Advisors: Invoice Approval Workflow Automation Report.

Unless the organization has invested heavily in EDI, many AP departments spend a lot of time and resources handling large invoice volumes from various suppliers – without an efficient way to get them into their ERP.

In most cases emailed invoices are printed out and then manually keyed in. Paper invoices are processed the same way. Manual errors are rampant and for companies that are growing this task can be a considerable challenge.

Trends in invoice scanning technology now make it possible to not only make emailed invoice input relatively painless, but much less arduous for paper invoices as well.

Emailed Invoices
Emailed invoices are sent in their various formats, which could be PDF, Excel, XML, Word, EDI, Tiff, or JPG to name a few. Intelligent capture technology uses A.I. and automation to identify who the supplier is, intuitively map the data fields, and make the data useful for input to the ERP. Once the system is set up, the supplier sends their invoice (in whichever format they choose) to an established email address. The technology processes the information and provides the data within minutes of receipt.

Paper Invoices
Paper invoices are scanned by Intelligent OCR that can extract all of the information necessary for invoice processing. The technology can detect who sent the invoice as well as capture all of the data fields that are essential for processing. The paper can be discarded and the invoice data is available for audits and archiving.

Scanning Invoices Into Accounts Payable – The New Age of Data Capture
Not only does technology exist to extract the essential data from both paper and emailed invoices, companies are taking advantage of the intelligence gathering abilities inherent in “line-level” invoice data. This means that organizations looking to improve their business processes can access data that can help them achieve measurable results.

To find out more about Intelligent OCR and Intelligent Capture with AI, click here.

Tackling Invoice Processing with “Line-Level” Invoice Data
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Tackling Invoice Processing with “Line Level” Invoice Data photoTackling Invoice Processing with “Line Level” Invoice Data photoThe trend in invoice processing is to extract maximum value out of the information invoice data can provide. Line-level invoice data plays an essential role in business process improvement.

In many industries there is a push for management information (MI) to help gain improvements in business processes. Invoice processing can play an important role, and line-level invoice data enables businesses to access the information that contributes to this process.

Line-level invoice data can help businesses understand patterns in purchasing, issues with supplies, what items are selling well, and more. This type of detailed data can provide insights into things such as what goods or services are most profitable, or which variables are influencing cost structures.”

Improving Business Processes
The benefit of improving business processes includes being less “reactionary”. As an example, a travel agent may block-book rooms. It is only when the invoice is received does the company see, at the line-level, what was booked and what took place. Did guests arrive? Did they check out early? Ask for other services? Stay longer than last year?

Without line-leave detail, organizations do not have the essential information necessary to make improvements.

One of the biggest barriers to digitalization and the extraction of line-level detail is the cost involved with traditional Electronic Data Interchange (EDI) systems. Not only is there a considerable capital cost to installing and adopting an EDI solution, once a system is in place it can become a constraint for the organization.

Suppliers can avoid the investment in this technology by taking advantage of PDF invoicing. That’s because a PDF invoice has data layers that can provide the line-level data we are talking about, as well as drastically lower implementation costs.

Data Mapping Technology
Data mapping technology takes the information from the PDF and sends it into an invoice processing system without any manual keying of the data. Because the data is taken straight from the invoice, 100% accuracy is achieved and manual data errors are avoided.

With PDF based invoicing, suppliers can be up and running within minutes. All they need is an email address that sends their invoices directly into the invoice processing system. This method of electronic invoicing has a substantial cost advantage over EDI, and a trend for business that is only going to accelerate over the next few years.

On-Boarding Of Suppliers Is Easier
PDF invoicing is a viable alternative for suppliers that want to adapt to their customer’s purchasing and payment workflow. It’s a convenient solution that is relatively painless to implement – something that’s not possible with traditional electronic invoice systems.

PDF Invoice Capture – Tapping Into Line-Level Data
PDF invoice capture provides faster processing, eliminates manual data entry and manual errors, and takes paper out of the process. As well as getting value out of every “yard line”.

For suppliers who are still sending paper invoices, Intelligent OCR can recognize the vendor, intuitively extract field data, and send the collected data to the invoice processing system.

For more information on how you can take advantage of line-level invoice data, take a look EchoVera’s ASAP.

Automating the Request to Pay Process
150 150 Tim Robertson

Automating the Request to Pay Process photo

 

Many of our customers struggle with their purchasing process.

This is because even though there are many stakeholders in the purchase cycle, actual responsibility and accountability can often be muddled.

This isn’t because the different roles in the organization are incompetent or at fault, but that in every organization and industry there is a real lack of transparency throughout various business processes. This is especially true in organizations that opt to use inefficient paper-based processes or when the company’s ERP is not capable of the flexibility required to support efficient workflows*

Whatever the case, organizations are looking to optimize the purchase process with a positive ROI and Request-to-Pay automation may be a great way to do just that.

The Request to Pay Process

With Request-to-Pay automation, everyone with a stake in the purchase is involved in the process, and the process is visible to everyone who plays a role. This high level of visibility actually supports accountability across all roles. Authorized stakeholders can actually see all relevant activity – changes made, when they took place and who made them.

Everyone from the person who makes the requests, to the approver who manages the budget, to the purchaser who makes the purchase, to the person who receives the goods, and to the accounts payable person who ensures payment – are part of the request to pay workflow.

This is what the automated Request to Pay looks like:
  1. The requester completes a purchase requisition, and it is automatically routed for approval.
  2. Once approved the system changes the requisition to a Purchase Order.
  3. The approved PO is sent to the buyer who can now place the order.
  4. Delivery of the product or service is made, and the goods or service receipt is recorded in the system.
  5. The vendor sends an invoice for the product or service, and the system automatically matches the invoice to the PO and the goods receipt.
  6. If there is an exception, it is automatically routed to the proper role for review and exception handling. The exception is in a complete information “packet” that holds an invoice image, the PO, the goods receipt, and notes.
  7. If there is no exception, the invoice is automatically sent to the ERP for payment.
  8. The vendor receives a payment and all of the payment details are recorded in the ERP.

Find out more about Request to Pay automation here.

*Most ERPs have rigid approval workflows, but not by design! (see “Invoice Approval Workflow Gets Flexible!“)

 

Budget Software for Business Ties Transactions Together – Amen!
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Budget Software for Business Ties Transactions Together   Amen! photo

One of the best features of great budget software for enterprise is the ability to tie transactions together.  You can also monitor the actual budget amount used – useful as you process each piece of the transaction and for auditing purposes later.

So what does it look like?  The example below is based on the user having a specific GL account and department.

Keep in mind the user has the option to browse items that are approved for a specific budget AND/OR there are rules set on the item type to require a budget to be assigned AND/OR the administrator can leave the fields open for users to decide where assigning a budget is appropriate.


Budget Software for Business Ties Transactions Together   Amen! photo


Budget Software for Business Ties Transactions Together   Amen! photo


Budget Software for Business Ties Transactions Together   Amen! photo


Budget Software for Business Ties Transactions Together   Amen! photo

One of the key benefits of EchoVera’s Budget is being able to see the budget request, the requisitions, purchase order, delivery, and invoice – all as a complete package – for audit purposes.


Budget Software for Business Ties Transactions Together   Amen! photo


For more information about EchoVera Budget, click here.

How 5 Innovative Companies Automated PO Matching
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How 5 Innovative Companies Automated PO Matching photo

PO matching, or matching invoices, purchase orders and goods receipts is always a challenge for growing companies.

For one, if the process is paper driven, the process is prone to error and considerable mind-numbing effort hunting down all the relevant information. Because no invoice looks the same, the data that has to matched can only be found after physically examining each and every document, line by line.

Some invoices have over 100 lines. Someone has to visually scan that. It’s not like reading a letter or other document that has variations, titles, and pictures, but closer to scanning a dry list of serial numbers – headache inducing at the best of times.

Secondly, because of all the people involved in a purchase, there is much finger-pointing over who is causing a bottleneck or is responsible for mistakes.

We have helped the following innovative companies using NetSuite automate PO matching with EchoVera’s ASAP for NetSuite. They’ve benefited from having an approval workflow for exceptions with email approvals that makes it easy to use, and automation that matches invoices, POs, and goods receipts (authentic 3 way matching) without all the effort.

They’ve decided that their teams have better things to do than trudge through the matching process manually – a very common practice in many companies today. And AP is no longer blamed for not keeping the process moving, as invoice status can be viewed 24/7 in real time, and the people holding things up can be gently nudged.

Roivant – Healthcare

How 5 Innovative Companies Automated PO Matching photoRoivant is a pharmaceutical company with over 70 subsidiaries. The high profile firm landed a $1.1 Billion investment by SoftBank and develops late stage drugs. The investment by SoftBank was one of the largest private financing rounds for a healthcare company in history.

Pharmaceutical firms abandon promising drugs for various reasons that have nothing to do with their efficacy. Roivant’s subsidiaries complete the development of overlooked drug candidates and try to get them to market quickly. Although their recent drug for Alzheimers has not panned out, there are many potential winners in the pipeline. With this many balls in the air the company needed to automate PO matching and increase their operational efficiency.

Roivant receives PDF invoices and PDFs of scanned invoice images. They are matching service and product POs as well as invoices and goods receipts. Once the PO is created, it is auto delivered. Whatever lines are available on the PO are used. For example, 30 lines on an invoice all have to be rolled up into one line. Most of the invoices are “pass-through invoices” with up to 300 lines of items.

Aleva Stores – Retail Ecommerce

How 5 Innovative Companies Automated PO Matching photoAleva Stores began in 1957 as a small prosthetics manufacturer in Pontiac, Michigan. Over the last 60 years, the Gaskins family has upheld the values established by founder Joseph Gaskins, creating a family of retail brands that specialize in foot, leg and orthopedic care. Some of the online stores include Sock Addicts, Pike to Peak, and Doc Ortho. With warehouse space of over 60,000 square feet and sales north of $30M annually, Aleva was looking to automate the PO matching process and optimize their AP processes.

What they are matching: Aleva receives invoices in the format of PDF and PDFs of scanned invoice images. They match merchandise purchase orders to invoices and goods receipts. Aleva issues a PO, receives an invoice from the supplier and a goods receipt from the warehouse. Some invoices have over 100 lines, and up to 20 pages.

Boston Globe – Media

How 5 Innovative Companies Automated PO Matching photoThe Boston Globe is an American daily newspaper founded and based in Boston, Massachusetts since its creation by Charles H. Taylor in 1872. In 1993 it became a wholly owned subsidiary of The New York Times Company when the Times acquired Affiliated Publications for $1.1 Billion. In 2013, Boston Red Sox owner John Henry was part of a group that bid $70 million to buy the paper, and remains in place as the owner today. The Boston Globe hosts 28 blogs covering a variety of topics including Boston sports, local politics and the paper’s opinion writers. The Globe wanted to reduce its reliance on paper processes and digitally transform the back office. They turned to EchoVera ASAP to automate PO matching.

The Globe receives invoices in PDF format from its suppliers, including scanned images in PDF format. It matches between service and product purchase orders and invoices. Matching is done by approvers in the email approval workflow.

Ulabox – Grocery Ecommerce

How 5 Innovative Companies Automated PO Matching photoThe VIKOW Group is based in Barcelona in Spain. It’s a group of marketing digital companies offering a range of services and products around ecommerce. One of its properties is Ulabox, which operates as an online supermarket of food, groceries, beverages, household and personal care products. Ulabox was incorporated in 2010 and has received several funding rounds totalling €5,750,000.

With around 7,000 deliveries per week from a range of 20,000 products, the highly automated internet company relies on data to review the cost of orders, deliveries, profitability and business data. As well, Ulabox needed the best technology for PO matching and AP automation.

Ulabox receives PDF invoices from their suppliers, and well as PDFs of scanned invoice images. EchoVera ASAP is matching merchandise purchase orders, external purchase orders from their fresh food system (which is separate from NetSuite), as well as invoices and goods receipts.

Transtelco – Voice & Data Services

How 5 Innovative Companies Automated PO Matching photoTranstelco provides telecommunication solutions for carriers, enterprises, and small to medium businesses in the United States and Mexico. Cofounded by Miguel Fernandex in 2001, it provides voice and data services to Fortune 1000 companies with a fiber optic network that spans 10,000 kilometres between both countries. It recently raised new debt capital from Deutsche Bank in order to fund new opportunities. Mr. Fernandex has been featured in the Huffington Post dispelling the myths of the Mexican – U.S. border. The company reached out to EchoVera for help with automating their AP and matching POs.

Transtelco receives PDF invoices, Excel and MS Word invoices, and images scanned as a PDF. ASAP matches product purchase orders, service purchase orders, invoices and goods receipts.

Find out more about EchoVera ASAP PO Matching for NetSuite here.