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NetSuite Invoice Processing Handles All Formats – From Paper to PDF & EDI
 NetSuite Invoice Processing Handles All Formats – From Paper to PDF & EDI 150 150 Tim Robertson
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netsuite invoice processing

NetSuite Invoice Processing With Intelligent OCR & Approval Workflow

For growing organizations that use NetSuite, having a comprehensive solution for managing and inputting thousands of invoices can generate an excellent ROI. If you are experiencing issues in areas such as:

  • Experiencing growth with larger supplier invoice volumes
  • Currently keying in data from paper or emailed invoices
  • Issues with current (and usually outdated) OCR software
  • Managing both paper and electronic invoices in many different configurations, i.e. PDF, XML, EDI, paper, Zip files and more

Processing invoices manually takes time and has its shares of errors and mismatches. How can you process both mailed and emailed supplier invoices in just one step – transforming them from the format you receive them in, to usable data you can control?

This problem is solved with a solution we call Intelligent OCR. For paper invoices, Intelligent OCR intuitively reads data fields and stores different supplier invoice templates in a database for future reference. The accuracy rate is 95%+. For electronic invoices such as PDF, XML, EDI and other electronic formats, Intelligent OCR processes each invoice using Artificial Intelligence and automation to recognize the different invoice vendors and intutitively recognize data fields, achieving a 100% accuracy rate.

Once invoices are turned into pure data, approval workflow sends exceptions to approvers to review. A PO matching engine matches invoices, purchase orders and goods receipts. Non-PO invoices are workflowed to the proper approvers.

An archive and audit function keeps track of every transaction, and because the process is designed with your business processes and policies, compliance is “built in” – something CFOs appreciate.

More information about Intelligent OCR is available here.

Automated Invoice Processing Made Simple Enough
 Automated Invoice Processing Made Simple Enough 150 150 Tim Robertson
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automated invoice processing photo

For NetSuite or any other ERP or accounting system, a simple automated invoice processing solution

For accounts payable departments, automated invoice processing sounds like a great idea: it saves time and money. There is some push back for management though, in that AP automation software or SaaS platforms can be expensive, and have many features that may never be used.

Processing invoices can be a tedious affair, involving opening paper invoices, data entry, scanning, and in some cases printing emailed invoices in order to scan and enter them!

A nice solution for processing both mailed and emailed supplier invoices would be to be able to have them quickly transformed into usable data. That way they can be quickly introduced to the ERP or accounting system with less hassle.

InBox.Apautomation

A great automated invoice processing service we provide is called InBox. It’s very simple to use in that once it is setup (basically sending your scanned mailed invoices or email invoices to a predetermined email address), you get back a data PDF, plus a CSV or XML file with all the data fields that were on the original document – within just a few minutes.

No bells and whistles, workflow or other features to pay for – just a fast way to get the data you need into your accounting workflow : ) You can get a free sample of the service here.

Automated invoice processing definition:

“Technology has long enabled the automation of invoice processing from arrival to post. This means that at arrival of the invoice, the same accounts payable clerk will only need to scan the invoice into an automation software. The automation software then converts the invoice’s scanned image into a text researchable document. The different fields on an invoice can also be defined into the software so that it remembers which fields it should capture and register into the ERP systems, for instance, the amount purchase, the quantity, the supplier name, the supplier code, and so on.” – from: Wikipedia

 

The Boston Globe Integrates NetSuite AP Automation
 The Boston Globe Integrates NetSuite AP Automation 150 150 Tim Robertson
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purchase.to.pay

The Boston Globe, one of North America’s major daily newspapers, has deployed an advanced web-based financial management solution from enterprise purchase-to-pay specialist Palette. It integrates NetSuite AP Automation platform PaletteInvoice to streamline its invoice processing and improve operational efficiencies.

Working with Palette’s Toronto-based partner EchoVera, The Boston Globe uses PaletteInvoice to ensure that the 20,000 supplier invoices it manages annually are processed, approved and scheduled for payment quickly and efficiently. PaletteInvoice will also enable The Globe to achieve significant measurable cost-savings and efficiency gains by simplifying daily processing of supplier invoices and purchase order matching.

Diane Stack, Payroll Manager for The Boston Globe, said: “PaletteInvoice has enabled us to enhance our invoicing processes and efficiencies without the need for a larger finance team, and at a highly competitive price point compared to other solutions. It has provided greater transparency over accounts payable activity across the entire organization, enabling us to have a much tighter control over operations, more closely monitor KPIs, track payments and have a greater ability to manage volumes of work. We now have much better reporting that enables us to ensure that all invoices are paid in a timely, fully automated manner, significantly reducing the resource required to manage invoice processing.”

Following the success of the initial deployment, The Globe is now looking to add PaletteBuyer, a module that will help control their indirect spend by automating the requisitioning and purchase order process. It is anticipated that the deployment will be completed in time for the solution to go live on January 1st 2016.

Stack added: “The Invoice module deployment has delivered a strong return on investment, proving the value of Palette’s solutions. As a result of this success we are currently adding the Buyer module which we anticipate will greatly improve our cost and spend control across the business, tightening spend approval processes and creating an enhanced audit trail for all purchases.”

Ralf Leitner, CEO of EchoVera said:  “PaletteArena has a track record of delivering a clear return on investment which makes it an attractive proposition to our customers. The fact that it can integrate with NetSuite to help deliver a fully automated accounts payable process is a key differentiator that adds real value to our customers’ deployments.”

Michael Cichy, General Manager Americas at Palette commented: “The partnership with The Boston Globe is the launch of a major initiative to integrate ourselves with other NetSuite customers and develop another vertical ERP practice in the North American market. We are hopeful that a successful implementation will help us further develop the relationship with The Globe’s ownership and see further projects in the future.”

Palette’s core product suite, The PaletteArena Suite, gives customers complete visibility and control of the P2P process by linking purchases, invoices and contracts. Earlier this year the company released PaletteArena 6.3. It introduces several new features to enable enhanced integration with corporate and personal payment card expenditure and improved purchase order management. Key enhancements in PaletteArena Version 6.3 include a completely new user interface to simplify key functionality and processes; further integration with PaletteConnectivityServices, replacing paper based processes with their e-invoicing function; increased spend management through PaletteExpense, enabling oversight of credit card expenditure; and improved purchase order matching enabling users to link invoices based on value as well as quantity.

Intelligent Data Capture for Netsuite – Video
 Intelligent Data Capture for Netsuite – Video 150 150 Tim Robertson
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In this video, you’ll see how Intelligent Data Capture for NetSuite integrates with ChronoScan, one of the world’s leading (and cost-effective) Intelligent OCR platforms.

ChonoScan is a powerful optical character recognition software which reduces the need for manual data entry from supplier invoices. Chronoscan speeds up processing time, automates the accounts payable process, and makes all of your accounts payable activity visible inside of NetSuite. Chronoscan is part of our solution called: Intelligent OCR for NetSuite

 

Finally! Intelligent OCR for NetSuite
 Finally! Intelligent OCR for NetSuite 150 150 Tim Robertson
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netsuite.intelligent.ocr……
Intelligent OCR (Optical Character Recognition) for NetSuite Changes the Playing Field

Intelligent OCR for NetSuite has changed the playing field in a very positive way. It’s useful for processing both email and paper invoices through NetSuite’s accounts payable workflow, with limited manual intervention or error.
 …
Intelligent OCR:
  • Processes AP invoices directly from email without the need to print them
  • Scans paper and emailed AP invoices intuitively, capturing relevant invoice fields
  • Cuts invoice processing cost by 50%
  • Increases productivity by 40%
  • Integrates seamlessly with NetSuite

Intelligent OCR for NetSuite is capable of automatically and intuitively detecting/learning the particular supplier invoices based on their respective layouts, allowing the scanning and/or importing of emailed invoices to be more efficient. Intelligent OCR intuitively performs field mapping and data collection, freeing up time and making the entire process more efficient. 

Intelligent OCR for NetSuite is “next generation” OCR.  More information about Intelligent OCR for NetSuite.

To schedule a live demo: Intelligent OCR for NetSuite Demo

How do you choose the best solution?

The type of OCR solution that you choose will depend upon a number of factors; the number and type of documents (single page or multi-page) that you need to scan; the frequency with which you need to get these documents into your system; the purpose of the documents – are they documents that you need for a business process or are you scanning information into your system primarily for record purposes?

When researching an appropriate OCR solution for your AP process you’ll want to consider the following;

  • True Image Reproduction – Keeping actual copies of each AP related document, rather than just uploading information from that document, makes it easier to control your AP process and to keep these single or multi-page documents for follow up and compliance purposes. So research those OCR solutions that have this capability.
  • Ease of Use – The simpler the better! Some of the more advanced OCR solutions can help you with your data entry by using “assisted auto fields”. These solutions can actually “read” your documents and populate the required fields in your AP-related documentation.
  • Data Conversion – Superior solutions are able to extract your data from PDF formatted documents and convert this information into “indexed data” that you can then export into your accounting system and use.

Click on this link to find out more: Intelligent OCR for NetSuite

 

Photo Credit: Ryan McGuire

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