For Enterprises: Digital Workflows and Automated Accounts Payable
Digital Workflow Solutions for a Transparent Invoice Approval Process
Why Are Electronic Workflow Solutions Important for Companies?
Within a company, certain internal control systems are established, involving the approval of invoices with respect to content and form. Including individual processes in digital form is advantageous and convenient for all parties involved. Moreover, digital solutions are in tune with the times and provide a fast and efficient invoice approval process.
What Does an Executive Manager Have to Say in Favor of Electronic Document Approval?
As an executive manager, I am required to implement an internal control system that offers invoice approval, both in terms of content and form, ideally as a digital solution.
For What Size Company Does It Make Sense to Implement a Structured Electronic Invoice Approval Process?
In my experience, they are advantageous even for smaller companies because a transparently defined approval process reduces or eliminates risk and fraud at the management level, while also reducing accounting costs.
What Are the Benefits of an Electronic Workflow Solution?
Invoicing approval is very simple, even when it requires multiple phases. There are no delays and invoices are immediately sent to the next level, facilitating faster processing. In other words, it shortens the processing time, which is a great advantage over analog solutions.
What Is the Key Data for Creating Such an Electronic Workflow Solution?
The timetable for this type of project is roughly one month. Why so fast? In principle, everything works remotely; you just need to attend a web conference, where the requirements are summarized, and then you can put it into practice. You are provided intensive support at the beginning, but your employees get involved in the system relatively quickly, without lengthy testing, and everything works smoothly, quickly, and intuitively.
In the following short Video, Marian Čerňanský, Senior Accounting Manager at TPA Slovakia explains how companies benefit from digital workflow solutions:
Automating Accounts Payable With Finmatics
What Are the Arguments in Favor of Automating the Processing of Received Invoices?
The manual processing of either physically received invoices or those in PDF format is complicated and time-consuming daily work for an accountant. What’s more, they are responsible for up to 40% of the company’s total costs of internal accounting processing. This is why accounting automation is a hot trend today. Without automation in place, accounting quality typically suffers.
What Role Does Artificial Intelligence Play in This Process?
Thanks to artificial intelligence, it is possible to set up invoice handling so that processes are clearly defined and errors are prevented. This reduces the overall workload of employees and increases the quality of data processing in accounting.
In Detail, How Does the Solution Work?
After scanning the document or receiving it from the supplier in the form of an email, FINMATICS can recognize the document type, determine the company code, and then, through the scan and separate function, separate joined documents, even without barcodes, stamps, or separator sheets. Thanks to artificial intelligence, manual data processing is now outdated and FINMATICS can process or read data from documents, through self-learning, without creating templates. It can read data in all world languages, including Cyrillic. FINMATICS learns from the accounting history based on previously processed data and automatically assigns data to documents, such as the dates of the account allocation, supplier ledgers, centers, people responsible for accounting processing, and much more. If the invoice is linked to individual orders, the individual orders and invoices are automatically matched. Received documents are also checked in terms of various criteria, e.g., VAT or various fraudulent risks, VAT ID, or IBAN; the payment data is checked to make sure that the original data is consistent with the master data – supplier's data. The rectification of invoices incorrectly issued by the supplier is especially time-consuming. Thanks to artificial intelligence, it is possible to identify these incorrectly issued invoices as early as in the approval process and send an automatic request back to the supplier, thus minimizing the risk of duplicate invoicing or incorrect invoicing.
How Long Does the Implementation of Finmatics Take?
In most cases, implementation takes just a few weeks. Throughout the automation, you will be provided with full qualified support, from the initial data collection through the user acceptance test to the actual launch of the system.
In the following Video, Marian Čerňanský, Senior Accounting Manager at TPA Slovakia explains how companies can automate their accounts payable using Finmatics: