Modern technologies offer us the opportunity to continually rethink our financial accounting and invoice processing procedures.
In the age of digitalization, technologies are becoming obsolete at an ever-increasing rate. What was all the rage five years ago may now be completely old school. With so many innovations, it's easy to lose track of what's going on.
What do you think? Are you already using the latest technologies and approaches to make your invoicing processes more efficient and optimal?
Whether SmartCodingSmartCoding is an intelligent algorithm that supports the clerk based on... More, OCR technologyOCR (Optical Character Recognition) technology automates the scanning of printed... More or cloud solution – find inspiration for invoice management in your company. With these smart solutions, modern software can support you in invoice processing.
What you can expect here:
1. Solution #1: Input Management
2. Solution #2: Digital Workspace
Solution #1: Input Management
Figure 1:Invoice receipt channels | isr.de
Today, invoices arrive at companies through a wide variety of channels. Whether it's a traditional PDF via email, the XRechnung format, or the ZUGFeRD format, the invoice data received must be transferred to your system in a uniform manner.
To avoid time-consuming manual transfer of invoice data, there are now cloud platforms in input management such as Buildsimple for separating, classifying, and extracting your documents. The automatic reading of every invoice format saves you a tremendous amount of time. Instead of tedious typing, OCR technology does the work for you, for example in the case of PDFs. This technology uses optical character recognition to automatically capture printed or written text so that it can be edited directly as a digital document.
Solution #2: Digital Workspace
A digital workspace allows you to access your apps and data in real time—on any device and from any location, regardless of whether the information is stored in cloud services or in a data center. In many ways, the digital workspace also makes your day-to-day work in financial accounting easier.
SLIM, INTUITIVE DESIGN
Who isn't familiar with the menu trees from old ERP software masks with their many sub-levels and branches? Put an end to unnecessary delays caused by endless searches for a specific function, invoice file, or document.
In our opinion, intelligent invoice processing requires an easy-to-use, modernly designed, and streamlined software solution that you can use flexibly from anywhere and on any device.
AUTOMATED WORKFLOWS
The digital workspace can also support you by automating processes through defined workflows and logging every processing step in the history. This means that you can see at any time which checks or decisions were carried out by whom and when. In addition, features such as automatic sales tax checking save a lot of time in day-to-day financial accounting. Consistent compliance with legal requirements and tax regulations when processing and archiving invoices is also directly verifiable.
Solution #3: Dashboards
Companies often have digitized their invoice files, but lack an overview of the current processing status. To gain transparency on all open and paid invoices, modern solutions allow you to create meaningful ad hoc reports and analyses with just a few clicks. These are usually provided in CSV format or additionally presented in a clear visual format in a dashboard.
Figure 2:Dashboard in ISR Accounts Payable Flow | isr.de
In most cases, dashboards can be customized. Whether you want to display your reports as pie charts or bar charts, the visualizations can be easily moved or replaced at any time using drag & drop. This ensures that only the most important processes are displayed.
Solution #4: SmartCoding & AI
Save yourself a lot of typing with SmartCoding. Based on artificial intelligence, the intelligent algorithm supports you, for example, in the correct account assignment of invoices or enables you to automatically determine the correct reviewer or approver in your invoice verification processes. The automated assignment of G/L accounts and cost centers saves time and reduces the error rate, as manual assignment becomes largely unnecessary. And best of all, the algorithm continuously improves based on historical values.
Figure 3:SmartCoding in ISR Accounts Payable Flow | isr.de
Solution #5: Cloud-based solutions
More and more companies are turning to cloud technologies because they offer more than just storage and computing capacity. It is possible to run entire solutions in the cloud or to outsource only individual functions. Resources can be adjusted as needed at any time.
With a cloud-based solution, projects are ready for use faster and faster. This allows you to access the servers of a secure data center and use your software from there. Whether public, private, or hybrid cloud—each model offers different advantages. Which solution is right for you depends on the needs and requirements of your company.
Figure 4:Cloud architecture | isr.de
You are full of enthusiasm, but don't know how to get started?
Then please feel free to contact us or find out more on our website aboutintelligent invoice processing. We look forward to hearing from you!
Jens Brettschneider
Head of Business Unit
Application Management
jens.brettschneider@isr.de
+49(0)151 422 05 425
