Digitizing invoice receipt—often the first step in digital transformation. ISR Accounts Payable Flow helps with this.
Inour last blog poston smart invoice processing, it became clear that the efficiency of processing incoming invoices can be greatly increased through the use of smart technologies. The reasons for this are, on the one hand, that the documents always contain the same elements (invoice number, amount, tax rate, etc.) and, on the other hand, the recurring internal process. This is therefore often one of the first areas that companies target in the course of their digital transformation. In today's blog post, we give you an initial overview of the features and benefits of ourISR Accounts Payable Flow (APFlow)solution for digital invoice verification.
From a technological perspective, the process is divided into two parts: document receipt and original invoice verification. A prerequisite for invoice verification is that the data is available in digital form. This goes beyond simply scanning files. Tools such as ISR's own productBuildsimpleuse machine learningto enablethe extraction of technical data from documents. Of course, there are other products for data extraction, such as IBM Datacap or Insiders smart FIX, which we can also use. For example, the invoice number, gross amount, and IBAN of the recipient are automatically recorded.
Figure:Invoice processing – an overview of the digital process
What sets ISR Accounts Payable Flow apart?
After data extraction, ISRAccounts Payable Flow supports invoice verification, approval, and posting. Our software combines three key functions:
- Data management system: Data is collected from a wide variety of sources and processed.
- Collaboration tool: Employees can work together on invoices by structuring, organizing, and distributing tasks. Communication is possible within the invoicing process. This eliminates the need to outsource to other email systems.
- Structuring workflows: The main focus is on controlling individual invoice process steps. Responsibilities and access rights are defined and implemented on the basis of a role structure.
What are the advantages of working with us?
We recognized the importance of invoice processing 15 years ago. As a result, we can look back on numerous successfully completed projects, particularly in the finance and insurance sectors. We have continuously developed ISR Accounts Payable Flow. For you, this means that our solution comes with many functions as standard, allowing it to be implemented quickly. In practice, three further significant advantages for companies have emerged since the software was introduced:
ISR Accounts Payable Flow gives you an overview of all invoices in your company. The file, including all related data, is stored in a digital record. Relevant information can be accessed with just one click of the mouse—from the scan date to the due date.
ISR Accounts Payable Flow increases your company's productivity by reducing operating costs. The invoice processing time is reduced to a few days, or even a few hours if all parties involved act quickly—and this without additional phone calls and emails. The efficient process allows you to make optimal use of cash discounts.
ISR Accounts Payable Flow creates transparency throughout the entire process. Direct access to all verification processes allows the current status of each invoice to be determined. This means that inquiries from departments or suppliers regarding invoices can be answered quickly and accurately.
Would you like to learn more about APFlow or other ISR services?
Then please write to Ms. Cihan Klingsporn.
Cihan Klingsporn
Senior Account & Marketing Manager
Business Process Automation
cihan.klingsporn@isr.de
+49(0)151 422 05 471
