ABBYY FlexiCapture for Invoices
Many accounting departments are facing pressure to accelerate their processes while maintaining and even improving accuracy. It can be a delicate balance to strike, but ABBYY FlexiCapture for Invoices can help.
FlexiCapture for Invoices is an intelligent platform that automates invoice capture quickly and accurately. Built on the ABBYY FlexiCapture platform, it automatically imports invoices, whether it receives the invoice by email, fax, or whether a mobile device captured it. It even scans paper invoices.
This technology can also handle invoices issued against purchase orders. It can validate these invoices against the order information in the purchasing system. Then, your staff can review and validate the automated matching results.
FlexiCapture for Invoices’ has impeccable accuracy, which results in huge time and money-savings. This solution accurately locates invoice data that your most complex documents contain through multiple approaches. It does this by using ABBYY’s artificial intelligence (AI)-powered neural networks and machine learning technology.
As soon as your FlexiCapture solution has digitized your document, it will recognize it and transform the image into highly accurate electronic data, so there’s no need to rekey information manually. FlexiCapture identifies the country of the company you are invoicing and checks each document for compliance with local regulations, the company’s rules, and master databases, all so you don’t have to!
This technology performs highly accurate purchase order (PO) matching. To do this, it compares values in the order with those on the invoice. Matched invoices are then automatically approved and routed for posting. When matching is unclear, your staff will be prompted to view those exceptions and make value comparisons before accepting the order.
ABBYY FlexiCapture for Invoices Capabilities
The thought of automating a new process may be headache-inducing. After all, deploying a new solution often can mean a steep learning curve that slows down operations. Fortunately, FlexiCapture for Invoices makes this transition quick and easy. The solution comes to you ready to automate your invoice processing almost right away- no more painful deployment periods. It comes pre-configured so that it can identify the required data fields. It also comes preconfigured to settings that are easy to adjust to the rules of your business right away. You can also implement FlexiCapture for Invoices in the cloud or on-premise.
FlexiCapture for Invoices allows you to import invoices automatically. It doesn’t matter if they’re paper and need to be scanned, captured by a mobile device, or received by fax or email. Your solution captures, registers, and processes each invoice, regardless of receiving format, in a standardized workflow. It also features web-based and mobile scanning clients so you can establish points of capture anywhere you receive your invoices.
Intelligent Document Routing
The solution also has intelligent document routing. This feature can be a significant time-saver itself. Based on the results of multi-level checks, it assigns each invoice a status. It then moves each invoice to its respective next step:
- Valid, which approves it for further payment posting
- Exception, which sends it to your staff who can assess the invoice and add in missing information if needed
- Rejected, meaning return to your supplier
Machine Learning Technology for Precise Accuracy
When you invest in an ABBYY solution, you uncover the benefits of ABBY’s acclaimed AI-driven recognition neural networks and machine learning capabilities. As soon as you implement your solution, it begins its continuous learning process. Over time and continued feedback on your documents, the quality of its extraction rises even more. FlexiCapture for Invoices can locate your most complicated documents’ invoice data thanks to these technologies. With a FlexiCapture for Invoices solution, you can be confident in your processes’ precise accuracy.
Why FlexiCapture Invoices
03.Improve Your Efficiency
Your solution can help accelerate your invoice cycle times to 5 days or even shorter. This result comes from ditching manual processing. Without the need to key, compare, approve, and check, you have time on your hands. And you can spend that time attending to more value-added tasks, like fostering relationships with your suppliers.
ABBYY FlexiCapture for Invoices can save you money by helping you make payments on time and better control your cash flow. You can also reduce your expenses by 5-10 times compared to what your old manual processes once cost you.
Improve Your Efficiency
In the process of saving you time and money, FlexiCapture for Invoices also boosts your efficiency significantly. You can see more than a 400% increase in the number of invoices that a single employee can process compared to manual processing. They can also spend 30% less time responding to inquiries.
FlexiCapture for Invoices makes it easier to comply with the legal requirements your AP department faces. It automatically operates in compliance with the latest accounting and archiving standards, so you don’t have to worry about it. It works on a “normalized copy” of the invoice while holding a preserved version of the original invoice in its native format. And when you implement FlexiCapture for Invoices, you gain a trackable audit trail for full transparency into your processes. This way, you’ll be ready for any audit that comes your way.
Clay Lacy Aviation Increases AP Efficiency by 35%
More than 35,000 invoices were received each year from around the globe, and the staff of 20 dedicated to processing the high volume of invoices was burdened. Some invoices required up to a half hour to get into the system. With all that handling, errors were bound to seep into the process. Clay Lacy Aviation implemented a complete solution using ABBYY Flexicapture and OnBase. The goal was to eliminate the need for a human being to see an invoice, unless they could add some value to the process. Flexicapture ended up being the perfect solution to integrate with CLA’s legacy enterprise resource planning system. Plus, it worked seamlessly with OnBase by passing just the information needed from invoices.