Polydocs

Automate Data Capture for Infor ERP

invoiceprocessing

Not again an invoice

invoice
von Leni

Not again an invoice

No one likes getting invoices, after all, that means paying money. Much rather be on the other side and write invoices to others and then receive money. Isn’t that right? And yet they are part of the documents we encounter again and again in business – these invoices.

An invoice is a document with which a company settles deliveries and other services with the recipient of the service. It does not matter how this is called exactly (Invoice received, Invoice issued, Invoice deducted, Invoice final, etc.). Invoices can be roughly divided into two groups from an accounting point of view: Cost and Goods Invoices.

The difference between cost and goods invoices is that a #goods invoice always refers to an order of goods, while a cost invoice mostly refers to services rendered.

Example:

You order a truckload of construction material. Here you will receive a goods invoice that refers to your order and also explicitly shows what is charged for goods.

In the case of a service (telephone bill,…), you are usually charged according to the time and effort involved. That is why this is called a cost invoice.

So now we know what an invoice is, sell our goods/service to a customer and invoice him for it. What do we have to pay attention to, what must be on an invoice in any case? According to §14 UStG, the following points must be included on an invoice:

  • Full name and address of the company providing the service and the recipient of the service
  • Tax number (tax ID) or VAT ID (USt -IdNr.) of the performing company
  • Date of issue / Invoice date
  • Consecutive unique invoice number
  • Date of delivery or service
  • Quantity and type of delivery or service
  • Invoice amount, broken down into net amount, tax rate, tax amount and gross amount

Regardless of the way you receive invoices, electronically or by mail, they all need to be processed. With DOC² you can do this in just a few minutes. Thanks to AI swarm intelligence, DOC² is able to scan and process invoices in the shortest possible time.

Would you like to learn more about how this is possible?

Then don’t hesitate to ask us.

ContaCt
invoice

Image credit: Header & Featured image from jannoon028 on Freepik

Top Tips for Streamlining Your ERP Invoice Processing

ERP
von

Top Tips for Streamlining Your ERP Invoice Processing

Are you looking for ways to streamline your ERP invoice processing? If so, you’re in luck! In this blog post, we will discuss some of the best tips for making the process easier and more efficient. By following these tips, you can save yourself time and hassle.

So what are you waiting for? Read on to learn more!

Invoice invoice processing can be a time-consuming and tedious task, especially if you’re using an older system. And invoices have to be manually inputted into the business’s accounting system. This process wastes time and resources that could better be spent on higher-level tasks.

Increased Risk of Errors

Any time you’re relying on humans to do manual data entry, you naturally run the risk of unintentional errors — For low invoice volume (<20,000 payments) companies, the average share of transactions requiring corrections in 2020 was 8.6%, according to IOFM benchmarks . Whether it’s entering the wrong purchase order number, paying duplicate invoices.

  1. How AP can improve relationships with your key suppliers.
  2. How to capture early payment discounts and avoid late payment penalties.
  3. How better management in AP can give you better flexibility for cash flow management

A company can accelerate the payable process by taking advantage of automation.

If you’re looking for ways to streamline the process, here are some tips that can help:

How to Choose an Automated Invoice Processing Solution

  • Use a dedicated invoice automation software:
    There are many invoice automation software programs on the market that can make the process much easier and faster. By using one of these programs, you can save yourself a lot of time and frustration.
  • Automate as much as possible:
    Many ERP systems offer the ability to automate some or all of the invoice processing. This can be a great way to save time and reduce errors. For example duplicate invoices check can be done direct in most erp system.
  • Use a newer optical character recognition to capture paper invoices.
    Receive paper invoices can get scan and send throw any watch folder to DOC².
  • Traditional invoice processing:
    Old capture software tools use regex – Some use AI but you can not fix errors in the model.
  • Does your AP automation solution support PO-based invoices?
  • Ease of Use
    Easy to use software is critical to a successful implementation and will help assure adoption by your accounting team

Polydocs DOC² capture supplier invoices with a Swarm UI and include accounts payable. Extracted information can be export as e invoice for example ZUGFeRD.

Automated Invoice Approval

Once the accounting department reviews the invoice data, the system routes invoices for approval based on your business’ specific invoice approval rules. Here cost center can be enter as well for the supplier invoice.

Get Started Automated Invoice Processing Software with DOC²

You can register a free account

DOC² App

Alternative Infor invoice approval with Doc²

Alternative Infor invoice approval with Doc²

Development of an alternative for the invoice approval process for Infor Ming.le

Some customers need more than just invoice approval. For one customer, we developed an alternative invoice approval process that went beyond what Infor offered. We were able to develop a process that leverages Doc² and Release-to-Cash to provide an automated solution for invoice approval. This saved the customer time and money, and it was all possible thanks to our partnership with Infor.

What are the requirements in an invoice approval process?

Invoice approval processes vary from company to company, but there are some common requirements that are usually necessary. The process must be timely, efficient and accurate. It should also ensure that the right invoices are approved and released for payment. Anything less can lead to missed opportunities or even financial disaster.

What is Infor Invoice Approval?

Infor Ming.le is a tool that helps companies automate their invoice approval process. It streamlines the process by automating the creation, routing and approval of invoices. This allows companies to approve invoices more easily and quickly, while ensuring accuracy and compliance.

What are the benefits of Infor Ming.le?

Infor Ming.le Approval offers many benefits that can help organizations improve their invoice approval process. Some of these benefits include:

  • Timely and accurate approvals
  • Automated creation and forwarding of invoices
  • Improved compliance
  • Faster approvals

What are the disadvantages of Infor Ming.le?

Like all tools, Infor Ming.le has some disadvantages. Some of them are:

  • The invoice approval process may still require human intervention
  • It can be difficult to customize the tool to meet specific requirements
  • Requires an understanding of the tool and how it works in order to use it optimally

What is Doc²?

invoice approval

Doc² is a tool that helps organizations automate their document approval process. It streamlines the process by automating the creation, routing and approval of documents. This allows organizations to approve invoices easier and faster while ensuring accuracy and compliance.

What are the advantages of Doc²?

Doc² offers many benefits that can help companies improve their invoice approval process.

Some of these advantages are:

  • Faster and more accurate approvals
  • Automated document creation and routing
  • Improved compliance
  • Easier to use than Infor Ming.le
  • Better user experience by customizing the UI to your needs

Is your invoice processing too expensive?

von

Is your invoice processing too expensive?

Reduce the cost point to less than a quarter!

How many unnecessary costs does the invoice receipt cause in your company?

Are you aware that the average cost of processing an invoice is 18€?
 
This massive post can be reduced to less than a quarter through the use of Polydocs. To be precise, to 4€ per invoice.

This is because the AI-based DOC² software, with its high-quality automation capability, enormously reduces the time required for processing by your staff:
 

Only half the time is required for the initial effort.

Manual adjustment is completely eliminated.

Find out more details

here
Is your invoice processing too expensive

Digitizing your invoicing process

von

Digitizing your invoicing process

How it can lead to more productive interactions with you clients

How digitizing your invoicing process can lead to more productive interactions with clients🤝

In the midst of digitalization, there is one thing that should not be forgotten: the relationships with the clients. 

Digitizing can be overwhelming, and many companies tend to focus on workflows and processes while human interactions are being neglected.

However, the good news is that digitizing your invoices can actually lead to more productive interactions with your clients:

💡Once all invoices are digitized, you will find it a lot easier to manage accounts payable, to keep track of projects and make or receive payments on time.

💡Paper-based documentation can be a major burden, affecting the relationships you have with clients, business partners and other entities.

💡A study by Adobe carried out among executives shows that 63 percent of them believe that paper-based processes impact the customer experience negatively.

Making the switch is simple, and it starts with getting existing invoices digitized. Afterwards, you can speed up payment processing and increase accountability to boost customer satisfaction.🚀

Did you get curious?

Try improving your processes with this tool

DEMO
Digitizing your invoicing process