Supporting working from home during covid-19 restrictions
Machine learning – let technology assist with data-entry
Free up Accounts Payable resource by automating manual tasks
Process invoices with different languages and currencies
Deep SAP ECC6 or S/4HANA Integration
Work from home: Covid 19 restrictions mean that many office staff are required to work from home. This constraint to normal working practices is not without its challenges. With FIS solution for invoice processing with SAP ERP, Accounts Payable teams are close to 100% operational with some minor adjustments to normal working practices. Vendors are requested not to send physical paper invoices but instead to email the invoices as attachments. Receiving invoices via email or via EDI means that physically scanning invoices is not needed. Invoices are either posted into SAP when they meet defined criteria or held in the FIS invoice processing component, where advanced functions allow the parked invoices to be examined.
Invoices for different company codes: FIS technologies are able to classify the document by type (i.e. invoice, credit note etc.) company code, vendor and whether the invoice contains a PO (MM) or is PO exempt (FI). Check and balances are applied to make sure that the invoice data is validated and feasible prior to transfer into the invoice processing technology.
Classification of internal invoices between different legal entities is also possible.
Exchange Rate Reading: The FIS system is able to read currency exchange rates or to calculate them and forward the values to SAP.
Machine Learning: From day-one, the software is able to read the invoice content of a supplier invoice. The OCR invoice reading capability of the system improves with experience as the system learns the areas the statistical likelihood of the data locations.
Improved data quality: In FIS / fci invoice data is checked against SAP tables for vendor and PO recognition. Net, tax and gross values are calculated to ensure that the data has been read correctly. Furthermore, the document can be classified (invoice, debit-note, other etc.) and assigned to the correct company code automatically.
Rapid Adoption: As with all FIS add-on technologies, FIS /edc complements and works with SAP ERP presenting data from SAP standard transactions and creating FIS transactions to assist with invoice queries. Accounts Payable teams work within standard SAP GUI display formats and approvers use FIS / edc approval workflows using SAP Web Dynpro and Fiori App standards. Creating FIS proprietary technologies using SAP platforms means that the software is easy to adopt for organisations already familiar with SAP standard.
Deep integration with SAP standard: FIS / edc harnesses the intrinsic power and logic of SAP with no modifications to SAP standard being necessary. The processing technology presents information in real-time from the SAP database – no data exchanges and therefore easily to maintain when SAP upgrades and enhancement packs are introduced.
Invoice throughput efficiencies: Adding FIS / edc to the invoice payment process replaces manual tasks and provides a quicker and more accurate path to payment for your vendors. With less manual intervention, invoices are processed more economically with some invoices being posted with little or no human contact. FIS / edc also provides more productive tools to resolve invoice exceptions and queries.
Digital transformation: With FIS /edc – paper invoices are effectively eliminated from the process after capture – with more organisations trending towards electronic invoices via email or EDI.
Invoice Processing from home – coronavirus
Many FIS customers have adapted to the change in working practices brought about by the coronavirus pandemic. Firstly, most customers have worked with their suppliers to further increased the proportion of invoices received via email and reduced the volume received in paper format. In this way, invoices are read automatically and manual completion, if required, can be actioned remotely. FIS / edc is also able to accommodate electronic invoices (EDI) and checks their credentials before posting. Adopting and electronic method of invoice recognition means that organisations are not unduly hindered by the Accounts Payable team working from home.
Digital Transformation of Invoice Processing enables remote working for Accounts Payable Teams
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