One of the main technologies of the invoice processing software, FIS / FCI, which automates manual tasks that are common with most SAP standard systems. By introducing the advanced invoice reading technology the process now becomes more efficient and the quality of the data is improved with validation checks. Accounts Payable Teams will benefit from the reduced number of mundane tasks such as manual data entry and invoice pre-SAP classification.
FIS / FCI is a stand alone or hosted application and although designed to work with SAP (ECC 6 or S/4HANA) can also be configured for other ERP or Accounts software.
FIS / FCI the Invoice Reading Component of FIS / edc (invoice monitor)
Who is it for?
For organisations who wish to:
- Replace mundane, manual tasks from their Accounts Payable teams and replace them with technologies that automate the reading of invoice data into their ERP/SAP system
- Remove labour intensive and expensive stages of invoice classification by eliminating
- the need for bar-code label additions to invoices
- Make savings by capturing invoices at the first stage (early invoicing) rather than scanning invoices or using a bureau service retrospectively
- Free up time and make savings by removing all manual invoice classifications – no need for pre-sorting invoices
- Encourage the Accounts Payable team to work from home (i.e. coronavirus restrictions) by insisting that suppliers to send invoices electronically via email or EDI
- Improve data quality by installing technologies with validation and feasibility checks
Key Information : Replacing Manual Tasks
FIS / FCI is designed to broadly models the way in which a human would interact with an invoice – reviewing the invoice important components (using multiple OCR engines) and inputting data in the vicinity of familiar words and phrases. The data is validated against SAP/ERP tables and arithmetic agreements between net, tax and gross values.
The data from each supplier is learnt automatically as a knowledge base gains experience with each supplier invoice. The initial invoice data allows the FIS / FCI system to make decisions on subsequent invoices based on the statistical likelihood of the data’s position on the invoice.
Tasks that are replaced include:
- Significant reduction and in some instances elimination of data entry work by the Accounts Payable Team
- No requirement for bar-code label to be added to each invoice
- No requirement for emailed invoices to be printed and then labeled with a bar-code
- No retrospective scanning of invoices or using a bureau service for “late archiving”
- No need for manual invoice classification into categories such as company codes, currencies, invoice type (PO or PO-exempt)
Working From Home – coronavirus
FIS / FCI supports remote working especially with Electronic Invoices
FIS / FCI is an ideal technology for Accounts Teams tat have been encouraged to work remotely. AP departments are not unduly hampered by the pandemic if the number of physical invoices (i.e. paper) are reduced – with the technology working with Emailed invoices or invoices sent electronically via EDI. Data extract completions are reduced in time as the technology becomes more familiar with the layout of he invoice structure for each supplier. This form of machine learning is utilised by FIS / FCI to further reduce the need for manual intervention when processing supplier invoices.