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Automate the registration and reconciliation of purchase invoices
Save up to 95% of the time needed to register and check the data
A common problem for all companies is linked to receiving, reconciling and registering suppliers’ invoices, documents that can even contain thousands of rows and are received through different channels and in a variety of formats (e.g. electronic invoices in XML, EDI format or PDF via e-mail).
Verifying and registering those invoices is a necessary activity for the correct operation of the order-payment cycle. Nonetheless, this is a repetitive, extremely time-consuming operation that uses a great deal of dedicated resources and a high probability of errors in the data entry phase.
A common problem for all companies is linked to receiving, reconciling and registering suppliers’ invoices, documents that can even contain thousands of rows and are received through different channels and in a variety of formats (e.g. electronic invoices in XML, EDI format or PDF via e-mail).
Verifying and registering those invoices is a necessary activity for the correct operation of the order-payment cycle. Nonetheless, this is a repetitive, extremely time-consuming operation that uses a great deal of dedicated resources and a high probability of errors in the data entry phase.
From manually managing purchase invoices…
Continuous monitoring of e-mail addresses or dedicated channels for the receipt of invoices.
Manual download and printing of the invoice, which may be in a variety of formats, including non-human readable.
Checking every row of the invoice to see that the quantities and prices indicated match those in the order and associated transport documents.
Manual typing or copying and pasting of the invoice data into the ERP, to complete the registration phase.
… to the automatic registration and reconciliation of purchase invoices
Automated recognition and importing of the invoice, checking and registration of the data
The solution automatically acquires the incoming invoices, recognises the supplier and file type and extracts the data. Subsequently, for each row of the invoice, it automatically searches for the matching transport documents and orders in the ERP and checks if the data matches.
Automatic registration in the ERP
If the data matches exactly, the solution automatically registers the invoice in the ERP. If discrepancies arise, the system involves the correct person through a workflow so that they can carry out the necessary checks and corrections.
The digital flow … in detail
With the COLLHUBORATE suite, the registration and reconciliation of suppliers’ invoices can be completely automated in a few simple steps. Find out what they are!
A specific connector is “listening” to automatically acquire the invoices sent by suppliers through the dedicated channels for their receipt.
This triggers a process of importing the invoice and recognition of the content and the associated supplier, to automatically apply the mapping of the correct data.
As a result of the mapping, the solution automatically extracts the data from the invoice.
For each row of the document, the solution searches for the corresponding transport documents and/or purchase orders in the ERP and automatically reconciles the data.
If the system finds the corresponding transport document or order in the company’s IT system, and the data in the invoice matches during the reconciliation phase, the process is successfully completed and can have two outcomes:
- automatic registration of the invoice in the ERP, without any intervention by the user;
- through a dual display, the fields in the ERP are pre-filled by the solution to register the invoice and the user definitively confirms it with a simple click.
If the solution cannot find the corresponding transport document or purchase orders in the ERP, or the quantity and/or prices do not match, a workflow is triggered which involves the correct owner based on the discrepancy arising (e.g. Procurement Office or Logistics), so that they can check the error and provide the information necessary to complete the process.
Once the reconciliation phase is completed, the process moves to the responsibility of the Accounting Office, which can carry out the automatic registration in a completely transparent manner for the user or in attended mode, supervised by the person in charge of the operation.
Discover the advantages of automated registration and reconciliation of purchase invoices
Discover the platforms we used to build the solution dedicated to the automatic registration and reconciliation of purchase invoices
Discover the platforms we used to build the solution dedicated to the automatic registration and reconciliation of purchase invoices