Cost containment has become ever more important over the last few years and many companies are looking for ways to cut their costs. The Dynamics Purchase to Pay software enables full digital processing of your incoming invoices in Microsoft Dynamics AX. The elimination of manual steps gives you much better control capabilities and enables you to cut costs considerably.
- Missing invoices
- No central digital repository
- Labor intensive manual process
Full digital processing of your incoming invoices in Microsoft Dynamics AX.
- Automatic registration of incoming obligations
- Double the number of invoices processed by each accounts payable employee each year
- ReadSoft self-teaching OCR technology ensures optimum recognition
- Automatic identification using master data in Microsoft Dynamics AX™ on the basis of supplier and operating company, invoice costs, debit or credit and the country
Missing invoices are a thorn in the side of any company’s accounts payable department. Questions such as “Who still needs to approve the invoice?” and “Where can I find that invoice?” are frequently heard. What is more, the accounts payable department receives invoices in a range of different formats, which makes invoice processing a labour-intensive task, even though this is precisely one of the processes that are easy to automate.
The process starts with the receipt of invoices, which can be in one of several different formats - fax, email attachment, XML or PDF. The ReadSoft OCR recognition software interprets and recognises these invoices and converts them into invoice data.
A copy of the invoices is saved in picture format in a separate directory, so that authorised staff members can access them at any time. ReadSoft, the world’s number one in transaction processing software, uses self-teaching technology and has auto-optimisation techniques. This means that a very high percentage is achieved for invoice data recognition and interpretation.
Easy to define workflow
Invoice data is checked, validated and (automatically) posted when there is a corresponding purchase order. After being checked and validated, the invoice enters the workflow. An email can be sent to assessors to inform them that invoices are waiting for their approval. These invoices can then be accessed in Microsoft Dynamics™ AX or through a hyperlink in the email, which takes the assessor straight to the invoices in the portal.
Flexibele authorisation flow chart
If there are no special points for attention, the invoice is forwarded to the next assessor, e.g. a project leader or department manager, based on an authorisation flow chart. Ledger accounts, projects and dimensions can be used here. There is no limit to the number of assessors that can be added. Once all assessors have approved the invoice, it is posted to the general ledger. Thanks to standard reports and advanced search functions, you can quickly retrieve any invoices still to be approved, as well as their status and turnaround time.
The system also enables copies of invoices to be emailed. Invoices that are not processed within the time limit set (after several reminder emails have been sent) can automatically be reassigned the status ‘invoices to be assessed’. Invoices that are not approved also receive an exception status. Finally, the accounting department can view these unapproved invoices, amend them where necessary and send them to the right person.