State of the Art Invoice Automation
Invoice Automation- Accuracy And Speed
Our ZERO Error data extraction technology means that vendor invoices are posted to Sage Intacct with 100% accuracy in near “real-time.”
How can you leverage this capacity?
- Monitor your KPIs more effectively and efficiently
- Reduce the time required to generate financial period reporting by several days
- Improve visibility of creditor exposure- no more last minute surprises
- Enhance purchasing and financial controls within the organization
- Redeploy finance staff from manual, labor-intensive activities such as data entry, to more strategically productive activities such as undertaking cost saving projects.
Automated 3-Way Matching
Imagine if invoices could be checked for pricing and quanities received, and if they are correct, they would then be recorded on Sage Intacct, all without human intervention?
Combining our ZERO Error technology, with our “Smarter Understanding” and “Intelligent Rules” technologies, means that vendor invoices can be automatically checked against purchase orders for pricing, and receiving transactions for quantities received.
This is done significantly faster and is more accurately with traditional manual review and approve methods.
Apart from being able to redeploy staff to more productive tasks, there are other major benefits from this approach
- Avoid “hidden” increases in costs where substitute products are supplied with lower volumetric amounts for the same or even slightly lower prices
- Reduce wastage by forcing more accurate recording of receiving data
- Prevent overcharges and duplicate invoices
If there is a “Receipt” transaction on Sage Intacct, it will be automatically “Closed” and the Vendor Invoice- Inventory posted.
Invoice- Purchase Order Matching (2-Way Matching)
At a vendor level, you can choose to match individual lines on an invoice against a purchase order for pricing and maximum quantity;
You can choose to match the total value of the invoice against the total value of the purchase order without checking individual lines.
With the matching being performed automatically by OnePosting software, you can choose to approve the invoice to verify that the product or service was received.
Reduce the time taken to get vendor invoices processed:
- Increase accuracy of invoice checking
- Enhance controls over expenditure
- Ensure all invoices are checked and approved
An invoice approved using 2-way matching on OnePosting is posted as a “Vendor Invoice” on Sage Intacct.
Vendor Invoices Without Purchase Orders
Data is extracted from vendor invoices even if they are not linked to Purchase Orders. “Intelligent Rules” control and manage which member(s) of your team are required to review and approve each invoice.
Approved invoices are then posted to Sage Intacct, just like any other vendor invoice.
Workflows in OnePosting complement our ZERO Error data extraction technology to ensure you benefit from:
- Improved compliance with spend controls
- Increased visibility and accountability for every transaction
- Staff released from manual data entry activities to focus on more productive tasks
- Reduced risks associated with “invoice redirection fraud” where fake invoices are submitted
- Vendor invoices not linked to Purchase Orders are posted to Sage Intacct as regular “Vendor Invoices” complete with appropriate GL coding.
OnePosting has technology to minimize this risk, by identifying the source of each invoice.
Utility and Other Bills
Utilities and other bills can be processed through OnePosting and into Sage Intacct.
Typically, clients review and approve these bills before they are posted to Sage Intacct.
Depending on the data contained on utility bills, it is possible to automatically allocate portions of them to separate GL codes.
OnePosting provides a single channel through which all invoices, including utilities, overheads, and other bills, as well as vendor invoices can be processed. This provides benefits such as:
- Familiar process for staff, irrespective of the type of invoice or bill received from vendors
- Faster throughput
- Automatic allocation GL codes on Sage Intacct
- Utility bills and vendor invoices can be posted as “Bills” on Sage Intacct
Monitor KPIs in Close to “Real-Time”
Data is available on dashboards in Safe Intacct much faster when data from vendor invoices is extracted, validated and imported automatically.
More Accurate Data for Better Financial Management
No matter how good AI or OCR solutions are, they can never deliver the 100% data accuracy that is available from our ZERO Error technology.
Save Time with Automated Invoice Coding
OnePosting “remembers” the GL code applied to products or services can apply them automatically. Redeploy staff to focus on more productive tasks.
Improve Compliance with Corporate Standards
To generate the data for KPI’s in Sage Intacct, the OnePosting solution automates many processes, supports centralized financial control, integrates with other systems used for purchase ordering and receiving, and facilities invoice reviews where needed for staff without access to Sage Intacct.
OnePosting and Sage Intacct in Practice
OnePosting is being used to extend and maximize the capabilities of Sage Intacct to automatically process vendor invoices.