TECHNOLOGY

Take another look at your invoicing process and imagine removing paper, automating processes, ensuring compliance with standard operating procedures, improving visibility, and contributing to enhanced profitability.

RECEIVING INVOICES FROM SUPPLIERS

By far the most common way for suppliers to send invoices to their customers, is to send them by email. It is quick, convenient and inexpensive.

However, this means that you receive invoices in multiple layouts, (sometimes even from the same supplier). Historically when invoices were received in the post or by regular mail, they had to be scanned using a scanner, indexed and imported to financial systems.

Any solution using OCR to process invoices received by email, simply removes the need to scan physical paper, but the technology did not really evolve. Yes, “artificial intelligence” might have been layered on too, but fundamentally, the technology has not really changed since the days of scanning pieces of paper in a scanner.

ONEPOSTING TECHNOLOGY IS NOT OCR

OnePosting developed a unique technology that extracts data from invoices with 100% accuracy, something that is not possible using traditional scanning or OCR solutions.

Instead of trying to find and interpret text and numbers within a photograph, which is what OCR does, OnePosting reads the meta-data that sits underneath PDF documents issued by practically all accounting and billing systems. This means that unlike OCR, we don’t have to “guess” what the content might be, or to use other sources of data such as purchase orders to try to correct obvious errors in data extraction.

However, while extracting data with 100% accuracy is a critical element of our solution, there are other elements that when combined, drive paper out of the supplier invoicing process, increase efficiency and enhance profitability.

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There are four elements to the OnePosting Solution

Authenticate

Security verification undertaken ensures invoices are genuine and lower the risk of fraud

Digitize

Extract data from invoices with world leading technology to provide 100% numeric accuracy

Confirm

Check that prices and quantities are correct to ensure invoices are “clean” and accurate

Release

Use invoice data to update accounting software, BI, or event stock-receipt or ePOS system

AUTHENTICATE

To reduce the potential for invoice redirection fraud, OnePosting checks the origin of every invoice received to confirm that it came from a valid source.

If the source is not recognized, you will be notified so that you can decide if it’s a new supplier that needs to be added to the system, or if it is a suspicious invoice that needs to be investigated.

DIGITIZE

This is the process where OnePosting reads the metadata for an invoice received in PDF format. This data is not visible on the PDF itself, but we developed Machine Learning to understand this “invisible data.” This means that data is extracted with 100% accuracy, because we are accessing the original content- not a picture of content which can be affected by multiple factors.

Try using your phone to photograph a page and extract data from it. It might take a significant percentage of the time, but when it comes to processing invoices, a technology must work accurately 100% of the time.

CONFIRM

An optional service from OnePosting is to validate that each invoice received has the correct pricing on it, and that the quantities invoiced have been received.

In a fully automated mode, OnePosting undertakes a three-way match, i.e. the invoice matches a purchase order for pricing and maximum quantities delivered, and Goods Received Notes to verify that quantities have been received. If everything matches, the invoices can be passed to the finance system for payment.

If the invoice fails a three-way match, a workflow is provided for manual review of the discrepancies, where they can be accepted and the invoice approved, or rejected, and the invoice returned to the supplier.

The workflow service can also be used if you want to manually review and approve invoices. This includes an “approval matrix” which can operate using an approval ladder, (multiple people may have to approve an invoice depending on its value), or where a single person may approve once the invoice value is within their signing limit.

RELEASE

Approved invoices can be routed to the finance system for payment, and accruals reports are available for invoices that are not yet approved.

However, there are many other uses for invoice data such as:

Routing data to Business Intelligent (BI) systems, where trends and patterns can be analyzed such as changes in prices over time, differences in pricing between regions etc.
Due to the accuracy of the data extracted from invoices, the data is used by some clients to pre-populate their Goods-In applications to minimize data entry
It can be used to update procurement solutions, separate from the updates to financial systems