eye-share Invoice

eye-share-faktura-2016

Electronic approval of inbound invoices!

Is processing inbound invoices time-consuming and cumbersome for your finance department? Do invoices ever go missing in the approval process? Does someone in your organization copy invoices for their own archives? Do you spend a lot of time matching invoices against purchase orders?

With eye-share Invoice, you no longer need to spend valuable time and resources on the manual processing of your company’s invoices.

Significant savings potential
Our customers have cut their costs, simplified the approval process, improved data quality and streamlined their invoice follow-up. Anyone holding authorization can easily search for invoices without the need for any additional archives.

If the company also uses a procurement system, the process can be made even more efficient through automated purchase order matching. Our customers have experienced significant savings through the introduction of eye-share Invoice. Electronic invoice handling systems are easily implemented and have in recent years been considered the number one IT system for achieving ROI.

Key functions

  • Automated registration of voucher information
  • Digital workflow with approval and authorization for payment
  • Electronic archive and retrieval with search functionality
  • Invoice follow-up throughout the process
  • Automatic e-mail reminders
  • Integration with accounting and procurement systems

 

eye-share Invoice is an electronic processing system where invoices are distributed and processed according to a predefined workflow. As a final stage in the process all approved invoices are transferred to the company accounting system.

The solution is evolutionary developed in close cooperation with our customers, based on customer’s business processes. The user interface is easy to use and understand and the treshold for getting started is low. The introduction of electronic invoicing can save up to 50 percent in processing cost.

eye-share Process

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Scanning and interpretation
Scanning of paper invoices can be done centrally or out in the organisation. PDF invoices are imported directly and sent for interpretation automatically. e-Invoices are read directly into eye-share Invoice without the need for scanning and interpretation. The interpretation programme (OCR) automatically locates the correct fields on the invoice, e.g. invoice no, invoice date, amount, etc.

If the programme is unable to locate all the fields the first time, a template is made to teach it where to find the fields next time. Quality control then ensures that the interpretation is correct. Purchase order, project or reference numbers can be used to determine who should receive an invoice for approval.

The approval process
The approval process routines vary slightly from organization to organization. Some fill in all the necessary information before the invoice is sent out while others leave this to those responsible for approval. The accounting dimension used is that of the accounting system.

When the accounting postings are assigned it is checked against the valid values in the accounting system, as well as against the limits of the approver’s mandates. Approvals are logged using signatures and date. E-mail is used to notify you that there are invoices awaiting approval and to remind you when you fail to approve within the deadline established. You will receive an e-mail with a link to the invoice in question.

eye-share Invoice gives you the option of giving invoices “On hold” or “Do not authorize” statuses, or to “Change approver”. These functions require you to add a comment, which is very useful for accounts department staff.

eye-share Workflow

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The approval process – invoices with purchase order numbers
If an invoice has a purchase order number, eye-share Invoice will check that the invoice corresponds to the purchase order and goods received.

A range of checks are performed with regards to supplier, currency, partial deliveries, previous invoices, amount limits and similar. If the invoice matches it can automatically be approved in eye-share Invoice. If it does not match, it is automatically sent for deviation handling, normally by the purchaser.

Transfer
Invoices are transferred to the organization’s accounting and procurement system where the invoice is posted and purchase order information updated. eye-share Invoice also offers the possibility of having a link from the accounting and procurement systems to the invoice in eye-share Invoice.

Archiving
eye-share Invoice archives invoices with image and information, including comments and log. The invoice can easily be retrieved using the search function.