Introduction to FIS / edc (electronic document centre)
The processing of supplier invoices can be a time consuming and mundane task. Generally there is a lot of manual labour-intensive data entry work and keying errors can be unintentionally introduced in the first processing stage. Emailed invoices are often printed and scanned, invoices are pre-sorted, email is used as a workflow tool….compounding the inefficient and expensive process. FIS have developed a number of technologies that, when introduced into the process remove the majority of the unproductive tasks and improve the data quality of the invoice content.
The technologies complement your SAP ERP solution and utilise the tables and data in real-time. The result is an enhanced process that releases the Accounts Payable team from mundane tasks and can be configured so that a high proportion of invoices could be forwarded to SAP for posting without intervention. FIS / edc acts as a filter to categorise incoming invoices as either payable or to query. FIS / edc also includes productive technology tools to accelerate invoice queries, invoice assignments and complex invoice coding tasks.
Who is it for?
For organisations with SAP ERP (ECC 6 or S/4 HANA) who wish to:
- Process a high percentage of invoices into SAP ERP automatically – freeing up valuable time for their Accounts Payable team
- Accommodate additional invoices from company divisions ( i.e. Shared Service Centre) without increasing headcount
- Transform Business Processes by introducing technologies that automate time consuming tasks such as data-entry and manual data comparisons
- Make savings by reducing the processing costs for invoices
- Embrace automation as a strategy to run departments and organisations at a reduced expense
- Process invoices for several different company codes
- Shared service centres that receive invoices in different languages and currencies
FIS/edc Process – Key Functions and Savings Overview
Key Benefits and Savings
Reduced Effort for AP Team: Invoice content is read automatically from day-one – meaning that data-entry tasks are reduced. In time, the FIS / fci component learns the areas where the important data on an invoice resides for each supplier and this results in automatic reading of the data on an invoice and feasibility checks are met. In addition, the technology utilises a language-pack to that invoices in foreign currencies and languages can easily be read and the data transferred to SAP.
In addition, (MM) Invoices that agree with the original PO and GRN in SAP could be posted automatically. (FI) Invoices are assigned to accounts and forwarded automatically to individuals or departments. The progress of the invoice approval can also be monitored on a single display.
Improved data quality: In FIS / FCI invoice data is checked against SAP tables and arithmetic checks of net, tax and gross values are calculated to ensure that the data has been read correctly. Furthermore, the document can be classified (invoice, debit-note, other etc.) and assigned to the correct company code automatically.
Rapid Adoption: As with all FIS add-on technologies, FIS /edc complements and works with SAP ERP in some instances presenting data from standard transactions and creating FIS transactions to assist with invoice queries. AP teams work within standard SAP GUI display formats and approvers use FIS / edc approval workflows using SAP Web Dynpro and Fiori App standards. Creating FIS proprietary technologies using SAP platforms means that the software is easy to adopt for organisations already familiar with SAP standard.
Deep integration with SAP standard: FIS / edc harnesses the intrinsic power and logic of SAP with no modifications to SAP standard being necessary. The processing technology presents information in real-time from the SAP database – no data exchanges and therefore easily to maintain with SAP upgrades and enhancement packs. FIS / edc opens up more processing functions to the AP team.
Invoice throughput efficiencies: Adding FIS / edc to the invoice payment process replaces manual tasks and provides a quicker and more accurate path to payment for your vendors. With less manual intervention, invoices are processed more economically with some invoices being posted with little or no AP contact. FIs create more productive tools to resolve invoice exceptions and queries, making further improvements to SAP standard methods.
Digital transformation: With FIS /edc – paper invoices are effectively eliminated from the process after capture – with more organisations trending towards electronic invoices via email or EDI.
Digital Transformation of Invoice Processing enables remote working for AP Teams
Invoice Processing from home – coronavirus
Many FIS customers have adapted to the change in working practices brought about by the coronavirus pandemic. Firstly, most customers have worked with their suppliers to further increased the proportion of invoices received via email and reduced the volume received in paper format. In this way, invoices are read automatically and manual completion, if required, can be actioned remotely. FIS / EDC is also able to accommodate electronic invoices (EDI) and checks their credentials before posting. Adopting and electronic method of invoice recognition means that organisations are not unduly hindered by the AP team working from home.
If you feel that FIS could assist you with improving processes in your organisation, contact us via the email or by using the form below.
Contact FIS UK
info@fisuk.co.uk
