FIS / edc (invoice monitor) Savings and Key Benefits
FIS invoice processing technology automates data-entry - freeing up Accounts Payable resource for more valueable tasks. Invoices are processed in any layout, in different languages and currencies. The technology assists with supporting colleagues working from home.
Introduction to FIS / edc (electronic document centre)
FIS are one of the leading software developers of applications that improve business processes in SAP ERP. The FIS / edc solution is used to accelerate invoice payments with SAP and comprises two main components:
FIS / fci is the most effective technology for extracting supplier invoice data. With unmatched OCR technology there is less data-entry and better invoice data quality with the ability to read key data from a supplier invoice received in (almost) any format, language or currency.
FIS / edc (invoice monitor) is an integrated add-on to standard SAP - and enables invoices to be posted automatically or alternatively routes them to the correct designated approvers.
FIS / edc complements SAP ERP, creating new functions for the AP team and approvers, utilising real-time data and enabling incoming invoices to be identified as either payable or to query.
FIS / edc also includes productive technology tools to accelerate invoice approvals, invoice assignments and complex invoice coding tasks.
In combination, FIS / fci and FIS / edc offer an enhanced process that unlocks accounts payable teams from mundane tasks. A high proportion of invoices could be posted to SAP without any manual intervention.
Savings and Key Benefits:
Reduced Effort for AP Team and Machine Learning:
Invoice content is read automatically from day-one, so manual data-entry tasks are reduced. In time, the FIS / fci component "learns" the zones where the key data on an invoice resides for each supplier in a "knowledge database" - resulting in automatic reading of the invoice data.
(MM) Invoices that agree with the original PO and GRN in SAP could be posted automatically. (FI) Invoices can be assigned to accounts and forwarded automatically to individuals or departments.
Improved data quality:
In the OCR component, FIS / fci, invoice data is checked against SAP tables for vendor and PO recognition. 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.
As with all FIS add-on technologies, FIS / edc complements and works with standard SAP ERP presenting data from SAP transactions and new FIS transactions to assist with invoice queries.
Accounts Payable 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 standard SAP.
Deep integration with SAP standard:
FIS / edc harnesses the intrinsic power and of SAP with no modifications to SAP standard being necessary. The processing technology presents information in real-time from the SAP database - so no data exchanges.
FIS / edc is easily to maintain when SAP upgrades and enhancement packs are introduced.
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 invoices being posted with little or no human contact. FIS / edc also provides more productive tools to resolve invoice exceptions and queries.
With FIS / edc - paper invoices are effectively eliminated from the process after capture - with more organisations trending towards electronic invoices via email or EDI.
Working 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 completions, if required, can be actioned remotely. FIS / edc is also able to accommodate electronic invoices (EDI) and checks their credentials before posting.
Adopting an electronic method of invoice recognition means that organisations are not unduly hindered by the accounts payable team working from home.