Automated Invoice reading from day one

FIS invoice recognition software checks data for potential errors prior to the export to SAP/Financials. The OCR reading includes an intelligent knowledge-base function so that new invoices are read correctly without intervention.

Introduction
By introducing technology to automate manual tasks and check for potential errors, the invoice reading process becomes more efficient and the quality of the key invoice data is improved. Accounts Payable Teams will benefit from the reduced number of mundane tasks such as manual data keying and pre-SAP classification of invoices.
FIS invoice reading technology (FIS / fci) is a stand alone or hosted application and although designed to work with SAP (ECC 6 or S/4HANA) can also be configured for other ERPs or Financials software.
Who is it for?
For organisations who wish to:
  • Replace the mundane, manual tasks of their accounts payable teams and replace them with technologies that automate the reading of invoice data
  • Remove labour intensive and expensive stages of invoice classification by eliminating the need for bar-code label additions to invoices
  • Make savings by capturing invoices at the first stage (early invoicing) rather than scanning invoices (or using a bureau service) retrospectively
  • Free-up time and make savings by removing all manual invoice classifications – no need for pre-sorting invoices
  • Support the accounts payable team working from home (i.e. coronavirus restrictions) by recommending that suppliers send invoices electronically via email or EDI
  • Improve data quality by installing technologies with validation and feasibility checks
Key Information : Replacing Manual Tasks
The FIS invoice reading technology (FIS / fci) is designed to model the way in which a human would interact with an invoice – reviewing the key invoice data (using multiple OCR engines) and searching for the data in the vicinity of familiar words and phrases.
Data is validated and against SAP/ERP tables where applicable and there are checks for arithmetic agreements between net, tax and gross values. The data from each supplier is learnt automatically as a knowledge-base gains experience with each supplier invoice.
Tasks that are replaced include:
  • Significant reduction and in some instances elimination of data-entry work by the accounts payable team
  • No requirement for bar-code labels to be added to each invoice
  • No requirement for emailed invoices to be printed and then labeled with a bar-code
  • No retrospective scanning of invoices or using a bureau service for "late archiving"
  • No need for manual invoice classification into categories such as company codes, currencies, invoice type (PO or PO-exempt)
Working From Home and Hybrid Working

schematic diagram working from home with FIS

FIS / fci  is an ideal technology for accounts teams that work remotely.
AP departments were not unduly hampered by the restrictions caused by the pandemic if the number of physical invoices (i.e. paper) are reduced.
The technology works automatically with emailed invoices or invoices sent electronically via EDI.