reconciliation balances

Automated Statement Reconciliations

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Automated Statement Processing with SAP 

The FIS statement monitor highlights differences between SAP and vendor statements balances. The SAP integrated application may also be used to process payment advice notes from customers.

coins on a weighing scale balance

FIS / edc (statement monitor) is an integrated SAP technology that reduces the level of manual work required when processing vendor statements or customer payment advice notes (remittances).

The automated vendor statement reconciliation process can be then be achieved in less time and more economically than with SAP alone.

Accounts teams can then focus only on the invoices discrepencies between the statement data and SAP invoice data.

Releases of the technology run with both SAP ECC 6 and SAP S/4HANA. The application is able to process both vendor statements and customer payment advice notes in a single SAP add-in technology.

The integrated software in normally paired with the FIS OCR reading technology. This key data reading application automates the process of manual data entry. Statements can be accepted via email attachments.

a) Vendor Statements

Vendor Statements usually take a lot of time to manually review. In most instances - all statements are compared with the vendor account balance on SAP.

The statement monitor  is focused on identifying vendors with unequal reconciliation balances compared to SAP. The solution’s main advantages include:

  • Accounts Payable team only view accounts with unequal balances
  • Ability to identify specific invoices from vendors that could potentially not have been received or could have been misplaced
  • Improving the efficiency of the accounts payable team - who now only review reconciliation exceptions identified by the statement monitor
  • Statement data is automatically compared with the vendor balances in SAP on the date of the statement

Summary

For organisations who wish to make savings by automating the process of reviewing vendor statement balances.

The statement monitor filters exceptions - statements that do not reconcile against vendor balances in SAP on the date displayed on the statement.

An alternative to:

  • Manually comparing all statements against SAP vendor records
  • Spending time identifying which invoices from the statement are not in agreement with SAP

Technology highlights and key benefits:

  • Automatic OCR reading of vendor reconciliation contents from an emailed attachment or scanned image 
  • Automatic comparison of data from the vendor data within SAP, filtering statements with non-zero balances
  • Identifies invoices potentially in dispute or lost invoices
  • Manual comparison of data now diminished - AP staff directed to reconciliations where assistance is required
  • Vendor data from the document is compared with data in SAP in familiar a SAP GUI

b) Payment Advice Note Processing

FIS / edc (statement monitor) can also be utilised to increase the level of automation and decrease the level of manual tasks required when processing customer payment advice notes (remittance advice notes). Using the statement monitor, customer remittances can be matched and subtracted automatically from the outstanding invoices records in SAP ERP prior to the payment reconciliation's with the bank. Therefore the automated process creates savings and improves matching accuracy.

The payment advice note monitor is often implemented as an addition technology for FIS clients who already work with FIS / edc (invoice monitor).

Technology Highlights and key benefits include:

  • Identifies invoices sent to customers that have not been received or acknowledged
  • Improves the efficiency of the accounts receivable team - who now only review reconciliation exceptions
  • Fewer manual comparisons of data required 
  • Customer data from the document is compared with data in SAP within a familiar SAP environment GUI  and therefore easier and quicker to adopt

 

 

 

Automated Data Entry from Day One

 

 

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Automated Invoice Content Extraction

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Automated Invoice Data Entry

Automated data entry from day one. The OCR (optical character recognition) technology extracts the key information from invoices irrespective of the layout. Advanced machine learning technology is applied for improved recognition rates

rtificial Intelligence and Machine Learning

FIS / fci

FIS OCR document reading software (FIS / fci) is a world leading, innovative technology that is used to automatically examine a digital invoice (or other semi-structured document) and extract the required data with minimal or no human intervention.

The technology generates financial and time savings compared to manual data entry and increases data quality prior to importing into SAP or other ERP/Financials software.

Using the technology means more automated data entry and therefore minimises the administrative burden on accounts departments.

The is installed on its own separate server (outside of SAP ERP) and reads the content of documents that are captured as a digital scan or are received as an emailed attachment.

The software offers unmatched recognition rates for invoices, extracting both the header and line-item (position) content.

The OCR technology is normally paired with the FIS/edc (invoice monitor) to post a high percentage of invoice data automatically in SAP without the need for human intervention (no touch processing).

The solution is also normally enhanced with the FIS email reader and means that there is no need for printing and scanning of invoice attachments.

Reading Invoices on Day One

The OCR reading software is pre-programmed to identify specific information fields on an invoice and then extract the relevant data within close vicinity. The ‘freeform’ recognition technology automatically finds the invoice data irrespective of invoice design and layout.

  • Supplier details and invoice receiver checks are validated against the latest SAP data.
  • Invoice financial values are checked for feasibility by checking arithmetic agreement between net, tax and gross values.
  • Fuzzy technology compensates for incomplete or inaccurate data or poor quality invoice scans.
  • Several OCR engines are utilised to increase data reading accuracy.
  • Machine learning, any manual confirmations or checks are stored in an intelligent knowledge base for each vendor to build up a statistical probability of the key data locations.
  • Automated data entry means that the cost of processing invoices is reduced and savings are generated by the technology.
Reporting

Detailed reports illustrate vendor invoice volumes and data extraction rates for specific fields to identify issues with suppliers. FCI report recognition rates

Summary

For organisations who wish to:

Make savings by introducing automated data entry processes and significantly reducing the degree manual tasks.

Improve data quality by introducing automated validation and feasibility checks  against SAP data.

Alternative to:
  • The printing and manually keying in data from a physical document
  • The slow process of data-entry of key invoice data with inherent errors
Key Technologies:
  • Multiple OCR engines - working in agreement.
  • Automatic recognition of suppliers,  company codes and order numbers
  • Automatic forwarding of emailed invoices.
  • Machine learning by storing key invoice data from previous invoice completions
  • Freeform recognition, FIS / fci is pre-conditioned out-of-the box to search for key financial document data.
  • Intelligent knowledge base which stores data co-ordinates for all successfully read invoices and therefore reduces the number of corrections in the future.
  • FIS / fci reads header and line items automatically
  • Contributes to no-touch processing when combined with FIS / edc (invoice monitor)
  • Ability to read any semi-structured document such as sales orders, payment advice notes or vendor statements

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Automated Invoice Postings for SAP

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Automated Invoice Posting with SAP

Deeply integrated with SAP, FIS technology automates the posting of invoices and provides efficient tools for the management of invoice exceptions and queries

saving time saving money

FIS / edc (electronic document centre) is an SAP certified technology add-in that automates the processing of invoices and other documents such as credit memos, sales orders, customer payment advice notes and vendor statements with minimal manual intervention.

The automated invoice posting technology reduces manual tasks and eases time pressure on the accounts team. As a result, the administration burden is taken away from businesses.

Our software processes integrate with SAP to generate  financial savings as documents are processed automatically (no touch processing) and queries are handled more efficiently than with SAP standard.

The software is installed on the same IT infrastructure as SAP with no modifications to SAP standard required. The add-in technology works with the SAP database so that information is presented in real-time.

The integrated technology also includes additional functions to make business more efficient - specifically for the accounts team and invoice approvers.

FIS / edc (invoice monitor)

FIS / edc (invoice monitor) is normally paired with our automated data entry application. Combining these two technologies facilitate the posting of a high percentage of invoices in SAP without the involvement of the accounts team resulting in an unmatched "blind-booking" rate (no touch processing).

The application is further enhanced with the email invoice reader, which eliminates the need for printing or scanning of invoices sent as email attachments.

Invoice data for PO related invoices is compared to the open PO data and goods receipt data from SAP at item-line (position) level. A 3-way match, within a given tolerance, allows invoices to be posted automatically.

Approval Workflow

The Invoice Monitor supports several workflow functions including a workflow application running on the Web Dynpro platform, which allows approvers to action the invoice with forwarding and account assignment functions.

Invoice approval may also be completed from mobile devices and desktops via a FIS Fiori app. This solution provides a simplified workflow design for tablets, smartphones and desktops.

For organisations:

  • Wishing to automate the vendor payment process and make savings when booking invoices into SAP
  • Requiring a substantial increase in the quality of the supplier invoice data
  • With a substantial SAP ERP investment who are looking to enhance the payment processes and make financial and time savings
  • Reduce the degree of manual keying and administration tasks within the current process
  • Wishing to make digital transformations in their current processes

Alternative to:

  • Standard SAP ERP module
  • Physical movement of financial documents
  • Manual keying of data with no validation checks
  • Printing and scanning emailed invoice attachments
  • Using email as a workflow tool

Technologies:

  • FIS / edc has versions for both SAP ECC 6 as well as SAP S/4HANA
  • Flexible import of invoices via OCR and EDI
  • Line matching (MM) of invoice data with SAP data i.e. open orders and goods receipts in real time.
  • Automatic account assignments
  • Workflow options using SAP standards Web Dynpro and Fiori apps
  • Reporting tools to identify issues and bottlenecks to assist with further process improvements
  • Transparency and history audit for each invoice
  • Deep SAP ERP integration with worklists for accounts payable users
  • Presentation of EDI transactions as a standard PDF

Benefits:

  • Higher productivity of accounts payable teams with more functions in a familiar SAP standard GUI, freeing up time from repetitive tasks
  • Faster supplier payments - meeting corporate specific service levels
  • Invoice image displayed in FIS/edc and workflow modules as well as SAP ERP
  • Harnesses the intrinsic power of SAP ERP
  • Integrated into SAP but with no need for modifications to SAP ERP standard - quick enhancement pack and upgrade changes
  • Data stored once in SAP database - no data exchanges with external software
  • High blind booking rate - particularly for emailed invoices
  • Efficient interrogation tools for exceptions / query management
  • High financial return on investment
  • AP team directed to more value-added work as FIS/edc automates labour intensive tasks
  • Reduction in long invoice processing times
  • Transparency and visibility of the entire P2P process

fis customers

 

 

 

 

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Marketplace Management – not just Amazon

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Marketplace Management, not just Amazon and eBay

Online marketplaces enable a fast and flexible method of product exposure to new markets and customer groups. For organisations with SAP, FIS / TradeFlex optimises marketplace management

Marketplace Management: Most customers start their product search via online marketplaces such as Amazon or eBay. The marketplace platforms offer benefits for enterprises including:

  • international reach
  • unlimited product selection
  • individual advertising opportunities
  • optional shipping services

In order to achieve these benefits and with potentially higher margins coupled with improved customer satisfaction, a deep integration of the systems involved should be considered.

This is the preferred way to manage the information flow across the entire order-to-cash process, from product placement via billing, payments and returns processing.

Online marketplace logos

With the trend towards using market platform organisations such as Amazon and eBay, FIS have created a new cloud-based integration tool that provides comprehensive functions for SAP users.

FIS / TradeFlex allows organisations to manage their product data, order, payments, returns and refunds. FIS / TradeFlex brings together your SAP system, the marketplace platform and additional systems including PIM (Product Information Management).

Your benefits by using FIS / TradeFlex

  • Comprehensive and process integration in SAP
  • Entire process coverage - from order-to-cash, product selection and returns
  • Full transparency of expenses and revenues, including reporting/evaluation
  • Centralised, multi marketplace management from one application
  • Significantly increase the visibility of your brands
  • Take advantage of new markets and customer groups locally and internationally
  • Faster and competent customer service – ready to provide information at any time

Comprehensive Processes in Marketplace Management

FIS / TradeFlex offers the optimal software solution for organisations with SAP ERP to connect to marketplaces.

Whether an enterprise wants to step into marketplace ecommerce for the first time or already transact business via this channel (by selling their product range via their own online shop) FIS / TradeFlex enables a straightforward pathway to new customers.

The FIS / TradeFlex marketplace management software enables enterprises to overcome the challenges of new platforms by using state-of-the-art technology. Running on SAP Cloud Platform and the high-performance HANA database, FIS / TradeFlex provides the ideal opportunity to seamlessly integrate the sales of your product portfolio on marketplaces into the SAP.
The software enables the management of all order-to-cash process steps in one solution.

Key Features include:Available product quantities are automatically transferred to the online marketplace (i.e. adjusted to reflect actual stock levels in SAP in real-time)

  • Product attributes (i.e. size, colour, weight, materials) are automatically mapped with market places Amazon and eBay.
  • Billing documents are transferred back to the marketplaces via message control
  • Automatic prevention of unnecessary goods dispatches
  • Reimbursement management
  • Automated posting of charges if they are considered for payment
  • Returns notification via the marketplace
  • Back processing of payments in case of returns or credit memos

SAP Cloud Platform Software applications from the cloud need to be continuously connected to the ERP system in order to avoid data silos.

The FIS professionals use SAP Cloud Platform Integration to implement continuous and efficient processes for hybrid IT landscapes as well.

What is FIS / TradeFlex? FIS / TradeFlex is not a marketplace itself. It is an application build on SAP Cloud platform and Cloud Platform Integration to connect B2B as well as B2C marketplaces  to SAP system (no matter whether it is an ERP or S/4HANA system). This is done with no SAP modifications – non-invasive.

Who is FIS / TradeFlex for? Generally wholesalers and producers/manufacturers who want to simplify and automate their processes when selling at marketplaces. In summary, FIS / TradeFlex is used by organisations with SAP who want to automate their marketplace business channel with the least possible amount of manual work whilst focusing on the whole process.

The solution provides easy access to another sales channel besides their own shop-system.

What is the competitive advantage of FIS / TradeFlex? FIS focus on process integration far deeper than pushing an order to SAP. We differentiate our product by adding payment matching, returns cancellation, dispute management functionality.

Marketplace Platforms with FIS / TradeFlex connectivity.

fnac logo Fnac is a French based retain chain specialising in the electronics, books (including audio), electronics, CDs and DVDs and computer games.
mercateo online marketplace logoMercateo is a B2B trading platform on the Internet, providing business customers the facility to search for many suppliers and products
Otto marketplaceOtto is one of the world's biggest mail order and e-commerce companies. Brands include including Freemans and Gratton in the UK. 
Digitec Galaxus logo platformDigitec Galaxus is  the biggest online retailer in Switzerland – operating the Digitec and Galaxus online marketplaces.
Conrad logo platformConrad electronics is a German retailer of electronic products. The marketplace platform  is focused on consumer and specialist electronics including computing equipment.
French DIY chain Mano ManoManoMano  is a French based e-commerce company specialising in DIY goods and gardening products. ManoMano work with over 3000 retailers.
Cdiscount logoCdiscount is a French e-commerce website with products such as electronics, household appliances and food - as well as services i.e. banking, travel, and mobile phone subscriptions.
idealo logoThe Idealo website allows users to compare prices on a range of products from hundreds of shops and also offer selected flight destinations.

 

 

 

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SAP – Business Process Optimisation

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SAP Business Process Automation

Business process optimisations can be created by running proprietary add-in technologies from FIS. No modifications to SAP standard are required. All FIS products have releases that optimise business processes in both SAP ECC6 and SAP S/4HANA.

SAP - Business process automation software. ERP enterprise resources planning system concept on virtual screen.

FIS Information Systems add-value to our clients by creating technologies that enable business process optimisations in SAP. FIS have a 30 year history as an SAP GOLD partner and are recognised as the leading developer of SAP add-in applications.

FIS create proprietary applications that run on SAP standards such as Fiori Apps, SAP Web Dynpro and SAP GUIs. This ensures that adoption rates are quick for employees already familiar with SAP.

Digitised Business Process Improvements: One of the key tasks for every company today is to automate business processes and minimising manual tasks where appropriate. Those organisations who enhance processes effectively are also able to improve data quality as well as generating cost savings.

FIS software simplifies tasks by bringing together information and documentation required for decisioning in one location.

Managing the processes is made easier with a dashboard overview of the current status and tools to highlight bottlenecks and pressure points.

  • Processing times are shorter
  • Idle times are identified
  • Errors are recognised and corrected
  • Processes are recorded and made transparent

Automation saving time and money: FIS develop a comprehensive range of SAP add-in technologies. These deeply integrated technologies to SAP ERP standard (SAP ECC and SAP S/4HANA) create additional functionality to automate business processes in SAP, therefore enabling financial savings and providing more effective tools for SAP users.  The applications run on the existing SAP ERP IT infrastructure.

FIS Business Process Optimisation Technologies include:

Automated Invoice Data Reader (FIS / fci): FIS / fci (free-form collection and integration) is a technology that reduces time consuming task of manual data-entry when processing invoices. The software automatically extracts the key content of documents imported such as an email attachment or from a scanned image.

FIS / fci incorporates "free-form recognition" technology, multiple-OCR engines, "fuzzy" matching of data, an intelligent machine-learning knowledge database - to read invoice data automatically from day-one.

Automated Invoice Posting and Workflow (FIS / edc): FIS / edc (electronic document centre) is an SAP add-in product to improve invoice processing in SAP. Typically the integrated technology is utilised to automate first-time match rates for invoices. In addition, routing of invoices is configured so that invoices can be  approved via FIS workflow applications running on SAP Web-Dynpro or Fiori apps.

FIS / edc works with real-time SAP data with enhanced tools for processing invoices prior to exporting to SAP.

diagram showing S/4HANA infrastructure in memory processing for business process optimisation

Automated Matching of Vendor Statement or Payment Advice Notes: The technology is utilised to automate the comparison of incoming statements (from vendors or customers) with balances in SAP ERP.

FIS / edc (statement monitor) is an SAP add-in product that reduces the number of documents reviewed by the accounts team - highlighting "exceptions" compared to vendor/customer data on SAP ERP.

Automated Processing of Orders  FIS / edc (sales order monitor) converts an inbound customer order into an SAP sales order with or without a reference (e.g. quotation).

The supply chain process such as order confirmation, shipping notification, goods issue and billing documents can be triggered immediately.  Customer orders that do not pass the “plausibility checks” successfully are highlighted and post-processed in the monitor.  

  • Automatic posting of customer orders (OCR or EDI data records)
  • Overview of all purchase orders received
  • OCR image or EDI data visualisation as PDF form
  • Full integration in SAP with all order processing functionalities
  • Quick error analysis with intelligent message log
  • Direct communication due to integrated email system
  • Post-processing option in the split screen display with direct access to scanned and archived customer orders.

SAP Master Data and Price Management: FIS / mpm  is a simplified SAP centred application add-in that is utilised by all employees tasked with master data maintenance of materials, price and conditions, vendors, customers and bill of materials.

The FIS / mpm add-in has built-in duplication checks and defined roles for initiators and master data custodians.  FIS / mpm is an SAP add-in product that runs on SAP standards such as SAP GUI and SAP Web Dynpro.

Cross Company Electronic Transactions: FIS / xee provides organisations with a tool for electronic data exchange between SAP, internal systems, and import/export with external suppliers and customers.

 

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FIS Information Systems UK

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FIS Information Systems UK

FIS Information Systems provide comprehensive expertise in SAP. We are one of the largest and fastest growing SAP consultancies, technology developers and service providers in Europe

Map of FIS Information sites in UK and Germany

 

FIS Information Systems UK (FIS UK) is the UK subsidiary of FIS Informationssysteme und Consulting GmbH.

FIS UK have extensive expertise in SAP business process automation software. The  technologies improve business processes in SAP such as  invoice processing, master data management, business system integration and SAP marketplace management.

The FIS Group have a dedicated workforce of some 800 employees including SAP consultants, and SAP (ABAP / Fiori) application developers.

FIS is an established VAR partner of SAP AG with “Gold-Partner” status.

FIS Informationssysteme und Consulting GmbH have headquarters in Germany (Grafenrheinfeld, Bavaria) and with regional offices near Stuttgart and Frankfurt.

The organisation is focused on providing SAP consultancy, add-in enhancement technologies, development and implementation expertise.

FIS also develop specialist industry applications that run on the SAP ERP standard. Typical industries that utilise our FIS (FIS / wws) technologies and expertise include:

  • HVACR (sanitary, heating, air conditioning)
  • Paints and interior decoration 
  • Electrical parts and accessories
  • Building materials and plumbing
  • Tools, screws and fastening
  • Medical devices and laboratory equipment
  • Steel and metal wholesalers
  • Automotive manufacturers and components
  • Mechanical and plant engineering
  • Plastics, metal and electronic components

Head Office FIS GmbH

FIS Information Systems - Head Office Grafenrheinfeld

SAP add-in technologies: The business process automation technologies complement and enhance the SAP standard software.

FIS applications reference real-time data with no modifications needed to the SAP ERP standard platform.

Organisations with SAP integrated add-in technologies generate financial savings as processes are made more efficient and with reduced manual intervention.

We work with SAP standards such as SAP Fiori apps and Web Dynpro creating new views of the data within simplified processes.

FIS ASP is an expert partner for hosting secure SAP ERP infrastructure and providing consultancy expertise.

The organisation has state-of-the-art data centres for clients with SAP ERP as well as complementary IT applications.

FIS ASP's expertise is in the following areas:

  • Technical consulting
  • Analytics
  • Maintenance of operating systems and databases
  • Execution of technical release upgrades
  • SAP archiving of data and documents
  • Non-SAP services (i.e. Email and MS Applications)

FIS ASP specialists support clients from the initial business analysis and planning to the implementation of your infrastructure systems. FIS ASP saves organisations with SAP hardware, software and specialist labour costs.

FIS ASP Data Centre

FIS - ASP Head Office Grafenrheinfeld

FIS Medienwerft GmbH is one of the most experienced digital agencies providing expertise in eBranding and eMarketing.

FIS acquired Medienwerft  in 2016, providing skills and technical know-how as a certified SAP Hybris partner.

The team implements sophisticated eCommerce and omni-Commerce projects for clients such as Adler and Volkswagen.

We  ensure the integration of brand values and brand image in all communication channels is used. Typically this would include social media, creating long-term customer relationships and  new client recruitment.

With their SAP Hybris expertise and specialist consultancy services, FIS Medienwerft complements the FIS existing product range. Both organisations have expertise in the complete SAP Customer Engagement & Commerce range. We uniquely provide our clients with solutions across the entire process chain from marketing, through sales and support from a single organisation.

FIS Medienwerft head office in Hamburg

FIS Medienwerft GmbH Head Office Hamburg