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

 

 

calendar day one

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

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FIS / mpm – Simplified Master Data and Price Management

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Simplified Master Data and Price Management

FIS / mpm (Master Data and Price Management) aligns specific routes and roles when creating master data in SAP. A staging area with a shadow database ensures the trouble-free exchange of master data with SAP Production.Master Data complexity solved

The FIS / mpm application has been developed specifically for organisations with SAP ERP who face issues when adding new or maintaining existing master data. The FIS technology also provides functionality to upload large data volumes.

The FIS technology is an "SAP centric" application that runs on SAP standards (i.e. with familiar SAP GUIs, Fiori and NetWeaver interfaces).

FIS / mpm is an add-in application, deeply integrated into SAP standard with releases for both either SAP ECC 6 and SAP S/4HANA.

The technology works with extended tables in a shadow database, therefore eliminating the need for file exchanges and data mapping between SAP and non-integrated software.

One of the primary functions of the application is to address the issue of master data governance. FIS / mpm provides a clear method of controlling master data updates for all participants in pre-defined roles. SAP master data team members are called on at the final stage only - releasing the new data into SAP Production.

Staging Area and Shadow Database

Maintaining and storing big datasets is very time-consuming and cost-intensive. Due to the multitude of materials, it is particularly important  to automate the data creation and maintenance processes. 

The FIS / mpm shadow database is used as a "holding area" to store the data that needs addressing. The data is imported and copied from from SAP Production. No modifications to SAP are required.

Master Data Management Diagram

Central to the  application is the staging area. These data tables are created, modified, enhanced, checked within FIS / mpm prior to the master data being transferred to SAP ERP.

Identifying Most Common Processing Issues

FIS / mpm fundamentally addresses the most common issues when creating master data in SAP.

  • Inefficient use of email as a workflow tool
  • Working with complex and bespoke Excel spreadsheets with multiple worksheets that are difficult to maintain
  • Processing data that includes detailed data completion notes
  • In-house solutions that required bespoke coding
  • SAP master data team called upon for assistance on basic taasks
  • Working with external applications that exchange files with SAP standard - which can cause issues with table synchronisation with SAP upgrades and enhancement packs
  • No governance with the process of creating and checking data prior to transferring into SAP

Governance

Issues with non-defined roles mean that employees that may have the most expertise of the data (i.e. for vendors, customers, materials, prices etc.) may not be aware of the stringent data requirements of SAP. In practice this usually results in data omissions and invalid fields.

Secondly, the SAP data custodians may have the knowledge of the strict master data stipulations of SAP but may have less knowledge of the initial data that is being added or maintained.

FIS / mpm reduces the time taken by senior master data teams correcting minor errors from initiators.

Schematic of SAP add-in technology with file options

 
Roles and Processes Defined

In an effort to resolve the most common issues, FIS / mpm defines typical roles (Initiators, enrichers, SAP key-users, SAP power-users etc.) and workflow procedures for SAP ERP master data. This means that data is reviewed by the correct people and in a stringent process and workflow and therefore controlling way master data is created and maintained.

FIS / mpm addresses the core issues by defining the common tasks within the process and then providing a methodology controlled by the SAP master data team.

  • FIS / mpm provides an easy-to-use interface at source for the data initiators - significantly reducing the number of fields for completion, identifying mandatory fields and provides drop down choice selections for data import
  • Bulk uploads can created from FIS / mpm by defining Excel worksheets with clearly labelled tables
  • The FIS / mpm Web Dynpro workflow module allows  data checking by a supervisor
  • The FIS / mpm application validates fields for feasibility and completeness prior to advancing the data to the SAP supervisors
  • The FIS / mpm staging area is a workplace that provides a checking area before releasing of master data into SAP.

Complete and up-to-date data with the FIS / mpm Analysis Tool

Keeping the data integrity the system correct and up-to-date is a big challenge for enterprises. Checking and comparing all data is very time-consuming and is therefore rarely carried out regularly. This is where the analysis tool from FIS /mpm comes in.

The analysis tool checks the entire dataset either at defined points in time or manually initiated using pre-defined criteria. In this way, for example, the address data of customers is regularly checked for completeness.

For incorrect data records, a data maintenance process can then be started with FIS / mpm. This automatically forwards the incomplete or incorrect data records to the appropriate person responsible for processing.

The fields can also be filled automatically if, for example, the information in another field is identical or indicates the content of the field. In this way, the completeness and correctness of all data records can be permanently improved without much manual effort.

Summary

For organisations who wish to save time and effort when creating new or maintaining existing master data within SAP.

For organisations who wish to create clear roles and governance for master data changes and additions.

An alternative to:
  • Complex forms and Excel sheets for participants with data expertise moving backwards and forwards between parties
  • Using Email as a workflow – no clear governance on processes – process unlikely to capture all necessary data comprehensively
  • Tasking SAP experts with minor data management issues
  • Inefficient methods of data management handling in SAP
Key technologies and benefits:
  • Versions available for both SAP ECC 6 or SAP S/4HANA
  • Flexible Data Imports including data from Excel, PDFs, SAP ERP, Financial Accounts Systems and other ERP systems
  • Web Dynpro workflow – allows participants with minimal SAP expertise create new and maintain master data
  • Ability to ensure clear governance of roles and responsibilities – from initiation to final SAP release
  • Allows bulk upload of master data (Excel) as well as single records
  • Provides intelligent data validation checks prior to transfer into the FIS / mpm staging area
  • FIS / mpm staging area provides final checking of data before release into SAP ERP
  • Automatic reports to show the success of data transfers into SAP ERP
  • Timed events to release data from FIS / mpm staging area into SAP ERP
FIS / mpm components

FIS / mpm is currently available in English, German and French with further versions available on request. Releases available for SAP ECC 6 and SAP S/4HANA

  • Article master, purchasing info records and source list
  • Vendor master
  • Customer master
  • Bill of materials
  • Document Maintenance
  • Conditions
  • Sales Functions

 

Diagram depicting system connectivity

FIS / xee Secure Connectivity Between ERPs

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Secure Connectivity between ERPs


FIS / xee (xml and edi engine) is an advanced “business data adapter” that facilitates integration with other IT systems. FIS / xee provides a secure data exchange within SAP and has comprehensive EDI support.


illustration of flexible wires


SAP Business Process Integration, IT Systems, Customers and Suppliers


With digital transformation, it is important for enterprises to implement cross-system processes. Processes can be automated and made more consistent by integrating and connecting SAP systems and third-party systems.


In addition, more applications are also migrating into the cloud, creating hybrid IT landscapes.


The connection of business partners, such as customers, vendors or authorities, enables you to optimise the data exchange and the information flow across company boundaries.


Processes, such as purchase-to-pay, can be digitised using an EDI solution. This increases the degree of automation of your business processes throughout the organisation.


FIS / xee is an innovative application which facilitates the electronic exchange of data, documents and messages with SAP ERP and other applications - both internal and external.


FIS / xee has been certified by SAP AG and is successfully used worldwide with more than 300 installations.


The FIS / xee range of products support business process integration and communication processes. The application provides a single application for business process integration with internal IT systems and systems from both vendors and customers.


Key benefits include:


  • Optimise and accelerate the information flow across enterprise boundaries

  • Continuous linking of your business processes – avoiding media changes

  • Improvement of your business relationships with customers and vendors

  • Permanent availability

  • Decrease of error rate – no manual data entry required


Business Process Integration made easy:


  • The FIS / xee system is a user-friendly and secure system for the electronic exchange of data, documents and messages with your business partners and additional internal applications - both SAP and non-SAP

  • With FIS / xee, a flexible and secure exchange is possible in any kind of requested format (e.g. the industry standards VDA, ODETTE, ANSI X.12, EDIFACT, XML etc.)

  • The entire administration and monitoring takes place in the “SAP-look-and-feel” user interface (dedicated SAP transactions) to enable very short implementation times

  • Media changes are avoided and business processes run more securely

  • In addition, the automation involved in the electronic exchange of documents and messages accelerates the processes and reduces costs

  • To meet the requirements of the industry standards, format conversions or mappings can easily be created using FIS/xee workbench

  • Versions of FIS / xee run with both SAP ECC 6 and SAP S/4HANA


The FIS business process integration technology is fully integrated into SAP ERP, i.e. system settings and monitoring are executed via user-friendly and easily understood SAP transactions.


Data conversion and communication take place on an external subsystem computer that is independent from SAP. The applications of the SAP systems transfer the data to the standard SAP IDoc interface connected to the FIS / xee system.


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Strategic Partnerships Enabling Optimal Business Solutions

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Strategic Partnerships Enabling Optimal Business Solutions

FIS have a number of trusted partnerships that provide software and services to further enhance our business process optimisation technologies

Document Option Limited logo

Document Options Limited are an established FIS UK partner providing a range of document capture and key document data reading services that utilises the FIS invoice reading software FIS / fci.

Document Options work with FIS to support their client base with invoice capture and data reading services. The service addresses the issues of clients who prefer to “outsource” the capture and key data reading component of their invoice processing solution as an alternative to manual data keying or in-house software.

Furthermore, Document Options Limited also provide flexible invoice processing solutions for their SAP and non-SAP client base.

www.document-options.co.uk

 

H&S Heilig und Schubert Software AG logo

H&S Heilig und Schubert Software AG are a leading SAP partner with offices in Germany and Austria. An FIS partner for several years, H&S predominantly provide FIS with products, services and support for their SAP certified document archive.

The SAP Certified inPoint Content Archive provides fast access to stored documents from FIS / edc – invoices, sales orders, statements, order confirmations etc.

The archive supports both SAP ECC 6 and SAP S/4HANA infrastructures.

www.hs-soft.com