FIS EDC invoice processing diagram

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OCR invoice data collection technologies and functionality

Advanced technologies work together ensuring that invoice data is collected automatically and accurately. The invoice reader uses validation and viability checks prior to the data export to SAP or Financials.

Introduction
The video highlights some of the advanced technologies that are applied to the task of automated invoice data collection.
The technologies ensure that invoices are correctly classified and the data quality is maintained, prior to transfer to SAP / ERP.
The technologies significantly reduce the workload of the accounts payable team.
Who is it for?
For organisations with SAP ERP (ECC 6 or S/4 HANA) who wish to:
  • Replace time consuming tasks such as manual data-entry when processing invoices
  • Improve the invoice data quality in SAP  by utilising tables from SAP for company code identification, PO validation, current tax values, and supplier identification
  • Make savings by reducing invoice processing costs, making a significant improvement in data quality
  • Reduce the workload for the accounts payable team
  • Reduce the payment times for vendors by processing invoices in a timely manner
Key Information:
Functions of OCR Reader and Integrated Invoice Processing
 

Emailed invoices are automatically forwarded to FIS / fci (the invoice data collection component) and then archived for retrieval in SAP / ERP. Therefore, no need for manual tasks such as printing, scanning and keying-in invoice data

Multiple OCR engines are employed. The data from all engines is compared to support data quality.
Invoice classification is confirmed against standard tables in SAP / ERP to highlight potential errors in the invoice data.
"Fuzzy logic" is used for comparing invoice data (i.e. supplier recognition) with reference data to compensate for inexact data on the invoice or within the SAP master data.
Freeform recognition technology automatically searches for data in the vicinity of keywords to collect the key invoice data from day-one.
Machine learning. An intelligent knowledge base is used to collect the key invoice data. The knowledge-base uses machine learning by analysing the co-ordinates of previous successfully read invoices from each supplier.
 

 
schematic diagram working from home with FIS

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Automated invoice data collection from day one

Advanced OCR technologies are employed to accurately collect the key data from invoices and other financial documents. The invoice data is checked for viability prior to posting into SAP or other ERP/Financials. As most invoices are processed without manual data-entry, workload is reduced, financial savings are generated and data accuracy improved. 

Introduction
By introducing technology to automate invoice data collection 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  reduced workload as the number of data-entry tasks and reduced and the pre-SAP/ERP classification of invoices is eliminated.
Who is it for?
For organisations who wish to
  • Automate invoice data collection and reduce the workload of their accounts payable team
  • Remove labour intensive and expensive stages of invoice classification by eliminating the need for bar-code label additions to invoices
  • Make savings by capturing invoice data at the first stage (early invoicing) rather than scanning invoices (or using a bureau service) retrospectively
  • Support the accounts payable team working from home by recommending that suppliers send invoices electronically via email attachments
  • Improve data quality by installing technologies with validation and viability checks
Automating invoice data collection and reducing manual data-entry
The FIS invoice reading technology is designed to model the way in which a human would inspect an invoice – reviewing the key invoice data (using multiple OCR engines) and searching for the data in the vicinity of key words and phrases.
Data is validated and against SAP/ERP tables where applicable. 
The data from each supplier is stored automatically in a knowledge-base that gains experience with each supplier invoice.
Tasks that are replaced include
  • Significant reduction in workload as data-entry tasks by the accounts payable team are automated
  • No requirement for bar-code labels to be added to each invoice
  • No requirement for emailed invoices to be printed or scanned
  • 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)
Remote and hybrid working

Invoice processing remote working

The invoice data collection is an ideal technology for accounts teams that work remotely. The technology works automatically with emailed invoices where they can be forwarded directly into the OCR  technology, FIS / FCI, for automated invoice data collection.

 

 

 
FIS EDC invoice processing diagram

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Make savings by automating invoice postings in SAP

FIS invoice processing technology automates data-entry, freeing up accounts payable resource. Invoices are processed in any layout, in different languages and currencies. The invoice processing  technology assists with supporting colleagues working from home.

Introduction

FIS develops software that computerizes repetitive digital tasks that are normally carried out by people. The technology combines emulating how humans read computer screens and collecting data to automate tasks in the future.

The invoice processing technology reduces accounts payable workload and generates financial savings for organisations.

  • Reducing overall workload and manual data-entry tasks
  • Posting a high percentage of invoices automatically into SAP (no touch processing)
  • Automatically forwarding FI (PO- exempt) invoices to individuals or groups
  • Providing a familiar SAP environment for invoice queries and approval workflow

Automated invoice data collection 

FIS have developed one of the most effective technologies used for collecting key supplier invoice data from a scanned or emailed attachment. By introducing technologies into the invoice data collection process there is less manual keying and improved invoice data quality. Key invoice data can now be read from invoices with different formats, languages or currencies.

SAP integrated invoice matching and posting 

As an integrated add-in to standard SAP, the invoice monitor technology enables invoices to be posted automatically. Parked invoices can be directed to designated approvers or groups.

The invoice monitor, FIS / edc, complements SAP ERP, creating new functions for the accounts payable team and approvers. The invoice monitor referencing real-time SAP data and enables incoming invoices to be identified as either payable or parked.

In addition workflows are incorporated into the invoice monitor to manage approvals. Additional functions are aimed at invoice assignments and complex invoice coding tasks.

In combination, FIS offer an enhanced process that releases accounts payable teams from routine tasks and reduces workload. A high proportion of invoices are posted to SAP without any manual intervention. 

Functions of OCR Reader and Integrated Invoice Processing

Key Benefits

Reduced Effort for AP Team and Machine Learning. Invoice content is collected automatically from day-one, so manual data-entry tasks are reduced. In time, the  data collection technology "learns" the zones where the key data on an invoice resides for each supplier in a "knowledge database".  This means that key data is read automatically from the electronic invoice.

Invoices (MM) that agree with the original PO and Goods Receipt Note (GRN) in SAP could be posted automatically. PO exempt invoices (FI) can be assigned to accounts and forwarded automatically to individuals or departments.
Improved data quality. In the invoice data extraction component, invoice data is checked against SAP tables for vendor, company code 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, credit-note.. etc.) and assigned to the correct company code automatically.
Rapid adoption. As with all FIS add-in technologies, FIS / edc complements and works with standard SAP ERP (SAP ECC 6 or S/4HANA) 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 running on SAP Web Dynpro and Fiori App standards. By developing proprietary technologies using SAP platforms means that FIS applications are easy to adopt for organisations already familiar with standard SAP.
Deep integration with SAP standard. FIS / edc harnesses the intrinsic power of SAP with no modifications to SAP standard being necessary. The processing technology presents information in real-time from the SAP database. SAP add-ins are easier to maintain when SAP upgrades and enhancement packs are introduced.

Invoice processing remote working

Flexible  / Hybrid working
Many FIS customers have adapted to the change in working practices of working fully or partially from home. 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.

 

 
reconciliation balances

Automated Statement Reconciliations

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Automated Statement Reconciliations for SAP 

The FIS monitor provides automated statement reconciliations between vendor balances in SAP and the vendor statements. The SAP integrated application may also be used to reconcile payment advice notes from customers.

balances illustrating automated statement reconciliation

FIS / edc (statement monitor) is an integrated SAP technology that reduces the workload  when reconciling vendor statements or customer payment advice notes (remittances).

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

By freeing up time and reducing workload, the Accounts teams can then focus only on the invoices discrepancies between the statement data and SAP vendor 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  data entry of key data from the statements. Statements can be also received via email attachments.

Automated Statements Reconciliations for Vendors

Vendor Statements usually take a lot of time to reconcile manually. 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:

  • Reduced workload on the Accounts Payable team, who now only review vendor accounts with unequal balances
  • Ability to identify specific invoices from vendors that 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 introducing an automated statement reconciliation  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 reconciling statements against SAP vendor records
  • Spending time identifying which invoices from the statement are not in agreement with SAP

Highlights and key benefits:

  • Automatic OCR reading of vendor reconciliation contents from an emailed attachment or a scanned document 
  • 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, account team now directed to reconciliations where assistance is required
  • Vendor data from the document is compared with data in SAP in familiar a SAP GUI

Automated Payment Advice Note Reconciliations 

The document monitor can also be utilised to increase the level of automation and decrease the level of manual tasks required when reconciling customer payment advice notes (remittance advice notes).

Using the monitor, customer remittances can be matched and subtracted automatically from the outstanding invoices records in SAP prior to the payment reconciliations with the bank.

Therefore the automated process creates savings and improves matching accuracy.

Highlights and key benefits

  • Identifies invoices sent to customers that have not been 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 Collection

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

  rtificial Intelligence and Machine Learning Automated invoice data collection using the FIS OCR document reader The FIS OCR document reading software (FIS / fci) is a world leading, innovative technology that is used to automatically examine a digital invoice (or other financial document) and collect the required key data with minimal or no human intervention. The technology generates financial and time savings by reducing the manual workload of accounts payable departments. Data quality is also increased prior to importing it into SAP or other ERP/Financials software. Using the technology results in less data entry and therefore frees up resource for accounts departments. The technology collects the content of invoices 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 invoices automatically into SAP (ECC 6 or S4HANA) without the need for human intervention (no touch processing).
Data collection 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 - automated data entry
Summary
For organisations who wish to Make savings by introducing automated data entry processes and significantly reducing the workload on accounts departments. 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  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 collects 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