Invoice Processing
Our FlowMatrix Invoice Processing solution is one of the most cost-effective and yet comprehensive applications available in the market today. It allows true collaborative processing between all users to share any exception/error handling and can accept virtually all paper and electronic invoice submissions formats. The solution can be hosted in-house, in the Cloud or from a bureau and procured on a per click, monthly subscription or capital expenditure basis to suit any financial budget. The return-on-investment of the solution can be almost instantaneous. The solution supports many additional features such as a Purchase Order Generator for clients to create purchase orders, a Web Invoice Submission Engine (WISE) to help suppliers move to electronic invoice submission and a Goods Received Note Scheduler for rapid delivery item checking against an originating purchase order. The system also has a built-in approval engine.
"...by investing in an automated invoice processing solution savings will continue to increase as the system learns and suppliers are helped to be more effective in their submissions."
The True Cost of Invoice Processing
Many organisations can save considerable costs by the automation of invoice processing. On average a local government organisation will spend at least £3 in direct and indirect costs for handling every invoice. This includes employee, running, IT, accommodation and central charges. The full time equivalent headcount for 100K invoices per annum can be as high as eight accounts processing operatives. FlowMatrix has been designed as a comprehensive self-learning AP processing engine that can reduce FTE head count by up to seventy five percent by intelligently automating the capture and processing of invoices. By using a rules-based engine with intelligent extraction algorithms, automation rates can be as high as sixty percent with the remainder of invoices only requiring minor exception handling.
Processing of All Invoice Types
The FlowMatrix invoice processing solution can handle multiple paper & electronic submissions, many processing methods and multiple output formats into key AP systems. The FlowMatrix AP solution can process line items, goods received notices and comprehensive header data. It also incorporates a HMRC rules set, with custom rule creation. Most importantly the solution uses special algorithms that alleviate the need for formal templating, allowing suppliers to be quickly and easily setup with no manual input.
The system has the added bonus that it can self-learn 'in-process' against invoice structures never seen before. We have also incorporated an email-based approval system with time-lapsed auditing to ensure invoices can be approved within payment timelines. All processing steps are fully audited and reported so that the suppliers with the most errors can be advised how to improve their submissions to further increase automation. Paper invoices can be captured at source whether from a centralised mail room or by using an MFD or a stand-alone scanner in a department. We even provide tools to capture on-premise yet route and process off-premise with real-time checking of client accounts systems to validate information such as suppliers and purchase orders.
HMRC Compliant
The extracted invoice data is automatically checked and verified by a full set of HMRC rules as well as by any customisable business rules defined by your organisation, such as payment threshold levels. Invoices that pass all the rules are routed straight through to your accounts system for payment processing. If there are any inconsistencies in the invoice data then these can be handled by the accounts clerks in the Invoice Processing client application, which is a fast an intuitive tool for work with the 'problem invoices'.