Invoice Processing

It’s an interesting question and one that many business leaders don’t take the time to ask. Many businesses take the approach that the cost of an invoice is the value of the figure on the bottom of the last page. Unfortunately that is just the amount that comes out of your bank account, it is not the cost I’m talking about. I’m talking about what it costs you over and above the value of the invoice to process, approve, code and pay that invoice.

In many ways, it’s well-deserved. In a recent survey conducted by the Institute of Finance and Management (IOFM), controllers unloaded about the aspects of AP they found most burdensome and backward. Compared to accounts receivable, payroll, tax and audit, AP was considered by controllers to be the most time and labour-intensive function of all.

The NSW Police Force - Australia's oldest and largest police organisation and one of the biggest in the English-speaking world – has been on a quest to move from a hard copy paradigm into digital information management. At Micro Focus Realize 2018, Jeff Greenwood, Manager, Process and Records Services, NSW Police Force, outlined the story so far.

Artsyl Technologies, a provider of Intelligent Process Automation technology for data capture and document workflow processing, has announced general availability for docAlpha 6.0, a major update to the company’s flagship digital transformation platform.

​Kofax has announced the availability of ReadSoft Online 9.2, which adds simplified self-service registration, onboarding and provisioning capabilities for convenient access to the SaaS-based invoice processing and accounts payable solution. Pre-packaged offerings , including Trial, Basic and Premium, can be chosen with monthly, quarterly and annual payment programs available.

Electronic invoicing firm Basware has integrated B2B payments capabilities into its product offering. Basware calls the solution NetworkPay, and it’s a way to automatically pay suppliers once invoices are approved. The tool supports check, ACH, virtual card and wire payments for corporate users through a unified platform.

GS1 has announced the inclusion of Universal Business Language (UBL) in its EDI standard syntax portfolio that already includes EDIFACT/EANCOM, GS1 XML and GS1 UN/CEFACT XML syntaxes.

Bottomline Technologies has announced a new voice-assisted Paymode-X app, which will make it easier for businesses to understand and access information on key payment transactions.

The Australian government says it will work to progressively adopt electronic invoicing (eInvoicing) across all levels of government. Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, said embracing eInvoicing is a win-win situation, which will both improve government processes and help businesses.

P2P provider Basware is launching a Smart PDF invoice capturing service in 2018 that will take advantage of the high percentage of machine-readable PDFs that do not require OCR.It will extract data from any machine-readable PDF, creating a touchless invoice automation process.

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