Invoice Processing Solution With DStore

The Process

Invoice processing is an expensive and time consuming function for any organization. A typical process involving paying a supplier invoice begins at the arrival of invoice. The invoice is forwarded to the responsible person. If there has been a purchase order involved when placing that order, the invoice must then be matched against the purchase order to ensure that the amount invoiced is correctly stated on the invoice. If the amount is right and the goods have arrived, the responsible person will have to approve the invoice by signing off on it. Once the invoice has been approved and there have been no variances, the invoice is posted into the accounting system. A manual invoice process can sometimes exceeds 15 steps before the final posting is done.

CHALLENGES

  • The manual movement of documents brings delays in processing
  • The matching of various documents can be time consuming
  • The possibility of misplacement of documents
  • Document copies have to be maintained, adding to cost of paper and storage
  • Lack of visibility in tracking the process at different stages
  • Access to documents after posting to the accounting system

THE SOFTWARE SOLUTION

DStore completely automates these processes by document capture, management and work flow

  • Documents can be scanned, indexed and referenced from one or more central or remote locations
  • DStore groups the related documents of a transaction into a folder
  • Folders move across stages from verification to approval
  • Approved folders are routed for posting to the accounting system staff
  • Invoice Data in DStore can exported into Excel sheets
  • Data in Excel sheets can be imported into the DStore tables
  • Provides for various online reports in the invoice process
  • The stage of invoice processing can be tracked for a status notification
  • Integration to existing software enables exchange of data

BENEFITS

  • Reduces delay time for invoice processing
  • Automated grouping of documents for a transaction
  • Gives online access to documents with security
  • Reduces document copy charges and storage space
  • Enhances customer satisfaction
  • Improves operational exigency

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