FileVision’s paperless accounts payable invoice processing solution (Invopay)
FileVision’s paperless accounts payable invoice processing solution (Invopay) provides for the digitization and automation of the traditional accounts payable (AP) workflow, specifically focusing on the handling and processing of invoices. In a paperless environment, you can leverage technology to streamline and optimize the entire invoice processing lifecycle, reducing manual tasks, errors and paper-based documentation. Key concepts include:
- Digital Invoices:
- Electronic Submission: In a paperless system, suppliers preferably submit digital invoices rather than paper documents. The easiest and simplest way is have suppliers email pdf invoices to ap@xxhousingauthority.org. Then drag and drop the invoices into the application.
- Document Imaging and Capture:
- Scanning and Imaging and Extraction: However invoices get into the system – scanning of paper, drag and drop from emails, import, picture from a phone camera, whatever – the invoices have to be indexed. A few key pieces of data are extracted using simple copy and paste. Data is validated to ensure no duplication of invoices.
- Workflow Automation:
- Approval Routing: Digital workflows are established to route invoices through the necessary approval processes. Automation tools can be configured to match invoices with purchase orders, quotes, delivery documents, contracts and any associated documents. , ensuring accuracy and compliance.
- Integration with Housing Management Systems (HMS):
- HMS Integration: FileVision’s paperless AP solution offers several integration options with all leading Housing Management Systems. We use your vendor file, your G/L codes and other data which we automatically receive from your AP system. In many cases we also upload invoice data to your AP system and receive back payment data, closing the loop on the transaction.
- Include any Associated Documents:
- Associated Documents: The Solution supports the inclusion and linking of any documents associated with the transaction – Requisitions, Quotes, Purchase Orders, Delivery documents, Contracts and others. This not only supports the paperless approval process (“Did we get the products we ordered?” “Were we charged the right price?”) but also enables complete paperless auditability.
- Document Management:
- Cloud-Based Storage: Digital invoices and associated documents are stored in a secure, cloud-based repository. This allows for easy retrieval, eliminates physical storage needs, and enhances document security.
- Reporting and Analytics:
- Data Insights: Reports are available to track and analyze AP performance. This can help identify bottlenecks, optimize processes, and improve overall efficiency.
- Compliance and Security:
- Security Measures: The Solution incorporate robust security measures to protect sensitive financial data. Compliance with regulatory standards and data privacy laws is a critical consideration in the implementation of such systems.
- Audit Trail:
- Traceability: A digital trail of all invoice-related activities is maintained, providing transparency and supporting audit requirements. This helps in tracking the status of invoices, approvals, and payments. Where’s the invoice? Who approved what?
- Cost Savings:
- Real Savings: A robust solution such as FileVision’s properly implemented will result in significant cost savings
- Reduced labor expense
- Elimination of handling and transportation
- Elimination of physical storage
- Faster turnaround resulting in elimination of late fees and the ability to negotiate earned discounts
- Reduced auditor’s expense
- Better visibility and tighter management control
- Real Savings: A robust solution such as FileVision’s properly implemented will result in significant cost savings
We Can Streamline Your Organization
Offices
Head Office
FileVision USA LLC
900 Circle 75 Parkway Suite 1730
Atlanta, GA 30339