Intelligent Invoice Processing

Vuram’s Intelligent Invoice Processing System is built for organizations that spend significant time manually processing hundreds of invoices received via multiple formats: mail, fax, email, etc. The application revamps your legacy invoice processes with automated invoice capture and approvals in a single end-to-end platform. The Intelligent Invoice Processing System is integrated with Rossum, an OCR-based platform, to automatically scan and extract invoice image data for processing, eliminating tedious invoice data entry, increasing accuracy, and cutting downtime to process invoices significantly.

Benefits:

  • Adopt the paperless process: Scan any number of invoices and reduce paperwork across the complete invoice processing cycle.
  • Faster end-to-end processing: Automatic data extraction from invoices and quick route to approvals to boost processing time.
  • Reduce delays and eliminate bottlenecks: Spend 70% less time on invoice processing and approval ‘chasing’. Reduce human errors.
  • Improve collaboration: Improved collaboration with end-to-end visibility across various stages and get automated email notifications.
  • Reduce late payment penalties: Effectively manage vendor relationships and reduce invoice errors through rapid invoicing processing and timely payment.

Key Functionality and Features:

  • Easy invoice indexing: Quickly upload invoices, populate required fields automatically, get the flexibility to edit/update data, and maintain data in the system.
  • Quick invoice processing: Speed up processing and approvals with features to upload/manage documents, add quick notes, refer purchase order linked to invoice etc.
  • Customizable approval flow and organizational structure: Customize your own approval flow for the invoices for various stages, define user roles and SLA time to process the invoices.
  • Service Level Agreements (SLAs): Specify the response and resolution time for any invoice processing in the system based on every stage in the workflow.
  • Audit trail: Track the stages of invoices approvals with an Audit trails dashboard that maintains a deep history of user activity.
  • Adhoc questions: Clarify queries/questions with other users across the system and track responses in the respective invoice record.
  • Seamless integrations: Integrate with any OCR platform, existing Purchase Order records, and with various payment systems.
  • Detailed records: Create new records, maintain separate records for suppliers, and get invoice-level details such as supplier name, due date, amount, and more.
  • Extensive reporting: The application is equipped with predefined reports, insight into key metrics, statistical analysis, SLA reports to track invoice processing time and more
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