Reduce hands-on invoice posting to the minimum. The robot, a smart algorithm, will take over time-intensive, repetitive tasks from your team members. Let it do the work of matching paper and electronic invoices with contracts, purchase orders and deliveries.
The robot needs data to work. It achieves the best results with e-invoices, as they are already data. Robotic Accounting also works with paper and PDF invoices. OCR-as-a-Service reads them for you.
Based on the available data, the invoice robot searches for a match of the invoice to a receipt, contract or purchase order. Or it will book the invoice based on a defined booking default for the supplier.
The robot then checks the invoice for discrepancies. In case of a mismatch, the robot puts the document in the worklist of the responsible person for review and correction. If it doesn’t find a mismatch, the robot processes the document automatically with no human interaction.
The robot will first use the purchase-order number to look up the corresponding registered receipt. It compares the price on the invoice to the price on the PO and the amount on the invoice to the amount on the receipt registration. If it finds a mismatch, the robot sees where the difference appears and what causes it. Mismatches can arise from factors such as the price, the amount ordered vs. the amount delivered, or additional costs not foreseen in the purchase order.
Next, the robot uses unique references between invoice and contract to match the prices and amounts. A contract can cover any type of purchase, including a car lease. In this case, the contract number could be the registration number of the car. If this registration number appears in the contract, the robot captures the fixed-lease amount and checks whether the amount of the invoice corresponds with the contract.
If the robot finds no delivery receipt or contract, it looks for a purchase order to match the invoice and checks the price. The goods-received match cannot take place automatically without a receipt. Then the robot presents the purchase order to the team member who registered the PO to check whether the supplier delivered the goods or services.
If the robot cannot match the invoice in any of its previous research, it makes a final check for booking proposals registered for the supplier who sent the invoice.
A booking or entry proposal is a set of defined rules for booking invoices. For example, 20% of all mobile phone subscriptions from vendor X should book to the Sales & Marketing cost center and the remaining subscriptions to the Consultancy cost center. This way, team members have to book only the invoices the robot cannot process on its own.
If the robot cannot match the invoice or book in accordance with a booking proposal, it returns the invoice to the worklist of the financial administration team. Team members then add the data necessary to book the invoice.
If the robot detects a mismatch between the invoice and the corresponding purchase order or contract, it presents the invoice to the PO or contract owner for review. A colored line highlights discrepancies. It also shows what causes the mismatch (quantity, price or additional costs). The owner can decide what to do with the mismatch: approve the invoice amount or contest it with the supplier.
Sometimes the small savings you could gain don’t justify the time it would take to investigate mismatches. You can set up GO-Spend for the robot to approve small differences automatically. The acceptable margin can be a percentage, a fixed amount, or a combination of the two. For example, you could accept a 2% difference in the invoice amount with a maximum of 50 euros or dollars or other unit of currency.
The robot books full matches, and small differences within the set margins, right into the ERP system.
When an invoice comes in, it goes to the robot for encoding
The robot matches or encodes the invoice based on recognized data and transfers it to the right person for approval.
During the implementation phase, you define the buying type for all the kinds of items you expect to purchase.
Also during implementation, you define the margins for the robot to approve small discrepancies automatically.
The robot looks for mismatches between prices on purchase order and on corresponding invoices.
When the robot detects a mismatch, it sends the invoice to the owner of the purchase order for review.
GO-Spendis the complete procure-to-pay application for financial and purchasing departments.
Use all features or choose only the features you need.
Get instant insight and tight control of your budget. Track available funds and make informed decisions on every order, contract and invoice reviewed for approval.
Automate and control your business functions like contract registration, approval, renewal, and more. Gain a central overview of all your business commitments.
Structure your procurement workflow and secure it with controls for every purchase. Automate creation, approval and release of purchase orders. Pay your suppliers. Gain insight from spend reports.
Save time and increase accuracy with automation of your tasks like receiving, posting, and routing invoices for approval.
Ensure invoice entry with minimal human intervention. Automatically match your invoices with corresponding deliveries, purchase orders, and contracts. Send any mismatches to owners of POs for review and correction.