By automating a companies’ invoicing process, time spent on approvals can be significantly reduced and overall employee productivity increased.
HDS Invoice automates the process of collecting, submitting, tracking and paying of supplier invoices. Multiple options can be activated depending on specific client needs. The system can be integrated with HDS Purchasing or with in-house ERP systems, or used on a standalone basis.
How Invoice works:
- Scan: scan incoming invoices in bulk and send to the HDS server via a special application.
- Index: invoices received by the system are indexed, then launched for approval.
- Approve: managers approve or disapprove invoices and an approval sheet is generated.
- Pay: after approval a downloadable payment report is generated in predefined client format
Benefits of using HDS Invoicing
Reduce time spent on data input
Automated character recognition allows for the preparation of accounting entries saving time on manual input of data.
Reduce time spent approving invoices
Automated processes allow for online management of invoice approvals. Expenses can be challenged and questions addressed directly in the system. Regular notifications and status updates inform accountants or other parties of the advancement of the process.
Ensure traceability and compliance
All steps in the approval process are documented ensuring full compliance with tax regulations and traceability for accounting or audit purposes.
Fast and reliable accounting closure
Accruals can be calculated at any point in the invoice approval process for more accurate forecasting of company or project revenue.
Accelerate the entire invoice approval process
Paperless processes speed up approval times by automatically transferring tasks and supporting documents to the necessary parties. Automatic reminders and escalations ensure that approvals are done on time.
Key features of HDS Invoice
Automatic recognition of invoice indexes (OCR)
Automatic retrieval of invoice indexes such as supplier name, invoice number, invoice date, invoice amount and, upload into the system for further invoice reference and analytics.
Purchase order matching
Match invoices with purchase orders, identify discrepancies, and proceed with discrepancy approval. Can be used as a stand-alone solution or integrated with HDS Purchasing.
Customized invoice approval process according to customer authorization rules. Notification of new invoices automatically sent to all participants, allowing for question/answers, for escalation in case of approving manager absence, for status tracking of invoice and for access to scanned image. Access to tracking and communication history.
Archive of all scanned invoices in PDF or TIF format with possibility to search, retrieve and print-out scanned invoices.
Match invoices with purchase orders when used with HDS Purchasing.