What is included in the Invu Accounts Payable software solution?
Invu Invoice Capture: PDFs, Scanning & Data Extraction
Invu Invoice capture is the “Front Door” for the whole Accounts Payable process and is designed to efficiently capture all new invoices in the business, extract the key invoice data and ensure all data is valid, so that the subsequent process can be automated based on that data.
Where possible, data is automatically extracted from the “captured copy invoice” to both speed up and make more rigorous the data entry. Most rules are driven using the data from the finance system. Rules governing data quality ensure the data is right before progressing to workflow, these rules and data fields can easily be extended to customise the Invu accounts payable software for a specific customer’s needs.
Invu invoice management software will release the document to the Invu Document Management System for storage and workflow as a text searchable PDF with all the extracted data alongside.
Workflow: Invoice Approval and Coding
The problem in the paper world is that you don’t know where the process is at unless you know where the paper is. The Workflow module drives the process electronically so that you know who each Invoice is sat with, why and how long it has been sat there. No need for paper or the rubber stamp!
The Invu Workflow engine will send your Invoice on a custom prescribed journey to ensure that Invoices get processed and authorised in line with your Coding structure, authorisation levels and organisation structure.
The coding task is a special task in workflow that enables one or more users to assign budget codes and any additional codes as required to an Invoice. The module is very customisable.
All invoices completing workflow are queued in a database for posting into the finance system. This allows Finance to deal with batches of approved invoices on a regular and frequent basis.
Integration: Invoice Posting/Matching
Invu’s invoice management software module provides the ability to deliver the approved invoices into your Finance system in a controlled and audited manner. Invu will work with any Finance system to achieve effective integration. Out of the box integration is available for Sage 50 and Sage 200 systems, Microsoft Dynamics NAV, Aareon QLF and many more.
Once the invoice is posted (and later paid), this key data is pulled back from the Finance Systems and stored in Invu. This allows all Invu users to see the end-to-end essentials of an invoice’s progress without needing to be a user of the Finance system, improving visibility within the business.
Both 2-way and 3-way matching (Purchase Orders/Receipts/Invoices) are fully supported.
Search, View, Reporting & Audit
Throughout the process and afterwards, access to Invoices is important. Invu’s Document Management solution is an ideal repository for your documents and allows them to be instantly retrieved. Searches can be done on both the invoice data and the OCR’d (Optical Character Recognition) content of invoices – it is as easy as using Google. There is a full audit trail of the Accounts Payable process, this includes not only every process transaction, it also includes every time a user views a document, even if they take no action.