Electronic Invoice Processing

Invoice Processing Service: Basic Concepts

This service, offered in collaboration with the P2D Group, allows organisations receiving large numbers of purchase invoices (typically over 500-1,000 invoices/month) to drastically reduce the cost of running their payments department.

We will receive your purchase invoices via a dedicated PO Box at our premises in Peterborough. All invoices will be scanned and resulting images processed via a specialist OCR engine which will identify all relevant information: supplier name, invoice date, line items, total, VAT, etc. This information is then collated into an electronic file (XML or csv) which is then uploaded directly into your financial system, be it Sage, Pegasus, QuickBooks, Access and many others. NO MORE keying in purchase invoices and the accuracy is guaranteed at 99.9%.

We can even provide a workflow system for approval and/or automatic matching if relevant. Each implementation is tailored to your existing systems.

Features & Benefits

  • No upfront costs or investment spend: the initial integration and implementation is free of charge.
  • Pay as you go cost model, processing for less than the cost of a postage stamp
  • Immediate cost savings and rapid ROI of up to 70%
  • No need for onsite hardware, software or integration activity so negligible impact on internal IT resource
  • Rapid deployment (typically less than 2 months)
  • Fully hosted system allowing easy access from multiple locations
  • Archival of purchase invoices eliminating the need for a separate document management system
  • Online approvals workflow (optional) speeding up the whole process
  • High level built-in security allowing variable access depending on clearance
  • Automated purchase order/invoice/delivery note matching capabilities before receipt of the invoice (optional)
  • Capability to send/receive other documents like purchase orders and remittance advices electronically (optional)
  • Online portal available for suppliers so no more phone calls to enquire when payment will be made
  • Full audit trail
  • Approved by HM Customs and Excise

Some Questions and Answers

Q How do we approve supplier invoices?
A A workflow to meet your needs will be written, whether you need many people to approve invoices or specific types of invoices, additional documentation, document matching, sign off deadlines, etc

Q Is this EDI?
A No definitely not, EDI is used in specific industries (Retail, Automotive and Manufacturing) and is a one to one link with a specific supplier/customer.

Q Can I print a copy of the document if I need too?
A YES.

Q Can I retrieve and print old invoices for audit purposes?
A YES you can and there’s no charge for archiving and retrieving them.

Q What happens if your network fails?
A The data on the network is fully backed up in a secure location; a mirror of it is constantly running at a different secure location.

Q What support facilities do you offer?
A There is a 24/7 helpline which is provided to you once you have signed up.

Q Do I need to pay any set up fees to get started?
A There are NO set up fees and no need for any capital purchases.

Q What if my IT department have not budgeted for this project?
A The P2D invoice processing system has been designed so that minimum IT resource is required, even with complex systems and it is likely that the integration will be done FREE OF CHARGE.

Q Can I match other documents with my invoices?
A Yes you can in a couple of different ways. If purchase orders are already in the systems, they can be instantly matched. You can use the installed scanning software to scan and match documents; you can also receive attached documents with invoices from your suppliers.

For more information please download the fact sheet or call us on 0844 414 0650 or email us on scanning@papershrink.co.uk

Click here to download this fact sheet >>>