+44 (0)203 058 1000
Information overload is the blight of 21st century business. Despite the huge progress in electronic technologies, paper production continues to grow. These documents are an essential corporate resource, underpinning all core operational processes and decision making.
There are many uses for document management and imaging systems across an organisation, however Eclipse have partnered with V1 specifically to help organisations drive efficiencies and reduce costs within the finance function.
One of the most protracted and costly processes within any organisation, is the manual processing of purchase invoices.
Using V1's sophisticated OCR (Optical Character Recognition) technology, invoice data is automatically captured, extracted and validated before being exported into the accounting system. The scanned image of each purchase invoice is placed in to an archive and can be easily retrieved.
The activities associated with the approval of purchase invoices can also be extremely time-consuming and inconvenient for both the finance department and the cost centre managers.
Using V1's workflow system, invoices can be sent electronically around the organisation for approval and/or coding. Business rules can be built into the authorisation process (e.g. based on supplier, value or cost centre etc.) that will automatically direct invoices to the appropriate authoriser. Once final approval has been made the invoice is returned to the accounts payable team for further processing (e.g. updating the finance system/flagging the invoice as approved for payment).
The filing, storage and retrieval of original paper-based invoices is inefficient both in terms of man power and costly office space.
The V1 document archive ensures an electronic image of the invoice is stored for audit purposes, along with the authorisation audit trail. This image can be accessed from within the accounting system or web browser and linked to other relevant documentation such as the PO, PoD, remittance etc., thereby eliminating the risk of document loss from mislaid or misfiled papers.
Tight integration with existing financial software provides automatic generation and posting of accounting entries directly from scanned purchase invoices, which helps to streamline processes, improve control and drive down costs. In most cases, organisations can achieve a return on investment within six months.
To find out how Eclipse can help your organisation improve its document management process, contact us on +44 203 058 1000, or
Sign-up for a free online demonstration of Core Invoice Scanning to learn about the key features and benefits of this solution.
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