5 Questions to Ask Yourself When Choosing an Invoice Processing Solution

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Can I justify the cost?
If you are considering an invoice processing system you need to make sure that the cost of the system can be justified. Cost justification on this type of solution is usually related to the time saved on keying data from invoices into an accounts system. It can also be cost justified based on quicker access to invoices and therefore faster invoice approval time, leading to early payment discounts from suppliers. At Datafinity we can help you to calculate the likely return on investment and prepare a good cost justification case.

How many suppliers do I have?
If you receive invoices, either paper or PDF, from many different suppliers (500+) you’ll need to consider the time and cost of setting up these suppliers on the invoice processing system. With any new system there is always a setup period, including teaching the system how to recognise invoices and where to extract the data from. This setup can be done in house once the system is installed or you can employ Datafinity to do this for you.

Am I scanning for archival purposes or to feed data to an accounting system?
There are usually two reasons for automating the scanning of invoices:

  1. To convert paper invoices into electronic format (usually PDF) so they can be easily stored, accessed and backed up. Once scanned the paper invoices can be destroyed or moved offsite to long-term storage. In this case the invoices would be scanned after they have been entered into the accounting system.
  2. To reduce the manual effort of keying invoice data into an accounting system, in addition to the archiving purpose above.

What data do I need to extract from the invoices?
When extracting data from invoices you need to think about what the data is for. If you are just archiving invoices then you’ll only need a few items of data to help retrieve the invoice from your electronic repository, such as invoice number, invoice date, purchase order number or supplier name. If, on the other hand, you want to scan and extract data to reduce manual keying then you’ll need all the data that is required by the accounting system. In addition to above you’ll need to extract invoice amounts, nominal codes (via data lookup), invoice approver details, etc.

Where am I going to store the invoice images?
Once your paper invoices are converted into convenient electronic files you’ll need to decide where to store them, who has access to them and how long you need to keep them. Some companies simply store invoice PDFs on their network in a folder structure. However, an Electronic Document Management (EDM) system, such as M-Files or Filebound, gives you greater control over storage of files, quicker and wider access and the ability to route them quickly to approvers via electronic workflow.

What can we learn from Uber’s document management predicament?

Datafinity Uber Document Management

Photo: The Guardian

Just last week on the Datafinity blog we were talking about legal compliance; now comes the news that global taxi firm Uber got caught out.

As you may have seen in the media, a fake insurance policy document uploaded by a driver-turned-whistleblower made it through Uber’s electronic document management system, meaning that a driver was approved to illegally pick up customers in London. The incident has caused uproar, with TfL launching an investigation and minicab operators calling for Uber to be suspended. Uber’s predicament highlights the importance of having an efficient document management system with robust workflow and electronic sign-off capability.

Filebound’s e-form and workflow capability can automate sign-off processes, ensuring that important documents are approved and authorised correctly with a full audit trail. Learn from Uber’s mistake, and make sure that your legal documents don’t slip through the net.

3 Reasons To Upgrade to FileBound 7.2

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Last week, Upland Software announced the release of the newest version of their FileBound document and workflow automation application. With Filebound 7.2, you can ensure legality and reduce risk without sacrificing productivity.

Here are three reasons to upgrade today

  1. Full Records Management function. Your organisation can now use FileBound to create classifications and rules that support legal information governance – without impacting on usability
  1. Expanded Electronic Signatures capability. Now, multiple parties both within and outside of your organisation can add their validated signatures to a document, for example a contact.
  1. Ensuring compliance and accountability without interrupting the flow of work. Document authors can quickly and easily check electronic signatures and ensure that documents are stored and managed in line with regulations. 

Filebound allows users to centrally manage documents and build automated workflow in order to accelerate their business processes – now faster and better than ever before. Contact us at Datafinity to find out how FileBound 7.2 can work for your organisation.

Productivity: Can we help you?

Last week, Radio 4’s The Bottom Line took productivity as its theme – particularly pertinent considering that the UK’s productivity has fallen behind that of the US, France and Germany since the recession. During the show, an IT manufacturing company, an advertising agency and an NHS Trust discussed the different ways that they have increased their organisation’s productivity. Although productivity meant different things to these different sectors, one of the common themes was using IT to streamline business processes.

Unfortunately, many UK companies still haven’t taken advantage of this. In fact, according to The Economist, “output per hour worked [in Britain] is still 2% below its pre-crisis peak; in the rest of the G7 group of rich countries it is 5% higher. The French could take Friday off and still produce more than Britons do in a week. Confounding stereotypes, Italians are 9% more productive.”

Here at Datafinity, our mission is to help businesses accelerate their paper based processes and improve productivity by using data capture and document management systems. By improving access to information, sharing documents electronically and automating collaborative tasks using workflow, you can compete in your market more effectively and increase profitability. Could your company benefit from this?

ACE new PSI:Capture feature

PSIGEN recently released a great update for their award winning document capture solution. PSI:Capture 5.4 now includes many new features, the most noteworthy being ACE, a new feature within the Classification Module that allows users to set up an unrecognised document type instantly. Instead of having to set up a document type before scanning, users now have the added convenience of being able to build it during the workflow. This saves time and transforms Classification into an even more adaptable, user-friendly module. Like all PSIGEN upgrades, this is free to existing users as part of their maintenance agreement – just contact us to find out how.

PSIGEN releases PSI:Capture 5.3

PSIGEN recently announced the release of PSI:Capture 5.3, the latest version of their fully featured document and data capture solution. This new version builds on the product’s ability to process Microsoft Office 2010/2013 file formats (Word .docx, Excel .xlsx, and PowerPoint .pptx files) as well as Adobe PDF files.

Now Office files can not only be processed through PSI:Capture, using file name, folder name, and file attributes for metadata, but the file content can also be searched for keywords to classify and index documents. This capability is perfect for companies that want to handle scanned paper documents and electronic documents through one process to populate backend Document Management systems such as SharePoint, FileBound, M-Files and over 50 other systems. Existing customers can contact us to obtain the upgrade to 5.3 by emailing support@datafinity.co.uk.

FileBound Announce Release 7.1

27th October 2014, Upland Software announces the release of FileBound 7.1, which builds on some of the new capability introduced in release 7.0, including enhancements to the Search Portal, Web Viewer, Analytics Reporting dashboard and system improvements to increase speed. If you are an existing user of FileBound this release is well worth considering and is available free of charge to customers who have purchased the annual maintenance service.

For more details on the new features please go to FileBound 7.1 New Features

Datafinity installs invoice data capture solution for Sage 50 at GRM Windows

GRM Windows, a South Wales Window manufacturer, is the latest company to take advantage of the time savings and documents security that PSI:Capture provides. To read more about this please see our new case study. http://www.datafinity.co.uk/case_studies.html

PSIGEN launches latest release of PSI:Capture with focus on Invoice Processing and Automation

Last week the latest update to PSI:Capture, version 5.1, was announced. For customers that are focused on scanning and data capture from invoices this update is definitely worth considering. Apart from improvements to the classification module, released with 5.0, there is now an automated invoice line item extraction tool, point and click regular expression creator and the ability to run any workflow step as a background process, allowing time consuming tasks such as PDF creation and document migration to be automated. Please contact us if you want to see the new features or wish to discuss upgrading under your support agreement.

FileBound Gets a Facelift – Release 7 Now Available

In its mission to deliver a document management product that offers capability without complexity, Upland Software has just announced the latest FileBound, release 7. This version offers a new look that is focused on ease of use, faster navigation, reduced clutter and bringing focus to the most relevant and important content. In addition to this, other enhancements to FileBound 7 include:

  • New Workflow functionality that provides even greater flexibility in configuring and testing workflow in the graphical drag-and-drop interface. This gives users greater control and lets them respond to changing business needs quickly.
  • A new Forms Portal, which includes a drag-and-drop E-form Designer that lets users create forms directly in FileBound in a matter of minutes, allowing anyone anywhere to complete forms that can collect additional documentation and signatures.
  • A new Android app, complementing the current iOS app. Workers at organisations with BYOD (bring your own device) policies and remote workers can have access to the same FileBound system at no additional cost over traditional access.
  • Analytics enhancements that allows business owners to get the full value of the data in FileBound to make better business decisions.

To take the hard work out of managing your documents contact Datafinity.