Has Brexit affected your business?

LCB

If Brexit has adversely affected your business, now is a good time to look at reducing costs by improving business process efficiency. For example, the construction industry has seen activity drop to its lowest level since 2009*. We have a number of clients that have reduced costs by using Datafinity’s invoice processing solution. Read how LCB Construction did just that….

* according to recent market data from Markit / CIPS Index

 

PSI:Capture 6.0 is available now

PSI:CaptureThis latest version of PSIGEN’s advanced capture product, PSI:Capture, not only offers significant feature enhancements, but also a brand-new user interface.

The new user interface is a sleek, user-friendly upgrade that allows for a more intuitive user experience, without compromising the functionality of the program. Users are able to customize the UI to suit their needs, like choosing an application theme and deciding whether or not to display the module icons and enable certain toolbars.

The capture profile configuration has been simplified, which will help reduce the time it takes users to set up the capture workflow. A notable component of this simplification is the removal of the “next” button, which allows users to go back and forth between configuration steps as needed. The application toolbar has also been replaced with a ribbon containing easily identifiable icons and command descriptions. Selecting a tab summons the ribbon drop down for that item, and the user can choose to permanently expand the ribbon should they need to access those items frequently. A customizable quick access toolbar can be added to the interface to make any ribbon item easily accessible.

PSIcapture 6.0 is now available for existing users to upgrade. For more information on PSIcapture 6.0 or other PSIGEN products, contact Datafinity.

 

PSI:Capture 5.4.2 takes classification to a new level

psicaptureWe’re pleased to announce that the latest version of PSI:Capture is now available to Datafinity customers. This new release gives the user even more extensive classification capabilities and includes a total of 8 new features, and 10 enhancements. The upgrade offers a myriad of benefits, but we’ve picked out our three favourites…

Classification Form Ranking allows you to automatically re-order classification templates based on usage frequency, enabling faster and more accurate template matching.

Smart Zones can now be used to automatically detect and capture line items from an invoices making setup and editing much easier (requires Table Extraction Module)

Report on how many times a classification template has been used. For invoice processing applications this allows user to analyse the frequency of invoices from their suppliers.

We can’t wait to see our customers benefit from these new features – upgrades are free of charge to customers that are on a maintenance plan and have the relevant modules. Contact us today to take advantage of this exciting new release.

How To Automate Accounts Payable

The numbers you need to know from the IOFM White paper

Accounts payable departments are among the most acutely affected by out-dated, labour-intensive, paper-based systems – they are at the frontline of the war being waged against paper by many organisations. This month, the Institute of Finance and Management (IOFM), in partnership with M-Files, released a white paper explaining how enterprise information management (EIM) systems can address the challenges faced by accounts payable departments.

The paper contains a number of interesting stats – we’ve highlighted the most important ones that you need to know and what they mean for your organisation.

  1. Paper is a problem that isn’t going away any time soon

Nearly 60% of invoices still arrive as paper documents

  1. Accounts payable automation is an all-round solution to inefficient paper-based processes.

The top 3 benefits cited in an AIIM survey are a 1) faster turnaround time to payment, 2) better monitoring of invoice status, and 3) better records for audit trail or litigation. Other benefits included fewer invoices “lost in the loop”, and a more efficient and professional approach to dealing with suppliers.

  1. Organisations quickly recoup their costs

Automation can reduce the average cost of processing an invoice by approximately one third. 22% of organisations achieved a return on investment in 6 months or under, and 63% in 12 months or under.

  1. Companies are prioritising accounts payable as an area for investment and automation

63% of those surveyed say that accounts payable is a priority for improvement in 2015, and nearly two thirds reported that accounts payable will receive additional investment for process improvement projects this year.

We’ve seen these stats in reality, as more and more businesses come to us seeking to automate invoice processing. You can read about some of them here. Clearly the implementation of document capture and management solutions is a priority for finance departments.

You can read the full white paper here. Do these statistics reflect your experiences?

PSI:Capture 5.4.1 Lands Today

Psicapture 5.4.1

 

 

 

 

 

 

 

Today, PSIGEN software released a new version of PSI:Capture which focuses on productivity. Expanding on the new ACE functionality that we talked about in a previous post, users can now create or adjust zone OCR profiles on the fly during the scanning process, allowing users to continually improve the system’s performance. This capability is especially useful for invoice processing applications, where multiple zone templates are needed to capture data from many different supplier invoice layouts.

Here’s a summary of the new features:

  • Accelerated Zone Profile Configuration. Allows users to create Zone Profiles in the Index module without having to return to document type configuration. Used in situations where a document fails to trigger the correct profile, the current profile needs adjusting, or another profile needs to be selected
  • Automatic Classification Forms Generation. Instead of manually classifying forms and matching record types, you can automatically generate them from database column names and row data. Connect to almost any database type, and Capture can connect and convert database info into classification form definitions
  • Auto Zone Creation. New zones can now be created automatically for new zone definition profiles. Regular expressions match against OCR text on a form and create zones automatically, with minimal user configuration

Sounds good? Contact us to talk about upgrading.

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.

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.

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.