financial Objects

Audience: Accounts / purchasing teams

Processing invoices more efficiently improves supplier or customer relationships and significantly reduces the possibility of late payment penalties.
Paper based documents such as invoices, delivery notes or account statements still remain common place in both purchasing and accounts departments. Processing and filing these documents can often be time consuming and tedious. Regulations today stipulate that organisations must keep invoices for six years in addition to the current year received. For those that receive multiple supplier invoices, this can have a serious impact on physical storage space and makes it difficult to locate individual invoices quickly. Time spent searching amongst dusty filing cabinets looking for lost, misplaced, misfiled or mislabelled documents can certainly be better spent on more high value tasks.

If this situation resembles your office, speak with the Financial Objects team about the benefits of a Document Management solution. They can guide you on how best to automate your Invoice Management process. Paper invoices can be scanned in seconds into genisys, an intelligent software application which has smart, customisable indexes enabling easy searching for auditing, legal or querying purposes.

genisys doesn’t just handle paper documents. All document types including faxes, emails, delivery notes and reports can be stored in one place accessible simultaneously to multiple staff and integrated with accounts software. Multiple documents can also be electronically stapled together to cut down time spent searching for additional information to justify a payment or follow up a supplier query. In addition, genisys has built in annotation and workflow capabilities so that users can highlight important facts on documents and track their progress through a process such as an invoice approval or an expense sign-off.

Electronically storing important documents not only helps your organisation to improve supplier relationships, it also enables a quicker recovery from potential disastrous circumstances.

What’s more, its simple interface requires minimal training, which means genisys users can start enjoying the benefits of a paper-free office straight away.

Process steps

Data Capture: information is captured onto the system from scanners, faxes, email or directly from the accounts system;
Indexing: information is intelligently stored in folders and indexed using customisable fields e.g. account name or project title;
Data extraction: key information can be extracted from paper documents (e.g. invoice or supplier numbers) to assist with automatic indexing or to feed into other systems;
Distribution: background documents such as proof of delivery can be attached and sent with invoices to relevant departments or individuals;
Approvals: approvers can send documents back with annotations such as payment terms or queries;
Notifications: workflow software can be used to track progress, update systems and alert users along the different stages of a process;
Query: multi-user profiles enable the user to run queries at any time and allow more than one person to look at the document at the same time. With intelligent indexing, authorised individuals can find documents in seconds regardless of how long they have been stored.

Summary of benefits - a more productive accounts department

Reduction in administration – less filing
Improved accounts accuracy – verifying invoices with accounts ledgers
Faster query resolution and approval process – e.g. attaching PODs with Invoices
Less physical storage needed – all invoicing electronically stored
Regulatory compliance – full audit trail recorded
Cost reduction

Invoice management

Customer references

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