The next generation of Accounts Payable automation
Streamline for Invoices is a disruptive Accounts Payable automation solution in the cloud. Built on knowledge gained from global customer feedback over hundreds of projects, Streamline for Invoices exceeds the limits of other AP solutions found on the current market in terms of automation, personalization and agility.
Unlike other cloud solutions in use today, Streamline for Invoices is based on a true digital business platform. This platform, acclaimed by analysts, brings all the agility necessary to sustainably support the organizational changes and the growth of the company.
Discover the features of SLFI
Streamline for Invoices is a third generation packaged solution for processing your accounts payable. Streamline for Invoices is the result of extended experience in the field and provides you with all the functions necessary for addressing individual problems when processing both paper and electronic invoices.
Invoices can be received in different formats: paper, mail, PDF or EDI. Streamline for Invoices integrates an omnichannel capture module that can process all these formats in one single process. Invoices received as attachments of an email are managed automatically without any manual intervention.
The solution is capable of managing files containing one or more invoices with or without attachments. Streamline for Invoices also enables you to capture invoices received in the form of structured EDI files, regardless of the format (CII, UBL, Pivot Chorus …).
The automatic reading function systematically extracts data from invoices received as an image. These images can come from scanned paper invoices, attachments received via email or files loaded on the vendor portal. By leveraging Machine Learning technologies the solution is capable of achieving very high reading rates significantly reducing manual input tasks.
However, the overall automation rate not only depends on the performance of the scanning engines but also on the quality of the vendor repositories. Capture as a Service (CaaS) makes use of a more comprehensive combined repository of supplier master data than just your records. This ensures that all customers benefit from the best reading rates immediately and are able to retain these over time without having to dedicate internal resources to this chore.
Standard delivered procceses include the following features:
- Automatic matching with purhcase orders and / or receipts
- Memorisation of previous coding allocations
- Built-in calculator to facilitate and accelerate multiline allocation
- Multi-level, sequential or parallel approval
- Integration with ERPs in synchronous or asynchronous mode
- Supplier portal: upload or enter invoices, view progress
- Processing, message exchanges
Streamline for Invoices allows the modification of workflow rules in real-time to adapt to the needs of the business.
Optimise your supplier relations
Better collaboration with suppliers
Automating the processing of accounts payable makes it possible to know the status of an invoice at any given moment. This information can be displayed in a portal, which also includes collaborative functions to speed up dispute resolution. With the portal, suppliers no longer need to call an accounting department to know the status of an invoice and accountants have more time for value-added tasks.
Reduced processing costs
By automating the processing of supplier invoices, Streamline for Invoices significantly reduces or completely eliminates entry, settlement or reconciliation tasks for invoices or receipts. This productivity gains time for accounting teams to perform higher value-added tasks such as data analysis.
Control of payment deadlines
The automation of invoice processing enables customers to check the various processing phases, identify possible bottlenecks and speed up the resolution of disputes. With Streamline for Invoices, companies can control payment deadlines, avoid late payment penalties or even benefit from early payment discounts.
Compliance and audit trail
The automation of invoice processing enables companies to trace all the stages of processing an invoice and to supply a reliable audit trail. This audit trail is mandatory in certain global jurisdictions. Streamline for Invoices makes it possible to secure the processing of paper and electronic invoices in the event of an audit by the tax administration.
ITESOFT supports NetworkRail on accounts payable automation solutions
With 423,000 invoices a year, on average 1,600 going through Network Rail every day and a long processing cycle, Network Rail decided it was time to explore new finance solutions. Their main requirements were a more automated and integrated approach and a similar way of working to limit the impact on users. Their huge efforts during this challenging project have been extremely successful.
Invoice rejection has been decreasing over the last 3 years, thanks to the information we extract on the ITESOFT platform.