When new “disruptive” technology enters the market, there is generally some initial scepticism, especially when the implications seem too good to be true. But over time this new e-invoicing technology has proven beyond all doubt, the only barrier to adoption is an awareness of the benefits that are being missed.
Document Logistix Compleat Capture represents unquestionable benefits for every business.
Compleat Capture has implications for legacy Optical Character Recognition (OCR)* and document management solutions.
Compleat Capture provides the most accurate, robust and cost-effective approach to removing all paper invoices on arrival permanently, and generating a level of automation and productivity increases that are too significant to be ignored.
*We continue to use OCR technologies to generate e-Invoices, so we speak with authority on the advantages of the new capability!
The objective of Document Logistix Compleat Capture is to remove all the paper from the purchase invoice capture and approval, as well as cut manual data entry and filing from the process.
An e-invoice is the automatic generation of a digital version of every invoice, however the invoice was initially received (paper, email, PDF, Word, Excel, .txt, etc.).
Ideally, the creation of the e-invoice should take place the moment an invoice is received as it enables the maximum level of automation for every step that follows, which creates significant productivity gains and a far more robust and fully auditable process.
The e-invoice data (plus the readable image / PDF) is captured and retained (for 7 years) with all of the information required for HMRC e-invoice regulations.
There is no requirement to maintain a paper copy, which eliminates time-consuming filing work and frees up costly physical space historically used for storage. The growing universal adoption of emailing invoices as a PDF over the past 5 years delivers a fundamental benefit in both the accuracy and speed of processing an invoice to deliver the e-invoice.
A .PDF contains all the invoice data in digital format, which enables easier, faster and critically, extremely accurate e-Invoices, especially when compared to trying to re-constitute digital information by “reading” a scanned paper invoice using OCR. We know that if you ask your suppliers to send their invoice via email as a PDF, most organisations can achieve 95% of invoices arriving this way, leaving OCR to deal with the tiny minority of paper invoices.
When compared to an automated e-invoice capture and approval process, manual invoice processes are very slow and laborious. Invoices are mislaid, and managing supplier queries and credit control calls are convoluted. Accidental duplicate payments are more frequent and paper-based or manual systems are far more susceptible to fraud.
Document Logistix Compleat Capture changes that. The e-invoice automatically generates the relevant e-invoice approval transaction which contains all the relevant invoice data (with the associated invoice PDF attached), and undertakes a fully automated reconciliation with the relevant purchase order or goods receipt note (GRN), followed by the appropriate approval process. The invoice is also automatically posted to your accounting or ERP application on final approval.
Our unique, flexible approach, ensures the maximum number of invoices processed via e-invoicing and guarantees the highest supplier adoption rate.
Manual invoice capture and approval processes tend to reflect whatever methodology is preferred by each company, ranging from simplistic methods through to robust and highly structured processes.
The more secure and robust your manual process, the more labour intensive it becomes and therefore the higher the productivity gains achievable. e-Invoicing is transforming Accounts Payable processes. Every invoice is captured on receipt and the exact status of each transaction is instantly available to everyone who needs to know.
An e-invoice can never get lost; it shortens the approval process to a matter of hours or even minutes and all invoice queries are managed through to a successful conclusion.
Invoice accruals are maintained in real time for faster month-end closes and everyone has a single real-time view of the status of every invoice transaction (including payment status) to cut down the endless queries.
e-invoicing is simply a far better way of working and saves everyone involved a huge amount of time and ensures that suppliers can be paid on time.
Document Logistix Compleat Capture is replacing OCR implementations. OCR vendors quote up to c. 97% accuracy, which means 3% of information is either missing or incorrect. Each company must then dedicate a resource to the supplier on-boarding process, and validate the information of each invoice to determine that it is complete and correct. Compleat removes the requirements for ALL this work and the cost associated with it. Besides, most invoices today are not in a paper format, as between 60% - 95% of all invoices are already received via email as a .PDF, but you probably print the emailed PDF invoices to start your manual approval process!
Every invoice can be processed by Compleat Capture. Compleat Capture processes supplier e-invoices (EDI), output from OCR applications, emailed PDF, Word, Excel, text transactions, .htm / .html and ZIP files and scanned paper invoices – in other words, every invoice format.
This includes single PDFs that include multiple invoices, multiple page invoices, foreign currency and language invoices and dozens of other variations on the theme.
When we encounter a new format, it is simply added to the list of supported documents, without your intervention and without cost to you.
The more we add, the better our service becomes for all.
The Compleat Capture process delivers 99.99% accuracy for every transaction processed.
This high accuracy rate is achieved by a thorough and comprehensive validation process that includes more than 20 different activities, from simple ones such as determining that the Net VAT and Gross values reconcile, to more sophisticated tests such as checking whether the bank account details (account and sort code) match those held in your accounting software.
Our methodology is far more robust and thorough than your manual data entry process, significantly reduces the likelihood of mistakes and proactively protects against fraud.
A detailed study of the accounts payable process shows that around 70% of the time to process each transaction is taken up with the management of the piece of paper. For most organisations, that represents a cost of between £1.40 and £2.80 per transaction when performing manual tasks that add zero value to the business.
Automating the process saves a great deal of money, and releases staff for more productive, higher value work.
We retain accounting data for a minimum of seven years in compliance with HMRC and VAT e-invoicing regulations.
Ask your suppliers to email you their invoices
All you need to do is ask your suppliers to email PDF invoices. A PDF generated by an accounting / ERP system contains all the electronic data required to “render” the readable copy of the invoice. Compleat e-invoicing extracts this data and reformats it to create the structure e-Invoice XML transaction. We also accommodate document formats such as XML, EDI, HTML. Paper invoices are bundled on receipt and scanned to generate a single PDF of multiple invoices.
Capture the information directly from your invoices
Compleat Capture technology captures the data within the PDF invoice so that upon receipt of the invoice, the invoice data is automatically mapped, validated and converted into an e-invoice structure to enable the transaction to be delivered directly into the eCompleat invoice register, without touch. Once a supplier has been on-boarded, the time from the email being received to the e-invoice transaction being available for automated download is measured in fractions of a second.
are processed within 3 working days (reflecting the “one-off” new supplier on-boarding / validation process).
Compleat automatically checks for duplicate invoice numbers and will only process one transaction. The second transaction is retained (but not processed) for future reference / audit trial and highlighted as a duplicate.
Track the location of an invoice throughout the approval process
Each processed invoice is automatically downloaded and captured within our application and then tracked throughout the approval process, with time and date stamp providing a permanent audit trail. Once received, it is impossible to “lose” an invoice transaction and we provide both automated and personal “nudges” to keep the approval wheels turning. On final approval, the invoice is automatically posted to your accounting or ERP software without touch. We also provide the ability to include the real-time payment status for every transaction.
The reasons for this approach are simple. Our methodologies ensure a successful process every time, delivering a “single view of the truth” on the exact status of every invoice to everyone that needs to know, from any connected device 24x7. It is simply a better way of working.