We live in an increasingly digital world, and yet many businesses and organisations persist with a manual invoice process that is people-, paper- and time-intensive. Paper invoices require opening, scanning, sending to the correct department, filing, archiving, and more, both before and after they are paid.
It’s an invariably painful process for a multitude of reasons.
It’s inaccurate and at the mercy of messy handwriting and transcript errors. It’s inefficient, with paper lost on people’s desks for weeks and months without action. And it prohibits visibility, which increases the chance of charges being incurred for late payment of invoices or making duplicate payments.
An automated world
In an automated world, invoices are either electronic from the source – the ideal – or they are converted from paper, email or facsimile to an electronic image as early as possible.
You can ingest invoices via Tungsten Network using three different methods – electronic invoicing (e-invoicing), Invoice Data Capture, and Tungsten Network Advanced Capture.
As part of its e-invoicing service, Tungsten Network recruits, onboards, enables and supports our customers’ suppliers to deliver true e-invoices from the source. Invoice Data Capture is a managed service in which our service teams capture data from paper, email, and faxed invoices. Tungsten Network Advanced Capture is an intelligent capture (OCR) software solution that automatically extracts invoice data while validating and enriching that data against ERP system data; customer personnel provides tools provided for data validation and repair in this instance.
A typical Tungsten Network customer would use a combination of these methods for capturing 100% of their invoices.
Tungsten Network Workflow is a natural progression from these services, in which our invoice automation workflow picks up each invoice and handles processing based on associated invoice data. Purchase order (PO) based invoices are automatically matched with ERP purchase order and goods receipt data while handling any exceptions that may occur in the process.
Non-PO invoices are automatically directed for general ledger coding and approval in a flexible manner. Once invoices successfully complete the appropriate process, associated transactions are automatically created in the ERP system for payment. Tungsten Network Workflow offers real-time, seamless integration with SAP, Oracle E-Business Suite, and JD Edwards.
Beyond invoice automation workflow, Tungsten Network’s customers can further benefit by utilising the rest of Tungsten Network’s fully-integrated solution portfolio. This includes our Invoice Status Service, which provides suppliers with automated updates on the status of their invoices (reducing calls to accounts payable departments by up to 60%) as a natural by-product of the workflow process. It also includes Tungsten Network Analytics, a groundbreaking spend analysis tool that enables customers to scrutinise line-level data in real-time, identify price variance, and yield potential savings of around 1-4% of spend.
The next generation
Launched at the start of this year, the new version of the Tungsten Network Workflow introduces a range of new features, like a new reporting tool replete with options to make it even easier to create robust, comprehensive reports. The new application performs faster and has an entirely new look and feel, allowing for a more intuitive user experience. It is also available on mobile devices, so users can manage their invoices more dynamically.
To put it simply, Tungsten Network Workflow delivers efficiency, accuracy, and cost savings. Click here to find out more.