automatisatie van de factuurstroom/ accounts payable automation software

RACS Accounts Payable Automation Software

A while ago, Raposa, the Antwerp based software manufacturer of RACS, a Financial Management Software suite launched her new module. RACS Accounts Payable Automation Software with intelligent invoice scanning via OCR.

RACS Accounts Payable Automation Software automates repetitive tasks in the A/P department

“The main aim of Accounts Payable Automation Software is to free up more time for the employees in the A/P departments of our customers by, automating repetitive tasks such as entering incoming invoices one by one in the system. This allows employees to spend more time to the tasks of modern financial services such as analyzing numbers and providing management information. ” Said EriK Goossens, managing director of RAPOSA.

Invoice or attachment?

Invoices are received in PDF format by e-mail. Paper invoices are scanned in batch. Both are sent to the OCR server that makes the distinction between invoices and attachments by looking for recognition words specific to invoices and attachments.

For wich company / department?

Once this distinction is made, the server looks for information (name, VAT number, telephone, etc.) indicating to wich entity the invoice belongs. Because you can enter the accounting of multiple companies, branches, departments, etc in RACS.

From wich supplier/vendor?

The next step is to recognize the supplier. This also happens by the intelligent recognition of unique data such as bank account, VAT number, Po number, etc.

Automatic posting and payment

Once the entity and the supplier of the particular invoice are set, the invoice data (document date, amount, reference…) can be read. This happens automatically, after certain logic to recognize the invoice data of the vendor is inserted into the Accounts Payable Automation Software. When all the necessary information for the invoice is found, the invoice will be sent for further processing such as booking and paying, to the RACS Financial Management module.

Approval flow

Racs can implement your existing approval processes. However it is much more efficient when you rely on the system to do the posting and to decide on the approval for payment of the invoices that could be matched with a P/O number and a the supplier without any intervention. It is possible to determine the tolerance factor per supplier in value or in percentage. So, in this way, this part of the 3-Way matching is automated.

Do you have any idea how much time RACS Accounts Payable Automation Software can save you every year? You can make an estimation with our calculator.

The best part of all is that you can spend this saved time very efficiently. With the built-in reporting tool that allows you to analyze until 20 dimensions deep, you can create clear outlines and reports in RACS. You do this yourself. Without the intervention of others. And at no extra cost. Useful right?