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Invoice Management

Automatically processing incoming logistics and cost invoices

What is ISP-Invoice?

ISP-Invoice is smart software that automatically processes your logistics and cost invoices in your ERP or financial system. This saves time. Manual processing of digital and paper invoices is labour-intensive and not transparent.

The benefits of digital invoice processing

Using ISP-Invoice, your full invoice processing is a streamlined, digital process. Paper or digital invoices are automatically processed step by step, providing you continuous insight into the current status of each invoice. You will never lose an invoice anymore, and you can find and view it any time, any place. This results in cost savings up to seventy percent, with many other benefits.

1. Reading in electronic and paper invoices

Although companies increasingly send invoices in a digital format, many still send invoices on paper. This is why you have the option of electronically processing invoices based on both e-invoicing and scanning.

Processing paper invoices

The accounts payable department scans the incoming paper invoices in one or two batches on a daily basis.

The invoices are automatically taken to the recognition software. After a quick check, the invoices are transferred to ISP-Invoice for further processing.

Processing PDF invoices

PDF invoices are automatically read out from one or more mailboxes and saved to a designated directory. Subsequently, they are imported in the step ‘recognition invoices’. After this step, the invoices can easily be transferred to ISP-Invoice for further processing.

Processing electronic invoices

Invoices in XML, EDI, CVS or TXT format are automatically received and processed. Invoices related to a purchase order directly matching with goods received are booked and made payable in a fully automated process. An advanced work flow assists with approval of the cost invoices.

2. Recognition of information at header and line level

The scan solution allows for straight-forward digitisation of the paper and PDF invoice flow.

Free-form recognition of invoice details

The recognition software is based on Free Forms rather than templates.

Templates require you to create a template for each supplier, indicating the location of each information field in the invoice. When using Free Forms, the location of the information is not relevant. The software has intelligent search capabilities based on a synonyms list. From experience, we know that the recognition percentage is 70% to 90%.

Intelligent recognition at header and line level

Details such as supplier, invoiced amount, invoice, date order number, total amount due, VAT, VAT code and currencies are automatically recognised. Alternatively, information may be recognised automatically based on invoice lines. This automatically recognises information for each line, for example the item number, the quantity or the item price.

A large range of automatic validations assures you of correct recognition. This would includes checks such as ‘price x quantity’ = sub-total’ or ‘total of all sub-totals = total sum payable ex VAT’. Furthermore, supplier-specific rules can be defined.

3. Processing logistics and cost invoices based on auto-matching

Processing invoices in ISP-Invoice can be based on auto-matching logistics invoices or on an advanced work flow for approval of cost invoices.

Automatically matching logistics invoices

We offer full integration with the automatic matching functionality. The relevant invoice details are sent to your ERP suite for matching via an interface. We have experience in creating links for digital invoice processing with various systems.

The invoices are automatically sent to your ERP suite for matching via an integrated interface. The total invoiced sum is matched with the balance of goods positions of the order numbers on the invoice for which an invoice should be received. If these amounts are matching and are smaller than or equal to the outstanding balance of the purchase orders, the invoice is automatically booked.

In addition to matching for total amount, it is possible to match at line level. This allows for matching partial invoices; price differences at line level will quickly be detected.

4. Digital approval of incoming invoices

In ISP-Invoice, you can set the operating system for the invoice approval work flow of invoices to automatic. AdvancedRouting offers the option to create standard routing suitable for your organisation, supporting several procurement limits.

For combined invoices, the invoice is broken down to ensure each budget holder is able to approve only his/her own invoice lines. The complete approval is recorded in a digital audit trail, enabling subsequent review of the record.

Automatic processing of mismatches

This works as follows;

  • Your ERP suite generate an error report for any mismatches.
  • The invoice is sent to the organisation via ISP-Invoice’s advanced work flow, or is queued temporarily until the goods are received.
  • After explaining the differences and making a decision on the invoice in ISP-Invoice, the administrative processing is completed automatically.
  • You can also create routing for processing differences on purchase orders, setting the deviation authorisation rules for each role.

5. Digital filing of incoming invoices

The invoice archive and the audit trail will save you time and money, while providing insight into your incoming invoices.

Saving time and space

Thanks to ISProjects’ digital invoice archive, you save a lot time in terms of filing and finding incoming invoices. Additionally, after approval is issued by your tax inspector, you can shred all paper invoices received after scanning. That also saves filing space!

An integrated secure archive

ISP-Invoice offers an integrated archive allowing for quickly finding any invoice with advanced search criteria. The filing security ensures that employees can access only the invoices for which they are authorised. Also, the complete approval route is shown for each invoice line.

Retrieve invoices in your ERP or financial suite

The digital archive is fully integrated with most ERP and financial suites. When retrieving unpaid invoices of a creditor, it is possible to see the digital invoice and the audit trail by pressing a single button. Depending on the ERP suite, this is also an option for retrieval of the history of documents, general ledger movements and retrieving and editing the payment advisory list.

Full integration with ERP and financial systems

The ISProjects software is fully integrated with your ERP or financial system. We have a wide range of standard links with various leading systems. This gives you a clear picture of the cost and completion times without long-term development projects.

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