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2015 Invoice Workflow Automation Report

Exploring the Efficiency and Value of Invoice Workflow Automation (IWA) Technology

September 3, 2015      

Underwritten in part by Avidxchange, Chrome River, Corcentric, Coupa, Esker, GEP, Top Image Systems, and OpenText.

Introduction

A fundamental challenge for the Accounts Payable (AP) professional is managing the lifecycle of supplier invoices in a way that is both secure enough to ensure compliance and fast enough to increase savings and promote good supplier relationships. Manual invoice processing rarely affords the opportunity to meet these goals—instead, it results in high processing costs, lost and error-ridden documents, late payments, and dissatisfaction from both external (suppliers) and internal (administration) parties.

With invoice workflow automation (IWA) solutions, AP departments can combat and greatly reduce inefficiency. IWA software’s secure, transparent, holistic functionality fills in the gaps left by manual procedures. These solutions do not only reduce processing times
and lost or duplicate invoices; they also increase organizations’ ability to capture early payment discounts and reallocate AP staff to more strategic tasks.

PayStream Advisors’ research shows that IWA is one of the most important tools for back-office efficiency, as it consistently provides substantial ROI. This 2015 Invoice Workflow Automation Technology Insight report offers a summary of PayStream’s latest market research related to IWA usage trends, and highlights the most recent developments in IWA functionality.

IWA Today

PayStream Advisors surveyed over 200 individuals employed in many different industries, compiling data reflecting current attitudes towards and usage of invoice automation software. According to research results, 41 percent of organizations are currently using an invoice workflow solution, while 19 percent reported that they are planning on implementing a workflow solution in the next year, see Figure 1.

Figure 1: More Than Half of Organizations Are Using or Have Plans to Implement an IWA Solution
“Are you currently using or planning to implement an automated workflow solution in the next 12 months?”

IWA 2015 1

There are many common factors that drive organizations away from manual invoice management. When asked why they are planning to automate, most organizations reported that they hope to reduce costs, reduce lost or missing invoices, and/or save time in the invoice approval process, see Figure 2.

Figure 2: Cost, Process, and Time Control Are Great Concerns for Many Organizations
“What factors are driving your organization to consider an electronic invoicing solution?”

IWA 2015 2

Invoice workflow automation goes a long way in controlling issues of time, accuracy, and cost—especially when considering the fully-loaded processing cost per invoice. This amount, which includes spend for AP staff salaries, managerial overhead, facilities, and IT support, can vary greatly depending on the level of automation in the AP department. According to data gathered from PayStream Advisors’ consulting engagements and benchmarking groups, the average fully-loaded cost with manual invoice processing is $40.70 per invoice. With an IWA solution, AP departments can potentially reduce their fully-loaded cost per invoice substantially.

It is important to note that most organizations (84 percent of those surveyed) do not track their invoice processing costs, which prevents them from properly identifying and correcting process inefficiencies. Invoice workflow solutions track invoice movement as well as costs, granting organizations more control—and the ability to fine-tune, strengthen, and shorten the workflow process.

Research shows that most organizations (43 percent) are able to process their invoices in under five days, while 39 percent process them in five to ten days, see Figure 3. However, 11 percent report an approval process between ten and twenty-five days. Fortunately, research results show an overall reduction in approval times when compared to last year’s data, and PayStream expects this trend to continue as IWA adoption grows in the market. More organizations are recognizing the potential of IWA software to shift an organization from a 45-day approval process to same-day approvals.

Figure 3: Approval Times Have Shortened Between 2014 and 2015
“On average, how long does it take your organization to approve an invoice from the time it is received?”

IWA 2015 3

The IWA Universe

Because businesses’ infrastructures can be complex and require careful management, the functionalities of invoice workflow automation technology are by no means simple tools. An IWA solution is designed to adapt precisely to existing business structures, diverse supplier
bases, and complicated approval hierarchies. In order to meet these requirements, the software must be highly advanced, customizable, and versatile—from beginning to end of the invoice lifecycle. This section highlights the basic and leading features in advanced IWA
solutions.

Invoice Receipt

Before an approval workflow solution can operate successfully, invoices must be entered into the organization’s system in an efficient, timely, and accurate manner. There are two primary ways to input invoices electronically into a workflow system—through the use of a scanning and OCR data capture process or an eInvoicing network.

OCR Data Capture: Optical Character Recognition (OCR) is the electronic conversion of scanned images or text to a machine- encoded document. OCR extracts the relevant data from scanned paper or PDF invoices and sends it through validation and routing. OCR technology can be used in several invoice receipt methods, including mailroom services, email extraction, and online portals.

After invoice data is extracted, the OCR-converted documents are verified against a set of validation rules; the solution compares specific fields against the information held in the appropriate back- end system (e.g., purchase order numbers against the purchasing system). Validation technology is a second round of checks and balances for invoice consistency and compliance—after the initial capture of data, it re-affirms the integrity of business documents before they are assimilated into the main workflow system.

The use of an advanced OCR technology ensures a high level of precision, consistency, and compliance. Advanced OCR technology provides capture capabilities that have excellent pass-through rates when scanning paper documents, and some technologies are able to extract data from the subject and body of emails rather than only the attachments. In all, the more advanced the OCR software, the more streamlined the routing process becomes down the line.

eInvoicing: The electronic submission of invoices eliminates all manual data entry by the buyer. There are three methods of electronic invoicing:

1. Traditional direct integration with the supplier’s back-end AR system, typically done via Electronic Data Interchange (EDI) of XML files.
2. Online fillable forms (usually as part of a supplier portal), which ensure that a uniform invoice is submitted every time.
3. A print-to-cloud solution that validates PDF elements instantly and notifies suppliers in real time that their invoice is missing necessary elements.

Advanced eInvoicing solutions are free for suppliers, and many feature advanced global capabilities for complex invoice requirements in Europe, Asia, and Latin America. The greatest advantage of eInvoicing is the ability to send invoices straight to the approver and then straight to payment (i.e., straight-through processing).

Invoices can be put into the approval workflow system using either of the above methods, but organizations need not choose only one. PayStream has found that most companies receive their invoices in a wide range of invoice formats, see Figure 4. Therefore, the most effective way to efficiently input invoices into a workflow system is to employ a strategic mix of electronic invoice receipt methods.

Figure 4: Organizations Receive Invoices in a Wide Range of Formats
“What amount of invoices does your organization receive in the following formats?”

IWA 2015 4

Matching and Routing

Workflow solutions enable AP departments to define how different types of invoices are processed. Invoice matching and routing involves linking invoices to purchase orders and other receiving documents, then sending them through the appropriate approval chain based on terms identified within the invoice (such as PO number). PO-based invoices can be matched against the PO and receipt documents automatically, while non- PO invoices are routed to the appropriate approvers.

All invoices are routed based on predefined business rules, and user roles and access rights can be set to match the organization’s existing approval hierarchy. Many solutions give client administrators control over individual user access rights. Administrators can then delegate the types of approvals for each employee, their level of visibility, and their authorized dollar theshholds.

Advanced technologies provide field-level matching, meaning that they match specific characters in invoice line items with their counterparts in POs. Some solutions create notifications or workflows driven by fields with invalid or missing data, and some feature the ability to dictate workflows for non-PO invoices based on invoice contents. Users may also assign non-PO invoices to specific categories within the general ledger, and advanced solutions allow specific line items to be assigned to multiple cost centers or multiple POs.
The accuracy of some rules-based matching engines, in combination with eInvoicing, allows many companies to automatically pay invoices that meet all validation rules shortly after receipt, letting AP staff focus only on exceptions. This pass-through feature can be used for low- value or recurring invoices (such as utility bills).
Invoices that fail validation and matching undergo a pre-established workflow and routing procedure, also called exception management. Invoice exceptions could be a discrepancy between an invoice and a PO or missing information such as PO number, approver’s name, or location code. The exception management process lets users re- route invoices and fix errors by viewing the original invoice to identify handwritten, printer, or OCR errors. Advanced exception management software allows for the creation of custom workflows depending on
the type of exception present. These solutions also enable users to set thresholds for non-PO invoices to identify potential errors or fraud, such as an invoice for snowplow services in July. In addition, many systems put the responsibility of exception and discrepancy resolution
back on suppliers, returning the document to them for correction before allowing it to enter the main workflow system.

Approval

Once invoices have been validated, matched, and routed into the appropriate queue, a variety of approval workflow capabilities ensure that they are approved in a timely manner. Most invoice workflow solutions are highly configurable; they are built to adapt to an organization’s existing approval hierarchies and even enable
more complex routing (e.g., between different departments and cost centers). During and after initial setup of a solution, organizations
can easily adjust workflows according to their own business rules, legal requirements, and the invoice type, amount, or other content. Advanced solutions facilitate this customization through visual workflow editors with detailed process flows and drag-and-drop functionality.

When invoices require review, approvers can typically be notified via email or mobile alerts. Most solutions come bundled with alerts and reminders for approvers, out-of-office delegation rules, and escalation procedures for overdue invoices. Prioritization capabilities
allow organizations to move invoices with discounts to the top of the processing queue, ensuring that they are approved in a timely manner. In addition, some solutions feature workload-balancing features that redistribute the invoices in an approver’s queue to different employees if that approver’s workload exceeds a certain number of invoices.
AP interfaces make approvals easier and more transparent. Dashboards allow users to navigate in-progress invoices, providing complete histories of the documents. Supervisors can track the status of individual invoices or approvers, reorganize and prioritize unapproved invoices, and access audit trails at any time.

Some solutions offer approval capability directly from within emailed notifications; in other situations, users can click on the hyperlink contained in the email and log on to a system to view, code, and approve invoices online. Many solutions also offer mobile approval capability through native apps. Offering multiple methods for approval keeps invoices moving through the system when approvers are on the go.

Payment and Reconciliation

After an invoice has been approved, it is sent forward to payment. Basic solutions create a payment file that goes to the ERP (which then initiates payment or sends a message to AP). These solutions also facilitate the input of ACH information and integration with back-end AR systems.

To complete the invoice lifecycle, leading solution providers offer an in- house or partner-provided electronic payments solution. For advanced solutions, this entails integration with virtual card solutions and active supplier onboarding services. Some solution providers even cut checks on behalf of the buyer if they fail to onboard suppliers to virtual cards or ACH.
Some IWA providers offer a web-pay portal for vendors to log in and view invoice and payment transaction status in real time. These portals can also support different payment types and delivery format of remittance information based on supplier preferences.

IWA Extras

A leading benefit of IWA solutions lies in the efficiency they bring to many other AP activities. The three main areas that become more efficient with invoice automation are working capital management, supplier management, and spend management.

Working Capital Management

With the proper capture and automated workflow solution, a large volume of invoices—along with their discount and penalty information—can be entered into the AP system within hours of their receipt, then approved and processed in time to capture all discount opportunities. Leading workflow solutions give organizations access
to additional working capital management tools such as dynamic discounting, supply chain financing, and virtual card accounts (and other electronic payments). These tools all increase companies’ savings and bottom line, either through sliding scale discounts, third-party financing, or payment rebates. Moreover, working capital management tools benefit the supplier through quick invoice payments, thus improving business relationships.

Supplier Management

Most invoice automation solutions, especially those with an eInvoicing offering, provide a vendor portal with supplier self-service capabilities that speed up and streamline invoice processing. These portals also facilitate better supplier-buyer communication and dispute resolution.

Basic supplier portals allow suppliers to upload invoices, check on the status of invoices, and communicate with buyers about exceptions and errors. Advanced solutions permit buyers to create custom business rules at the point of supplier portal invoice upload. These rules create instant error notifications and allow PO flip from within the portal. Solution leaders also enable suppliers to input payment preferences, upload payment information, and verify payment information in real time.

Spend Management

Most IWA solutions combine process transparency with robust reporting and analytics tools, greatly improving an organization’s ability to audit, analyze, and improve procedures. Basic generated reports can be exported to a spreadsheet tool, and include first-pass success rates, exception rates, and open invoices for any defined period of time. Advanced solutions feature internal benchmarking, allowing users to review how their organization compares to other end-users of the solution. Leading solutions also offer a drag-and-drop functionality and exceptional drilldown capabilities from within a reporting dashboard.

Many IWA systems additionally offer sophisticated invoice and payment audit technologies. Audit solutions can integrate seamlessly with numerous accounting applications, and can flag potential duplicates. Clients have the option of configuring the business logic that will be applied to identify erroneous payments, and the solutions generate reports on a periodic basis highlighting potential payment errors for resolution.

IWA Adoption Best Practices

Invoice workflow solutions are among the most cost-effective and efficient financial process automation tools in the market today. However, there is a great number of IWA solutions available in the market, and choosing the right one can be a daunting task. The following best practices are useful for organizations that want to select the most suitable and value-enhancing solution.

• Cloud Vs. ERP Software: Today’s AP professionals are very familiar with the capabilities of common ERP systems like SAP, Oracle, and Microsoft Dynamics. If the professional’s organization relies on the ERP for its native invoice automation software, they are also well- acquainted with the inefficiencies of ERP-native IWA applications.

PayStream’s research indicates that IWA solutions offered by ERP providers function much less efficiently than cloud-based, bolt-on solutions. When selecting an IWA solution, organizations that are heavily dependent on their ERP’s applications should
evaluate cloud-based offerings’ abilities to integrate with their ERP. Leveraging a combination of appropriate, cloud-based solutions in conjunction with existing ERP processes can greatly improve organizations’ invoice management.

• Metrics: One way to select an appropriate solution is to evaluate current invoice metrics, such as processing times and costs, supplier information, or business structures. When an organization  fully understands its own unique business requirements, it is able to make a more secure buying decision. PayStream offers a variety of process measurement tools to help organizations identify areas for AP improvement and determine which solutions would best fit their needs. Appropriate tools for IWA solution selection include the Cost Per Invoice (CPI) Calculator and the Perfect Payment Index.

• Invoice Automation Navigator: Another effective selection strategy is to use PayStream Advisors’ Invoice Automation Navigator (available in the 2015 Invoice Automation Navigator report). This unbiased evaluation and scoring model was developed to promote
and assist in a careful, informed solution selection process. The model scores AP automation solutions in twelve different categories on a scale of one to ten. Ten of the categories are a measure of functionality, while two categories— Versatility and Deliverability—focus on solution breadth and customer experience. The visual representation of the Navigator is similar to a radar chart—the higher the score in a category, the closer to the outer ring the corresponding wedge will be, see Figure 5.

Figure 5: The Navigator Model

IWA 2015 5

• Peer Benchmarking: Beyond the use of online tools and analytical reports, organizations can also learn about technology adoption from their peers. Attendees of PayStream Advisors’ yearly learning conference, INNOVATE, are able to hear from leading organizations that have already overhauled their manual AP processes with automation. The focus of 2015’s INNOVATE, held in New Orleans, Louisiana, will be on creating more cost and time efficient AP practices in changing economic and business environments. For more information,click here.

The aforementioned adoption best practices not only promote a better purchasing decision—they also increase the possibility of timely and substantial ROI for organizations. With this in mind, PayStream invites readers to explore the following solution profiles of leading IWA
providers.

AvidXchange

Serving more than 4,500 clients throughout the United States, AvidXchange automates invoice and payment processes for mid- market companies spanning multiple industries including real estate, financial services, energy, and construction. AvidXchange’s invoice management and payment solutions streamline the accounts payable process from invoice receipt to vendor payment.

Founded

2000

Headquarters

Charlotte, North Carolina

Other Locations

Summerset, NJ; Salt Lake City, UT; Houston, TX

Number of Employees

400 +

Number of Customers

6,000 +

Target Verticals

Real Estate, Financial Institutions, Construction, Non-Profit

Partners / Resellers

MRI, McGladrey, Blackbaud, Viewpoint

Awards/Recognitions

Recognized as one of the fastest-growing private U.S. companies, Inc. magazine,

4 consecutive years; “NC Tech Award for Fast Growth Company,” North

Carolina Technology Association; Deloitte Technology 500 List; “Best Places To Work Award,” Charlotte Business Journal, 6 consecutive years

Solution Functionality

AvidXchange has over 100 integrations with key accounting systems, and its SaaS-based solutions are provided on a unified platform for continuous access to all invoice and payment data. Security is managed with best practice compliance measures in a secure SSAE 16 Certified Facility, and the solution meets Sarbanes-Oxley 404 compliance for accounts payable.

Invoice Receipt and Validation

Through the AvidBill Service, users can submit invoices through any of AvidXchange’s electronic capture methods, including email, online form, upload of an electronic file, vendor portal, and specialized applets. In addition, vendors can mail paper invoices to a secure lockbox, after which all invoice data is extracted and entered into the system using OCR technology. The AvidBill services team verifies all data.

Approval Workflow

AvidXchange’s AvidInvoice solution provides intelligent routing for invoice approval to automatically send invoices and alerts to approvers. It facilitates automatic assignment of account codes based on predefined rules and profiles as invoices enter a user’s online system. The solution can mimic clients’ current approval processes and naming conventions. Users can approve invoices and payments from their mobile devices.

AvidXchange’s workflow solution tracks invoices electronically, including images, historical data, workflow data, and added comments to provide a complete audit trail. All data is stored electronically in a secure central repository for access anytime and anywhere.
AvidXchange’s full-service payment offerings are available using AvidPay, AvidXchange’s bill payment service. For vendors that prefer to pay in-house, Create-A-Check is available as a self-managed payment option. Users can manage their vendor data and facilitate payments via MICR check, ACH/EFT, and wire transfers in-house using the Create-A- Check software.

Supplier Services

AvidXchange provides an online vendor portal for vendors to submit invoices electronically. Once vendors submit invoices, the AvidXchange solution allows users to review invoices and submit email notifications to vendors regarding incorrect or disputed invoices, giving vendors
the opportunity to correct the exception and resubmit the invoice. Vendors can also provide early payment discount information through the portal. As part of their supplier onboarding initative, AvidXchange provides vendor analysis, adoption, outreach, and communication programs.

There are over 200,000 vendors in the AvidXchange network. The network features several teams to handle different sides of vendor interactions: the AvidBill service team supports vendors on the invoice receipt side, the vendor services team reaches out to vendors to obtain payment information and identify their accepted payment types, and the payment services team monitors transactions and ensures that payments are executed.

Reporting and Analytics

The AvidXchange reporting module provides over 100 standard reports. Users can run an on–demand search and export all data points from the search into a CSV export. The solution also provides users with benchmarking analysis, as well as the option to build custom reports that monitor specific metrics.

Implementation and Pricing

The AvidXchange new client onboarding guarantees implementation in 45 days or fewer. The client company’s schedule ultimately dictates the length of implementation. AvidXchange provides a committed implementation team that works with each client to ensure the successful setup of their software.

AvidXchange guarantees response to all support cases within 15 minutes of when they are created. The company holds two user conferences every year to connect with users and provide them with System Administrator training, and the Client Success team reaches out to clients on a quarterly basis to ensure success. The team also reaches out on an annual basis to offer complimentary “tune-ups” to the software, as well as to discuss upgrades and how to optimize the user experience.

Implementation is one up-front cost. AvidXchange solution fees are transaction-based, allowing clients to only pay for the services they need—an added benefit for SMEs.

Chrome River

Chrome River is a provider of expense management and supplier invoice processing software. It works with customers worldwide spanning many industries, and its application framework is designed as a scalable solution that can meet the unique needs of all customers— small businesses and Fortune 500 companies alike. Chrome River
offers an AP platform suite that includes EXPENSE, INVOICE, PO, AUDIT, and ANALYTICS. Chrome River’s invoice automation solution features configuration flexibility, business rules engine technology that automates workflow and policy adherence, financial system integration, and an accessible interface.

Founded

2007

Headquarters

Los Angeles, California

Other Locations

Colorado, Florida, New York, United

Kingdom

Number of Employees

140

Target Verticals

Legal, Professional Services, Financial Services, Technology, Pharmaceuticals, Manufacturing, Non-Profit, Higher Education, and many others

Partners/Resellers

BMO Financial Group, GetThere/Sabre, US Bank, Western Union Business Solutions

Awards/Recognitions

Ranked four consecutive years on the Inc.

500|5000 list; ranked two consecutive

years on the Deloitte Technology Fast

500; ranked three consecutive years

on LA Business Journal’s list of fastest

growing private companies

Solution Functionality

Chrome River is a SaaS solution that is hosted through a partnership with Rackspace Managed Hosting. Chrome River interfaces with ERP, financial, and Legacy systems through secure file exchange (delimited data via an SFTP server) or via web services. Chrome River is designed for organizations worldwide, offering support for currency translation, multiple languages, global taxation (VAT, GST, PST, HST), and local requirements such as German Per Diem.

Chrome River applications are subject to security and vulnerability testing by 403Labs, with monthly scans done by machine and a comprehensive annual test that includes human testing. The solution’s environment at Rackspace is both ISO 27001 and SSAE 16 SOC1 Type
II compliant. In addition, Rackspace monitors all system level software for security updates and applies them in accordance with secure procedures.

Invoice Receipt and Validation

Chrome River’s solution offers multiple invoice submission options. These include email, fax, scan/upload, uploaded eInvoice s, or through Chrome River CAPTURE. Chrome River eInvoicing imports structured data files containing multiple invoices and line items. It provides a mapping utility so that the client can map the vendor format into
the standardized Chrome River format and save the conversion as a supplier template. This allows for the import of a wide range of external data files.

Chrome River CAPTURE receives invoices that are mailed or emailed to a shared services environment, where they are then converted to PDFs, with OCR and human verification of 9 key data attributes. The resulting image and data are imported into Chrome River and can typically bypass AP data entry.

Chrome River validates invoices at the time of OCR, before the invoice record is created, and the solution offers field-level matching based on business rules. When there is no data match for the invoice in the system, the solution will create a new record of the invoice and route it to a correction team at the customer’s organization.

Approval Workflow

Chrome River employs a highly-configurable Business Rules Engine to drive workflow, policy compliance, tax rules, and more. The system uses conditional “if-then” logic, and can be configured to handle complex invoice workflow scenarios. The workflow is currently internal to the customer organization for approvals and unmatched invoice resolution, but in the future it may include external (supplier) capabilities.

Chrome River offers electronic payments functionality through partnerships with both Western Union Business Services (WUBS) and Vendorin. The system imports and exports data (employees, GL, suppliers, approved invoices, and payment data) using either delimited files via a Secure FTP server, or via web services. Data movement can occur as a scheduled batch process, or as a real-time process. Chrome River is currently integrated with nearly 70 different ERP/financial systems. Chrome River retains all images and data for the entire lifespan of the customer relationship. It does not archive or deactivate data, so information is always available for management reporting within the ANALYTICS module.

Supplier Services

Chrome River allows suppliers to email invoices to the customer’s email address, at which point they are redirected to Chrome River’s solution or CAPTURE service. Chrome River’s mapping utility initiates eInvoicing and transforms the standard export file provided by the supplier.

Reporting and Analytics

Chrome River includes two types of reporting: inquiry and analytics. These reports are highly configurable, and Chrome River provides a set of data manipulation tools that help users perform advanced functions against data, such as sorting, filtering, calculations, charting, roll-ups, and more. This feature allows for a wide array of reports so that users can get the specific information they need. Chrome River also provides benchmarking through the use of the ANALYTICS module.

Implementation and Pricing

Implementation time can vary based on a variety of factors, such as scope (countries, currencies, languages, taxation) and complexity of the desired invoice business process. Average projects are approximately 16 weeks in duration from kickoff call to pilot go-live. Chrome River assigns a dedicated Project Manager and configuration team to each new client.
Chrome River provides both training for administrative users and “Train the Trainer” training. The company also provides various forms of optional end-user training, including online classes through Chrome River University (CRU). Chrome River offers both standard support and “premium” support, in addition to technical/system support.

Pricing for the solution is based on the use of the service (transactional volume) or a fixed fee for unlimited use based on the size of the organization.

Corcentric

Founded in 1998, Corcentric delivers accounts payable imaging and workflow automation solutions. Corcentric’s accounts payable automation solution, COR360, incorporates best practices, multiple invoice receipt and capture capabilities, configurable workflows, automated invoice matching, and strong reporting functions. The AP solution helps companies increase efficiency and reduce costs associated with invoice processing and payment management.

Founded

1998

Headquarters

McLean, Virginia

Other Locations

Cherry Hill, NJ; Fairfield, NJ; Atlanta, GA; McLean, VA; Downers Grove, IL; Coral Springs, FL

Number of Employees

220

Target Verticals

All Verticals

Awards/Recognitions

SSAE16 Type II SOC 1 certified, PCI Compliant

Solution Functionality

Corcentric’s COR360 solution is a multi-tenant Software-as-a-Service (SaaS) platform that requires no software or hardware to buy, install, or maintain. The AP solution includes electronic purchase order creation and delivery, electronic invoicing, invoice scan and capture, invoice matching, approval workflow dashboards, and ad hoc reporting capability. COR360 adds new features and functionalities in monthly product releases, which are immediately available to all clients at no additional cost. The solution also has multi-lingual and multi-currency capability.

This system can integrate with any ERP or accounting system. COR360 seamlessly transmits data to and from a client’s financial system through proprietary ERP Business Connectors. In addition, the COR360 solution offers mobile invoice approval functionality through any smartphone or tablet, keeping invoices moving through the workflow even when approvers or managers are on the go.

Corcentric also has a feature called U-Call that allows users to search and retrieve invoice images directly from within their ERP or other legacy systems. The search links back to the COR360 enterprise content management repository.

Invoice Receipt and Validation

Corcentric supports invoice receipt directly from suppliers in a number of ways, including a managed post office box for paper invoices, an email address, direct invoice image upload to COR360, eInvoices, fax, or an online invoice submission form via the supplier portal.
Clients can choose to use Corcentric to perform data capture and validation as an outsourced option, or they can continue to perform the data capture themselves within the COR360 solution via the indexing feature. All data is captured through a combination of optical character recognition (OCR) technology and manual data validation, with a 99.8 percent accuracy guarantee.

Approval Workflow

COR360 SmartRouting analyzes captured invoice data after scanning to automatically route the invoice to the first-level approver without manual intervention. Corcentric’s solution has advanced workflow functionality that routes all invoices for approval and exception handling. Client administrators have complete control over user access rights, invoice approval authority, workflow routing hierarchy and rules, invoice visibility, and any action that may be required of the user. The system’s ease of use and flexibility allows clients to set up their own business rules and configure the workflow process as needed. Routing and user approval is electronically recorded in the audit history for each invoice. Escalation notices can be configured to alert both users and their supervisors of invoices that are aging and need attention.

COR360 automates the 2- and 3-way matching, as well as the matching process for blanket purchase orders, by using straight-through processing to automatically match invoices to POs and receipt lines using the client’s matching rules. When matches fall within predefined matching rules and tolerances, COR360 can complete the transaction straight through to the ERP system without AP processor involvement. Invoices that fail the matching process enter COR360’s automated exception handling workflow, which can route the exception to the appropriate user (e.g., purchasing, receiving, AP) based on the reason the invoice failed the match.

Supplier Services

Corcentric’s COR360 solution includes a supplier network where suppliers can connect and transmit invoices electronically as well as see payment status. Corcentric handles all aspects of supplier onboarding and participation in eInvoicing and EDI submission, including directly reaching out to suppliers to connect them to the Corcentric Supplier Network. There are no supplier fees to connect to the Corcentric Supplier Network for electronic invoices or to use the COR360 supplier portal. Clients control which suppliers have access to the portal and exactly what each supplier can view.

Reporting and Analytics

Corcentric includes robust reporting and analysis tools in the COR360 solution, available through drill-down, graphical dashboard reporting on key performance indicators; standard reports like accrual, user metrics, and system administration; and ad-hoc reporting. The ad-hoc reporting tools allow any user to create custom reports for further invoice analysis, with no IT experience required. All COR360 reports can be exported to Excel or CSV file formats.
The audit history report tracks and maintains all actions for each invoice processed, including opening, routing, suspending, approval, and any internal notes entered. The COR360 audit history report was designed by a public audit firm to meet all SOX requirements. Additionally, COR360 provides a reporting feature called Audit RE- view. This feature creates online audit folders for external access so that internal users can provide auditors with access to audit requests by placing invoices and other related documents into the respective secure audit folder for review.

Pricing and Implementation

The average COR360 implementation time is between 6 and 12 weeks, depending on system complexity and client availability to meet and gather requirements for system configuration. There is a one-time configuration fee, as well as recurring fees based on the number of invoices processed through COR360. There are no per-user fees, as COR360 allows for unlimited users, approvers, reviewers, and suppliers at no additional cost.
All client implementations are managed by employees with upwards of 20 years of AP experience, including experience implementing
the solution at their former companies. Corcentric provides support including a 24/7 hotline available to all clients for post-implementation support.

Coupa

Founded in 2006, Coupa Software is a provider of cloud-based financial process technology. Coupa’s spend management suite offers solutions for invoicing, expense management, procurement, sourcing, inventory, analytics, and supplier information management. The suite also
features the Coupa Open Business NetworkTM, which allows suppliers to transact without enablement or supplier fees. Coupa customers
can implement a standalone component of the spend management suite and turn on other applications via the configuration settings. The solutions support every currency, include over 20 languages, and are used by over 500 customers in more than 40 countries.

Founded

2006

Headquarters

San Mateo, CA

Other Locations

London, Dublin, Paris, Sydney, Singapore, Frankfurt, Chicago, San Diego, Reno

Number of Employees

425+

Number of Customers

500+

Target Verticals

Financial Services, Healthcare, Retail, High

Tech, Food & Beverage, Oil & Gas

Partners/Resellers

Accenture, IBM, KPMG, Deloitte, Netsuite, PWC

Awards / Recognitions

Leader Forrester Wave, eProcurement, Q2

2014; Leader Gartner Magic Quadrant for

P2P Suites for Indirect Procurement; Named

2015 OnFinance Top 100 Private Companies;

Named Inc. 500 America’s Fastest-Growing

Private Companies

Solution Fuctionality

Coupa is a SaaS, cloud-based application. The spend management suite is mobile capable, and works on any device via responsive web design and native apps for iOS and Android, and includes Apple Watch support. Coupa provides pre-built integrations for Netsuite, Microsoft Dynamics, SAP, and Oracle. All system configuration is done through a user interface with no consulting or IT necessary, and the framework features an open API for integration with any third-party system. As part of its solution subscription service, Coupa provides 2-3 major product releases a year.

Invoice Receipt and Validation

Coupa Invoicing supports invoice capture through either a supplier self-service portal or one of many electronic formats, including cXML, EDI, Coupa’s API, and email attachments sent to a shared AP Inbox. Invoices can also be submitted through Coupa’s Supplier Actionable Notifications (patent pending), which allow suppliers to access certain invoicing tools without having to register on the supplier network.

Key Coupa Invoice capabilities include automatic PO-to-invoice conversion, application of quantity- and dollar-based approval tolerances, support of PO and non-PO invoices, invoice amount adjustment (to reflect shipping, tax, etc.), and invoice fast entry. Customers can elect to use Coupa’s partners for scanning and document conversion into Coupa’s system.
Coupa supports 2- and 3-way matching of invoices against purchase orders and receipts. Discrepancies are placed on hold for additional review and approval.

Approval Workflow

AP teams can easily set up Coupa’s invoice approval workflows based on predefined validation criteria using configurable operational dashboards. This enables clients to manage their workloads, drive on-time payment, and benefit from pre-negotiated early payment discounts. Coupa’s invoice approval workflows can handle multiple approvers and disputes, and users can create customized invoice management views to see different groupings of invoices for workload management and other role-based views.

Different approval chains can be configured for different purposes (e.g., invoices, expense reports). Approval requests are delivered via email, mobile devices (including Apple Watch), or the Coupa application dashboard, and automatic email notifications inform users of action items required, status changes, or updates. These notifications also feature automatic escalation. Coupa reports that their customers have an average invoice approval cycle time of less than 48 hours.

Coupa also provides support for both pre-negotiated discount payment terms and vendor-offered discount payment terms, and automatically invoices based on discount opportunity. This enables AP to strategically manage invoices based on their impact to the bottom line.

All customer data and image files are stored for the duration of users’ subscriptions with Coupa, and users can run simple and advanced searches of invoices to gain quick and easy access. Search results provide summary data with the ability to drill down into each invoice, including access to any documents attached to the invoice.

Supplier Services

The Coupa Open Business Network, comprising over 1.5 million suppliers, provides B2B communication and commerce at no cost to users and with no supplier fees. The network allows vendors to create and send invoices through any electronic or manual method (e.g., cXML, EDI, fax, email, paper). Suppliers can track electronic invoices
on the network, flip purchase orders into invoices, and create invoices without a PO. Disputed or rejected invoices are queued up for manual resolution between buyer and supplier. Suppliers also have access to catalog management and other procurement features through the Open Business Network.

Coupa’s Supplier Actionable Notification feature allows suppliers to create invoices, acknowledge purchase orders, and add comments to documents directly from email—all without registering on the network. The conversation thread is automatically updated in Coupa, and the supplier can switch between this feature and the Coupa Vendor Portal to perform these functions as needed.

Reporting and Analytics

Coupa provides over 100 pre-built reports that can be generated through an intuitive web interface, and users can build their own custom views and self-schedule reports that are automatically emailed. Reporting dashboards can be set up for different business levels, featuring real-time graphical views that provide critical insights into spending management performance, supplier performance, liquidity, and other areas. In addition, Coupa offers unique benchmarking capabilities that can calculate company performance across 35 purchasing and expense management KPIs, as well as an extensive spend analytics module.

Implementation and Pricing

The typical timeline for a Coupa implementation varies, but deployments range from 3-6 months. Customers can choose online and/or in-person training, and receive training specifically for administrators. Coupa’s service includes a one-time implementation fee and annual subscription fees that cover all hosting, hardware, software, support, maintenance, and upgrade costs. After implementation and training, Coupa offers a weekly Best Practice webinar series that gives customers the opportunity to interact with each other and discuss topics relevant to their business. Coupa provides different customer support packages available through phone, email, and the Coupa support portal. Coupa has also developed a Customer Success program, which entails defining and continually measuring long-term success goals.

Esker

Esker SA is a global provider of document process automation. For over twenty years, the company has helped organizations automate their manual business processes with a suite of on-demand and on- premise solutions. Esker offers flexible solutions that adapt to many different types of invoices, business structures, and local requirements. These solutions help eliminate paper from AP processes and automate and manage invoice workflow. Esker also offers solutions for many Purchase-to-Pay processes, including purchasing, order processing,
and accounts receivable.

Founded

1985

Headquarters

Global headquarters: Lyon, France; US

headquarters: Madison, Wisconsin

Other Locations

Derby, UK; Munich, Germany; Sydney, Australia; Singapore

Number of Employees

320

Number of Customers

11,000

Target Verticals

All verticals, with special focus on healthcare, wholesale/distribution, manufacturing and services

Partners/Resellers

Neopost (WW agreement)

Awards/Recognitions

CODiE Award Finalist: Best Financial

Management Solutions in 2015; 2014

Cloud Computing Product of the Year

Award; 2014 Cloud Computing Excellence

Award; Gartner Cool Vendors Award:

“Knowledge Support”

Solution Functionality

Esker’s solutions are compatible with a wide range of ERP/business applications, either through a dedicated connector or a data exchange over a secure connection within the Esker platform. Esker’s platform has been awarded SSAE No. 16 and ISAE 3402 Type 1 and Type 2 compliance for the quality of its document automation solutions. Esker has also been recognized as HIPAA/HITECH compliant, following the successful completion of formal security assessment conducted by A-lign. Users access the system through secure login and password policy protocols, and administrators can set different levels of security for different users.

Esker’s Accounts Payable solution features a unique international scope. The solution recognizes and automates vendor invoice content in several languages, including English, French, German, Italian, Spanish, Chinese, Japanese, Thai, and Korean. It also supports many specific global formats (e.g., invoice layout, paper size, currencies,
date formats, tax codes, accounting charts, etc.). The solution’s user interface is available in French, English, Spanish, Italian, German, Portuguese, and Chinese. Esker has a successful track record of global implementations, and offers its customers several multi-lingual service teams operating from the different Esker offices worldwide.

Invoice Receipt and Validation

Esker’s platform can receive invoices in all common formats, including fax, email, secure FTP, EDI, and web forms. Scanned invoices can be transmitted through secure file transfer or web services. The solution can also perform OCR data extraction on emailed invoices. Esker offers managed mail and scanning services for paper invoices through several partners.
Esker’s Accounts Payable solution includes automatic data verification against database information, 2- and 3-way matching, and other validation measures. The solution also offers field-level matching based on business rules, and automatically notifies suppliers of rejected invoices.

Approval Workflow

Esker provides a flexible, rules-based workflow engine that automatically sends invoices to the appropriate workflow paths. Users can easily modify these routes in Esker’s graphical user interface.

Using 2- and 3-way match verification, Esker automatically checks PO- based invoices for corresponding POs and good receipts. In the case of exceptions, invoices are automatically rerouted to the appropriate reviewer. The solution can process specific vendor invoices with no human intervention, and it supports automatic escalation reminders through email for all other pending approvals.

Following an email prompt, approvers can click a link to a validation interface where invoices can be approved, rejected, or put on hold. An approver can also manage invoices through their mobile device. Users have the option to add supporting documents for invoice validation or correction, as well as to aid in later referral or audit information. The solution integrates with ERP applications and financial systems to post approved transactions to the general ledger. Esker offers electronic payments functionality through a partner.

Supplier Services

Esker supports direct invoice submission through its vendor portal via EDI, file upload, and web forms. Suppliers can track their invoice status and payment information through the portal at any time. The vendor portal’s messaging tool allows both parties to exchange real-time information to quickly solve issues and speed up invoice processing and settlement. Invoices and related communications are saved for as long as is legally required by the local authority.

Esker customers can manually upload contact lists from their ERP application or schedule file transfers to automatically refresh their supplier onboarding list. Esker also provides customers with a supplier onboarding kit that includes a supplier manual and email message templates for onboarding campaigns.

Reporting and Analytics

Esker’s solution includes packaged KPIs and dashboards that readily display information needed to perform daily tasks, monitor performances, and spot process problems or opportunities. The easy- to-use interface allows administrators to choose what they want to display to particular users or profiles. All users are free to customize the dashboards. In addition, archived invoice images and data can be retrieved directly from the user’s ERP, and a document manager facilitates multi-criteria search and retrieval.
Users can run or schedule reports to see how many pending invoices are waiting to be processed and how much cash they account for. Vendor invoice reports (e.g., invoices pending approval, invoices by status, number of invoices processed by full-time employees, etc.) can be run from the web interface, which also gives users the option to build custom reports. Users can also automatically schedule regular reporting at pre-determined intervals, delivered by email.

Implementation and Pricing

Rather than engaging in a long implementation project, Esker delivers its solution incrementally so that customers can quickly start saving and increase efficiency. A typical implementation takes an average of 25 days; implementation time is impacted by customization requirements, scope of the project (languages, countries, etc.), and/or internal hurdles from the customer’s side.

Esker offers on-site user and administrator training. Customers with Esker on Demand contracts can access free technical support during business hours, and additional 24/7 support is available for a small monthly fee. Esker’s support procedures ensure that incidents are routed to the most suitable technical support, quality assurance, and R&D resources, all while providing up-to-date incident status reports.

The pricing structure for Esker’s solution includes an initial setup fee determined by the customer’s desired level of customization, as well as a monthly usage fee per document.

GEP

GEP is a procurement technology developer with over 15 years of experience in deploying Source-to-Pay solutions. With its procurement platform, SMART by GEP®, GEP has made it possible for all tasks in the Source-to-Pay process to be carried out in one system and from any device. Its comprehensive automation of the Source-to-Pay lifecycle also facilitates efficient and fluid invoice process management. SMART by GEP’s platform supports electronic invoice submission, and its Invoice Reconciliation features allow for invoice routing, revision, matching, and more. SMART by GEP also streamlines invoice approval workflow and offers additional outsourced invoice receipt services.

Founded

1999

Headquarters

Clark, New Jersey

Other Locations

London, Prague, Mumbai, Shanghai

Number of Employees

1400

Number of Customers

180

Target Verticals

All verticals

Awards/ Recognitions

Top supplier, 2015 EPIC Procurement Excellence Awards; HfS Blueprint, Winner’s Circle; Supply & Demand Chain Executive Magazine, Top 100; Everest Group’s PEAK Matrix for Procurement, Star Performer

Solution Functionality

SMART by GEP is a highly-secure, cloud-based procurement platform hosted on the Microsoft Azure Cloud. All of GEP’s development,
data handling, and operational facilities and systems are certified to SSAE16 standards. In addition, GEP uses a web-based methodology to integrate with its customers’ third-party systems. SMART by GEP’s invoice management functionality is fully integrated with the rest of its Source-to-Pay platform.
SMART by GEP is underpinned by the GEP Nexus supplier network. With access to a large supplier base, SMART by GEP users can take advantage of supplier discovery and onboarding, as well as direct connections to their existing suppliers. SMART by GEP can configure invoices for country-specific requirements during implementation, making the order-to-invoice cycle compliant with international rules.

Invoice Receipt and Validation

SMART by GEP natively accepts invoices originating from suppliers through the SMART by GEP portal. SMART by GEP also integrates with supplier systems for the purpose of order and invoice transmission using EDI and/or cXML standards. For customers working to convert their invoices from paper to electronic formats, GEP identifies, targets, and onboards those suppliers that send the largest volumes of paper invoices first.
GEP works with its clients to accommodate all other invoice receipt needs, either in house or through specialized outsourcing. Scanned and electronic invoices can be uploaded individually or in bulk. When appropriate, GEP partners with specialized providers for mailroom processing, scanning/OCR, and data extraction with validation and data capture confidence levels on invoices.

Approval Workflow

Upon invoice submission, GEP’s platform and Invoice Reconciliation solution conduct field-level matching based on business rules, automatic re-routing of incorrect invoices back to suppliers, and PO flip on validated invoices. Due to SMART by GEP’s comprehensive platform, the matching function can handle requisition, order, delivery note, receipt, and invoice matches. The platform also provides compliance tools to match invoices to contracted prices and prices bid at the sourcing stage. GEP’s Invoice Reconciliation features allow for the routing, revision, matching, and management of invoices that fail automatic matching.
SMART by GEP also includes comprehensive workflow and rules-based document handling. Users can configure routing for invoice approvals, invoice sign-off limits, and other workflows according to amount, category, business unit, and other thresholds. Built-in alerts, reminders, failover escalations, and delegation for absences can all be tailored to the requirements of the enterprise.

SMART by GEP also offers Dynamic Discounting, which allows buyers to offer early payment on invoices in return for spot discounts. This allows an organization’s finance team to use SMART by GEP to identify the best possible savings that can be derived from early payment.

Supplier Services

SMART by GEP includes access to the GEP Nexus supplier network for customers that wish to have access to a global supplier base. With GEP Nexus and SMART by GEP, buyers can connect to a vast community of registered suppliers, drastically reducing the burden of onboarding.

To address suppliers that are not yet registered for the GEP Nexus network, GEP offers a managed, supplier onboarding service tailored to each customer’s need, conducted during implementation.

A typical supplier onboarding project consists of phased onboarding strategies for different segments of the supplier base. The onboarding team initially focuses on high invoice volume suppliers, then moves on to identify the next segment through a spend analysis process (e.g., high value or high importance but low volume suppliers).

Reporting and Analytics

SMART by GEP is built upon a data warehouse model for reporting and dashboards, providing the end user with access to all data across the procurement landscape. Its reporting services include dashboards and drag-and-drop ad-hoc reporting that allows users to create reports based on any parameter captured within the system. By applying available filters for each metadata element, reports can be created and added to the dashboard, viewed in graphical format, exported in multiple file formats, and scheduled at a desired frequency. The SMART by GEP platform supports customization of dashboard views to accommodate individual user requirements.

Implementation and Pricing

Implementation of SMART by GEP entails configuration of the tool to the client’s business processes and robust customer support to drive end-user adoption. During the implementation and pre-production phases, GEP provides detailed training divided into three parts:
system overview training, screen navigation, and functionality training. These are offered both onsite and remotely via web conferences.

After implementation, GEP provides phone and web-based support. GEP’s global customer support staff is based out of three regions (US, Europe, and APAC) and is available 24/5.
SMART by GEP is an annual subscription-based service priced on a function-by-function basis, largely according to the number of users of each function for each year of the contract. The different components taken into account for pricing include number and type of users, interface languages, contract and template configuration requirement, and support services.

OpenText

Founded in 1991 and based in Canada, OpenText offers a range of solutions for invoice automation. The company’s products have extensive support and compliance tools for global B2B. These products include OpenText B2B Managed Services, OpenText Active Orders,
OpenText Active Invoices with Compliance, and OpenText Vendor Invoice Management (VIM) for SAP Solutions. The OpenText service provides configurable business document process flows, and the eInvoicing solution includes legal invoice compliance with signed and
archived PDFs.

Founded

1991

Headquarters

Waterloo, Ontario

Other Locations

Gaithersburg, MD

Number of Employees

8500

Number of Customers

100,000

Target Verticals

Manufacturing, Retail, Financial Services, Insurance, Public Sector, Life Sciences, Healthcare, Energy, Utilities, Media and Entertainment, Legal, Engineering and Construction

Partners/Resellers

SAP, Oracle, Deloitte, Accenture

Awards/Recognitions

“Leader” in Gartner Magic Quadrant for

Integration Brokerage, April 2014

Solution Functionality

The OpenText B2B Managed Services and Active Orders solutions integrate directly with customers’ ERP or legacy systems, transmitting and receiving documents to and from ERP service(s) via AS2 or other standard connectivity, such as FTP. OpenText solutions incorporate multiple levels of security, authorization, and authentication at user, data, and application module levels to restrict access to appropriately credentialed users.
OpenText Vendor Invoice Management is built as an ABAP add-on to SAP and offers a certified integration with SAP. OpenText VIM for SAP can be purchased from either OpenText or SAP.
OpenText’s language support includes English, Portuguese, French, Italian, Spanish, German, Simplified Chinese, and Japanese. OpenText VIM supports country-specific business requirements (including tax handling compliance rules). In addition, the solution’s OCR functionality supports out-of-the-box recognition for invoices from 32 countries, and basic support for an additional 70 countries.

Invoice Receipt and Validation

OpenText solutions accept invoices and other B2B transactions in a variety of formats. Suppliers can send electronic invoices in EDI or XML format or create invoices on the Active Orders web portal, either as standalone invoices or turnaround documents from an order.
Suppliers can also send invoices in paper, email, fax, or photo formats. OpenText VIM supports both paper and email-based document flows and includes capture and data extraction capabilities.

OpenText Active Invoices with Compliance enables the client to send electronic invoices to their customers while ensuring compliance with country-specific eInvoicing regulations. This service can also be embedded within a complete Purchase-to-Pay automated solution. Its features include content validation, digital signature support, automatic invoice image creation, an electronic archive, and global customer enablement.

OpenText VIM’s OCR component, Invoice Capture Center (ICC), automatically extracts data from scanned paper invoices, .pdf email attachments, or faxes. ICC uses internal data capture confidence levels to identify complete and incomplete invoice fields, and VIM reroutes failed invoices for completion when necessary. VIM also offers field- level matching based on business rules, as well as the ability to flip a
PO to a validated invoice.

Approval Workflow

With VIM, invoice content triggers configurable approval workflow routing to the proper administrator, cost center owner, project manager, or business user. The solution also features exception management, which includes communication tools for thorough verification. These exception workflow triggers include tax issues, mismatches, duplicate invoices, price/quantity/data discrepancies, and coding errors. VIM also supports automated escalation procedures, out-of-office forwarding, and approval queues. With AIC, all invoice images and related documents are stored in secure online facilities based on country security regulations. Customers can easily access this archive, which remains active for the number of years required by each country’s regulations. This feature provides both buyers and suppliers with an audit trail of transactions.

Supplier Services

The OpenText network currently connects with over 550,000 companies. Through the Active Orders solution, OpenText delivers a supplier portal that features configurable dashboards, displays supplier invoice statuses, and offers direct invoice submission from
multiple formats (EDI, PO flip, Web forms, etc.). The portal also includes buyer and supplier communication tools such as order tracking and acknowledgement, vendor-managed inventory, supplier dashboard views, shared status and data views, and shared event management.

With Active Orders and AIC, suppliers are usually onboarded through self-registration; they are emailed an invitation code that links them
to predetermined services and entitlements. Once suppliers are registered and have portal credentials, they will only have access to services included in their invitation, and they can self-administer their account from there. In cases with expanded validation requirements, the additional solution components can be directly imported or configured in the portal by OpenText personnel.

Reporting and Analytics

OpenText Active Orders currently offers several standard reports, with a feature that allows users to create a custom PDF format for reports. Customers can also configure the UI portal for trading partners to support multi-document reporting in PDF and CSV formats. Active Orders also delivers business analytics with key indicators of supplier performance, allowing date-range searches through the data and detailed drill-down capabilities. VIM reporting uses SAP reporting tools.

Implementation and Pricing

Average implementation for the complete invoice automation solution is 23 weeks. Factors that impact the implementation timeline include client-side changes, supplier onboarding, document configuration volume, and other time and complexity considerations.
OpenText typically conducts a customer (buyer) internal training session for Active Orders and three recorded webinars for supplier training. OpenText also assigns a delivery manager to each customer to manage changes or issues, with 24×7 customer support. OpenText also offers e-learning and onsite training for VIM.

OpenText B2B Managed Services, Active Orders and AIC pricing includes an implementation cost and a recurring cost that is based on character counts in transaction documents. This cost covers management of the systems that enable the transactions and
monitoring transaction flow. The Vendor Invoice Management solution for SAP is licensed based on invoice volume per year.

Top Image Systems

Top Image Systems is a provider of end-to-end, multi-channel invoice capture and workflow software. Over the last 20 years, TIS has deployed invoice processing projects all over the world, equipping the solution to interact with virtually any underlying ERP or legacy system. The solution supports multiple suppliers, currencies, languages, customer complexities, and high document volumes.

Founded

1991

Headquarters

Tel Aviv, Israel; Dallas, TX

Other Locations

Germany, Singapore, UK, Italy

Number of Employees

250 +

Number of Customers

1000 +

Target Verticals

Banks, Insurance & Financial Services; Power, Energy & Utilities; Government

& Public Sector; BPOs & Shared Service Centers; Retail; Manufacturing; Pharma; Telco

Partners/Resellers

SAP, Amazon, Fiserv, Transcentra

Awards/Recognitions

2015 IT Innovation Awards Winner of 3

Best IT Solutions of 2015; 2015 Fintech

Innovation Awards Finalist in Mobile

Commerce & Banking; 2014 Mobile

Innovations Award Winner for Best Use of

an App to Collect Data; 2014 Gartner BPM

Excellence Award for TIS’ Digital Mailroom

Automation at HML

Solution Functionality

The TIS invoice automation solution, eFLOW AP, integrates with any financial workflow and ERP system, including SAP, Oracle, Sage, Microsoft Dynamics and JD Edwards. The workflow solution can run inside or outside of the ERP system, and customers can choose to
use the solutions on-premise or in the cloud. TIS also offers a special integrated solution based on SAP standards.

Invoice Receipt and Validation

eFLOW AP receives, captures, and validates all types of content from multiple channels, either as a paper or electronic invoices. The TIS digital mailroom processes paper documents from a scanner, through a web scan client, or from a fax server via file import. The TIS ePORTAL collects electronic invoices from multiple submission methods, and
in any format (e.g., PDF, TIF, JPG, or eInvoice in XML or EDI). TIS also partners with a variety of third-party mailroom and managed print service providers for customers who would like to outsource invoice receipt.

eFLOW AP automatically analyzes key data as soon as an invoice arrives in the system, and then performs OCR data extraction. If a document is not fully-readable or the status checks and business logic are pointing to an exception, the transaction is sent to designated employee for manual correction or completion. The UI of the completion module guides the operator directly to fields with discrepancies.

TIS offers both field-level matching based on business rules and automatic re-routing of invoices back to suppliers. All data rules, checks, and validations can be customized or activated/deactivated inside the system’s customization module. The solution can match
all invoice line-items for PO-related invoices to the line-item of goods receipts or POs. Recurring invoices or invoices for specific vendors, like transport or telecom invoices, can be defined using a coding template to automatically match the invoice line items against defined general ledger accounts and cost centers.

TIS offers mobile capabilities through their mobile image capture platform. Customers can use the mobile image capture capability for ad-hoc capture of invoices or goods receipts, and then import them to the solution’s workflow,

Approval Workflow

eFLOW AP workflow is available on-premise or web-based, and can be adjusted to all customer requirements. The workflow user interfaces include cost assignment, AP check, approval, and invoice monitor screens. The solution also features a Look-Up window to help users search through line-item information, which proves useful in pinpointing errors or double-checking invoice content against what is in the ERP. For SAP users, TIS provides a workflow template based on SAP Business Workflow.

TIS features mobile invoice approval workflow, which allows remote approvers to login to the system from any location via mobile device or tablet, access work in the inbox, customize user settings, and view document details. Automated workflow triggers continue once mobile feedback or approval is provided.

Supplier Services

TIS offers a vendor collaboration portal through Taulia’s supplier network, which consists of over 300,000 suppliers. The portal supports PO distribution, eInvoicing (with PO flip support), working capital services/supply-chain financing, and many supplier self-service features. Vendors can use the portal for collaboration, to view and
correct disputed invoices, to upload additional supporting files, and for other tasks.
TIS customers also gain access to Taulia’s supplier onboarding department. This service conducts outreach to targeted suppliers identified from a comprehensive supplier segmentation analysis. It also provides change management best practices for supplier enablement to TIS customers.

Reporting and Analytics

TIS includes enhancements for tracking, auditing, supervising, reporting, and controlling the IWA process, all monitored and controlled through the eFLOW AP Analysis Monitor. The GUI can be customized to customer needs, and all relevant AP information is displayed in one place. Features of TIS business and operations analytics features include KPI analytics, real-time reporting dashboards, predefined historical reports, a configurable report generator, and a merging capability that combines business analytics and workflow data into a single view.

Implementation and Pricing

The typical length of the TIS invoice and workflow solution implementation is approximately four months, depending on the complexity of the customer requirements. TIS assigns a Project Manager to the implementation project, who is responsible for providing regular updates to the customer throughout the project lifecycle. TIS also conducts training for super-users, administrators, and developers, as well as ongoing support through a global support team. Further online support is offered through the TIS Customer Support Portal.

TIS offers flexible pricing and deployment options. eFLOW software licenses are volume-based, meaning that the price is dependent upon the number of invoices the customer wants to process every day. In some cases, the workflow component is licensed based on the number of approvers and/or users. TIS also works with transactional, site license, and subscription pricing models on request.


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Research Report: 2015 Invoice Automation Navigator Report

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