During the past years, there has been a boom in cloud solutions for various processes. One popular example is invoice processing in the cloud. In this blog, I will summarize some key advantages of processing invoices in the cloud.
Reduce implementation time significantly
Implementation times can be significantly reduced since the setup is mostly done in a public cloud environment. On the customer side, all it takes is the installation of an application that connects the back office with the cloud solution. It serves as an interface that automatically uploads new invoice images, modified supplier master data, or coding data and creates the desired output for integration into the back office.
High first time recognition rate
The invoice recognition engine uses a knowledge base to capture information from invoices. The engine can use our cloud solution to use this knowledge base across different customers. In practice, this means that when another customer has already processed invoices from the same supplier, the system automatically uses the built-up knowledge to process your invoice. This technology greatly improves first-time recognition rates for your invoices.
Monitor each invoice at any given time
With the correct privileges, a user can instantly retrieve any invoice in the system. What is the status of the invoice? Who is currently processing the invoice? How long has the invoice been with an approver? Etc. In addition, after the invoice has been processed successfully, the integrated online storage makes it easy to retrieve specific invoices. Each invoice has an audit trail in which every action is logged from when it is created in the system until final approval and output creation.
Approve invoices anywhere with the mobile application
The cloud solution also provides a free-to-use mobile application. This application can be found in the app store when looking for ‘ReadSoft Mobile.’ This application allows the user to approve, reject, or ask for information about an invoice currently assigned to that user. When selecting an invoice in the application, the user sees the invoice image with relevant data that is needed to approve the invoice. This application enables an even greater mobility and accessibility of documents.
New users? No problem!
New users can easily be added to the platform by the customer. All it takes to create a new user is an e-mail address and account name. After creating the user and granting the correct privileges, they will have instant access to the environment and be notified by e-mail. User privileges are also managed by the customer and restrict the usage of the system. An example is a user who can only approve/reject invoices. As easy as it is to add new users, it is also easy to remove them from the system, directly restricting access to the platform.
Flexibility with the back office
Output from the cloud can be generated in any format, from standard XML output to CSV files or customer-specific XML output. Integrating the cloud solution with any back-end system becomes easy. Preparing the analytical coding of invoices directly in the cloud is also possible. This accounting information will also be included in the output so that the back-end system can use it to fill in this data in the accounting system automatically.
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