Digital Sign Consultant Invoice Made Easy

Digital sign consultant invoice

hello and welcome to this 10 minute teardown from wax digital in this session we'll be looking at web 3 capture your secret weapon for achieving a hundred percent electronic invoicing my name is Karl Thompson and I'm a senior solutions consultants here at wax digital so why are invoices such a problem apart from paying them of course there are a number of compound issues firstly there is no standard format no internationally recognized format that every supplier has to subscribe to so suppliers can basically supply their own formats their own layouts and their own set of data this indeed causes challenges for the recipient of those invoices when they have to handle those various different formats suppliers also have their own very different methods for sending supplies can also miss information or get information on those invoices wrong causing ap additional stress and additional issues in looking for that particular piece of information quite often they miss a key piece of information out from the invoice for example no purchase order number being quoted or worse no PR being created in the first place that actually then can be resolved against that particular purchase invoice that causes delays in validation causes payment issues and payment delays and that breaks down further the relationship with that particular supplier when you're paying them late but your suppliers have multiple ways to actually send invoices through here we can see on the Left four of the key ways that might happen going from top to bottom we've got EDI electronic document interchange this is a file transfer between two computers it's been around a while but your systems may be set up particularly that way if your supplier is already sending you many thousands of invoices for example processing this way and setting it up initially can be quite expensive and it's quite technical but it does allow for the Darracq transfer of information between your vendors and your buyer we also have web portal web portal is a method where suppliers can log-in and typically transact directly either from an order information or not as necessary but they can also key in information about an invoice into a web page which then gets transmitted electronically the third one down we have email PDF email PDF is probably the most common way that most clients receive invoices from their suppliers and those emails themselves can cover a number of different formats we'll talk about that in a moment and then of course at the bottom last but not least we have traditional paper paper can arrive by the post it can arrive into a bureau area it could be scanned and there's lots of different ways that you actually need to then transpose that information from that paper invoice into your financial systems for payment and of course all of these are ways that your suppliers may be already interacting with you and as you can see the gentleman on the right is stressed with the volume and the diversity of transactions that he's got but wax digital has a solution that can handle all of those using the web 3 capture solution and connect tool we can actually callate all the information from the various sources into one standard format and then we can pass that through into web 3 for automatic invoice processing and ultimately send fully coded fully approved invoices out to one of many different finance systems just a few of the examples are showing there on the right-hand side for the purposes of this demonstration however we'll be talking about web 3 capture and in particular looking at how an email PDF can be sent or how paper can be handled so let's think a little bit about PDF invoices first the sort that you might receive via email well there are actually two types of PDF invoice the one on the top is obviously one that has started life maybe as paper or maybe somebody's printed out from a system and then written on it in effect it's no better than paper you still need to run some kind of OCR that's optical character recognition on that in order to get the data off and it may need some additional training in order for the automated feed of those to come through in the future the second type down at the bottom a computer generated from an accounts receivable system you can see that the image on the bottom is cleaner and sharper and this is because it's been generated directly from a suppliers own IT system data itself is embedded into the PDF file and the PDF can be automatically read and the information extracted without any need to OCR it's a hundred percent accurate that's a source accurate because the supplier might get something wrong but we know about it straight away if they do because that information is exactly as it came out of the accounts receivable system from the supplier and the added benefit of all this is that line information can be read so we can take all the lines of an invoice and then match them individually against lines from an order and as long as the supplier has quoted an order number on each line the supplier could then send effectively a consolidated invoice and the system would match all of it regardless of how many different order numbers were quoted the web three provides a full data extraction service for those invoices and as you can see here an example we have shown is where the the system is capturing things like invoice number P or number date amounts tax net and obviously gross amounts but also the line information with quantities and prices so how does a data PDF help automation so if we have a data PDF as you've just seen from the image previously we can actually pull out the data automatically and pass it straight through into the matching engine without any need for intervention from AP obviously there's a risk that there may have to look at that if it's some kind of image based problem around the data and then we may need to correct that in some way so for image based PDFs as an example at the bottom of the screen we can use a combination of OCR artificial intelligence and some knowledge-based data extraction this will help us to get the best chance of getting the information off the invoice but there's always some risk of validation and correction being required before that invoice then BIC becomes an invoice that can be sent for automatic matching so how does it work well let's take a look here on my desktop you can see an example of the typical invoice that a supplier might send out for processing it's just a PDF file so if I open that up we can see here this is from supplier Viking now I know this is a data file you can check this by being able to mark the areas of text inside the document for copying and pasting purposes if I can do that then I know that this is a data PDF and in that case the system will allow me to extract all of the information including line information quantities prices tax gross net invoice number and Pio number as well and that will allow me to automatically flush this through the system match against goods receipts match against orders so all the supplier needs to do is do exactly what they've been doing already in this case send it via email so I'm going to do that right now so if I select that I want to send this to a mail recipient this is exactly what your supplier would be doing in a moment that's going to pop up a dialog box for me and I'm actually going to send it into our e-invoicing email address service now this could be your Accounts Payable receipting email address that's fine we can intercept all inbound PDF files data PDFs image PDFs and handle them accordingly so the supplier only just needs to do exactly what they're doing right now click send and it's gone it's on its way will be processed so once the email has been sent with the PDF attached the system will then extract all the information from it and send it through into web 3 for processing so let's take a look inside web 3 see what that would look like once it's arrived takes around 5 to 10 minutes to fully complete the transaction now as Accounts Payable you'd be wanting to look in the manage documents queue so let's take a look and here I've set a filter looking for our specific invoice reference and I'll supply a name and we can see that the system has found this invoice has now been fully processed and indeed it's already ready for payments so therefore we know that no intervention has been required from accounts payable the invoice has been successfully read matched against a good receipt matched against the order information and now it's ready to be sent out to finance systems for processing and payment now how would that actually work if we had to process an image-based invoice via the email function or indeed we'd scanned a document ourselves using a scanner from a piece of paper the system that we're about to see is the web 3 capture solution this is the portal front end that allows us to monitor inbound transactions and their current status I'm just going to very quickly show you what happens when we force an image-based PDF through the system and see how it extracts the data so I'm going to create a batch using the solution and here I have on my desktop another PDF this time an image based PDF and it's listed here for me now this could be multiple files it doesn't really matter how many you have in a batch typically around 50 is the theoretical maximum now I can add some details here about this particular batch but I'm just going to click submit so that can go off on its way for processing now the next step once that's been sent off for processing is it will be identified it will determine whether it's an invoice or credit note what type of information needs to be extracted and then we'll have a data verification step now normally this point is automatic so let's take a look at that batch the single document that we just submitted so here you can see the invoice that's just been processed by the solution and on the right hand side is the invoice image itself you'll notice that each of the areas of texts that are irrelevance have been highlighted with a box and that has actually resulted in that information being captured as part of the solution so at the top of the screen we've got old the header information like the supplier name the tax totals net totals and gross totals also pio numbers invoice numbers but also down at the bottom we've got line information each of the four lines in this case has been extracted along with its quantity unit price and line value there's nothing wrong with this invoice it's captured everything that it's expecting to capture capture automatically and therefore we've got the green tick now normally that would have been automatically then submitted off into web 3 for processing the same as the email a data PDF that you just saw in the previous example and that concludes this ten minute teardown on how wax has a web 3 capture solution enabling all businesses to move to a hundred percent invoicing I'd like to thank you for watching if you need more information or want a more detailed demonstration then please contact us at one of the methods shown on screen