ABBYY FlexiCapture for Invoices Streamlines Accounts Payable Processes

ABBYY®, a leading provider of document recognition, data capture and linguistic technologies and services, today announced ABBYY FlexiCapture for Invoices, a business-ready solution for automating invoice capture in an accounts payable process. The new solution builds upon the ABBYY FlexiCapture data capture platform to deliver essential functionality for deploying automated invoice processing within an existing corporate infrastructure, enabling organizations to significantly cut operational costs and increase productivity.

 

ABBYY FlexiCapture for Invoices is designed to automatically handle incoming invoices, across multiple stages of the accounts payable process – from digitization and classification of invoice documents, extraction, checking and validation of key data, to the release and final deposit of invoice data into accounting, ERP and other backend systems. ABBYY FlexiCapture for Invoices offers built-in country-specific settings and validation rules for invoices, and the flexibility to be easily adapted to particular business needs and future changes.

 

“Automating accounts payable processes means a new way of corporate operation on many levels – starting from faster, more transparent and accurate data processing to more efficient use of resources. Valuable time and effort bound to manual processing steps can be released to core competencies and tasks,” said Vladislav Kuzmin, director of Data Capture Products Department at ABBYY. ”Our new solution will help companies to deploy automated invoice capture, ensuring high data quality and faster processing.”

 

FlexiCapture for Invoices is based on the ABBYY FlexiCapture enterprise platform for extracting data from semi-structured and unstructured documents of any complexity, such as invoices, mortgage documents, tax returns, questionnaires, contracts, and more for input into backend systems and business processes. ABBYY FlexiCapture can process multiple types of documents and forms in a single stream, reads data in more than 190 languages in any combination, and scales from a standalone solution to enterprise-level projects.

 

Key features include:

Business-Ready Invoice Processing — ABBYY FlexiCapture for Invoices is pre-configured to extract all relevant data from invoices and can be quickly and seamlessly integrated into existing financial systems, ERP and approval workflows. It contains built-in country-specific profiles and validation rules for invoices (country-specific profiles and validation rules are readily available for select European countries and can be easily extended if necessary), with the extracted data accurately identified and passed through multiple checks to ensure consistency and compliance with local law regulations and business rules. Flexible settings allow users to easily adjust the system to meet new business or legislation requirements.

 

Multi-Channel Document Input – The new solution supports various document input channels for paper-based invoices and electronic invoices received as a PDF or image attachment to an e-mail. It enables immediate launch of the processing upon invoice receipt in any form or format, minimizing the potential for delayed or lost documents.

 

Highly Intuitive Invoice Validation on Accountant-Level — ABBYY FlexiCapture for Invoices facilitates quick review and correction of data. Personnel and accountants who are checking the data can easily refine and adjust extracted invoice fields. An intuitive interface guides an accountant through uncertain fields on the invoice.

 

Operator/Accountant-based Training – The solution also provides smart tools for training the system with simple point-and-click operations. Invoices from new vendors can easily be trained for future processing.

 

Automated Data Matching — Automated purchase order, vendor or business unit matching and validation against Enterprise Resource Planning (ERP) master databases facilitates data reconciliation and speeds up invoice processing cycle.

 

Straight-Through Processing Mode — ABBYY’s new product enables unattended automated processing of correct invoices, starting from document arrival to posting, thus allowing accounting personnel to focus on exceptional cases or other important tasks.

 

Invoice Archival — ABBYY FlexiCapture for Invoices automatically creates electronic archives of invoices supplying each image with key index fields to ensure quick access to any invoice at any time. Electronic archival facilitates audits, timely response to internal or external inquiries, and compliance with financial document retention regulations.

 

Comprehensive and Flexible Architecture –  The new ABBYY solution delivers all necessary tools for data and document capture automation, allowing users to easily combine them. It can be deployed in a centralized, distributed or mixed environment, and easily extended to serve other document processing tasks throughout the company. The solution is also an ideal choice for companies with multiple business units dealing with dissimilar suppliers or registered in different countries, as it follows the specifics of each of them.

Availability

ABBYY FlexiCapture for Invoices will be available for purchase in Europe, Asia, Latin America and Australia. For information about the product’s availability in your region, please contact your local ABBYY office. For more information about ABBYY FlexiCapture for Invoices, please also contact your local ABBYY office or visit http://www.abbyy.com/invoice-processing