Invoices are the lifeblood of every business; they represent not only financial transactions but also the complexity of modern business operations. Manual invoice processing is time-consuming, prone to errors, and often costly. It is a process that burdens more than just financial departments: it slows down the entire organization.
Most organizations choose their ERP solution first, and then look for invoice processing software that fits. Since the majority of companies work with market leader SAP, we will use this article to examine which invoice processing solution aligns with best. But before we do that, let's answer the question of why collaboration between SAP and invoice processing software is so beneficial.
How to integrate automatic invoice processing?
SAP can be considered the backbone of many organizations. Based on business rules, key business processes are translated into the software configuration, whether that involves finance, operational procedures, compliance with laws and regulations, or customer relationships. With these rules, an organization can automate, standardize, and streamline its business processes.
Take the procurement process, for example. It begins when an employee enters a purchase request into SAP. Approvals can then be given via digital signatures or approval workflows, significantly speeding up the process and improving compliance.
Do you also want to streamline the processing of incoming invoices? A specialized solution provides the most value. However, it is advisable for this part of the process to align with existing agreements. In other words, the invoice processing solution should be integrated with the ERP, creating a unified workflow with coherent business rules.
And here we encounter an obstacle. Integrating an automatic invoice processing system with an existing ERP solution can be complex and often requires customization. Fortunately, SAP has come up with a solution: SAP Solution Extensions.
No hassle or customization
These extensions are third-party solutions that SAP has qualified, tested, and validated to ensure they meet the right standards for security, accessibility, functional correctness, performance, and scalability. In short, they are solutions that seamlessly integrate with your existing SAP system, without customization or any other hassle.
In our humble opinion, the leading solution extension in the field of invoice processing is OpenText Vendor Invoice Management (VIM). This solution allows invoices to be approved before they are created in SAP. The approval system is easily configurable and highly adaptable, with the possibility of approval at multiple levels. Conveniently, VIM uses pre-configured processes for SAP document types – such as sales orders, remittance advice, delivery notes, and invoices – based on industry best practices.
VIM and SAP in practice: Hans Anders
We assisted Hans Anders in implementing VIM. The optician chain already worked with SAP, but used the D3 invoice processing solution. With the implementation of VIM, they are now paperless; all invoices go directly into the workflow in VIM.
Additionally, the implementation was an opportune moment to review the current workflows within the organization. Thanks to VIM, invoice processing times are manageable, and the business can easily approve invoices. As you can read in this case study about Hans Anders, it's a very user-friendly solution.
Get started with automatic invoice processing
In a world that is becoming faster and more digital, automating invoice processing is no longer a luxury but a necessity for modern businesses. It not only saves precious time and resources but also opens the doors to a more efficient, accurate, and transparent financial operation.
Take the next step in streamlining the invoice processing process! Contact us for more information or personalized advice.
