Streamlining Invoice Processing
A Brisbane construction company uses Radix DM to automate the approval and processing of more than 1000 supplier invoices per month.
Dealing with a multitude of suppliers across construction sites all over Queensland means manually matching invoices to purchase orders, having them approved and then processed. This all requires time consuming handling of paper and is potentially prone to error.
With the objective of automating this labour intensive process, Radix DM, which is already used to manage tender and project documents, is being configured to do the heavy lifting with invoice processing. Let’s look at how it works.
Firstly all purchase orders will be scanned and saved in Radix DM using the Radix DM Document Profiler. This process assigns a purchase order number to a project in Radix DM and immediately makes all purchase orders visible to the projects and accounts teams, transforming the usability of paper based purchase orders.
All supplier invoices received always show a purchase order number. Paper invoices received are scanned in large batches. The details required to save each invoice in Radix DM is automatically read from the electronic invoice using optical character recognition. Using Ezescan scanning software the purchase order number and supplier’s invoice number can be read from the invoice with a high degree of accuracy. All invoices are stored in text searchable PDF files.
Automated Order Matching
The Radix DM Document Importer then automatically saves all electronic invoices in Radix DM. During this process invoices are matched to their corresponding purchase order, a process that was previously time consuming.
Having all supplier purchase orders and invoices saved in Radix DM allows flexible searching and retrieval.
Some examples are:
- Show all invoices for a given supplier across all projects this year.
- Show all invoices containing the word “steel” for a given project.
- Show all purchase orders sent last week.
- Show all approved invoices awaiting payment for a project.
Fast Invoice Approvals
Staff working on a project can see all invoices matched with purchased orders in Radix DM. Approved invoices can be signed electronically directly in the PDF file and submitted to the accounts team for processing using a Status in Radix DM. Unmatched and rejected invoices are also readily identifiable in Radix DM greatly reducing the time required to deal with problem invoices.
Accurate Invoice Processing
Radix DM makes the electronic supplier invoices available to both the project teams and accounts teams at the same time. This allows invoices to be posted in the accounting system while they are being approved for payment.
The accounts team now has constantly up to date information about the status of every invoice and can see the invoice or related purchase order itself within seconds when required. Invoices and purchase orders can be easily emailed directly from radix DM when questions arise saving time. Supplier payment processing is faster and more accurate reducing supplier questions to the accounts team.
Having accurate cross matched electronic copies of invoices and purchase orders means no more paper filing saving space and time. It also provides fast access in the future if questions ever rise about suppliers or specific orders and invoices. Documents do not need to be retrieved from storage which is time consuming, costly and not always accurate process.
Contact our team To find out more about how Radix DM can be used to streamline your business processes.