Virtuoso Partners Article
Back office headaches with skeleton staff structures
Despite reduced transaction volumes during the current COVID-19 crisis, businesses that continue to trade still have to endure the process of dealing with inbound documents, particularly purchase invoices. In companies where admin staff have been furloughed this can prove problematic already stretched resources must pick up the slack. Purchase invoices can't be left alone either. Regardless of intent to pay and terms, knowing what is owed is essential to understanding the balance sheet - crucial for decision making in trickier times.
Plugging the resource gap without picking up another project
Let's face it - nobody wants to embark on a major systems change or IT transformation project right now. Most IT teams have just about steadied the ship with unprecedented demand for remote working. What if it was viable to plug-and-play automate the processing of invoices? No more manual data entry after all…
Off-the-shelf invoice processing automation in the cloud for as little as £10 per week*
Let Virtuoso Partners offer you a helping hand (well a robotic one at least). Our cloud based invoice processing solution can be provided as a short-term solution to deal with resource gaps, or a long term service to liberate finance departments of mundane manual data entry work. You can be up and running within a day and we've countless proven integrations to leading finance systems including SAP, Sage products, MS Dynamics, Xero and countless others. We typically process over 90% of invoices with no user intervention!
You can chose to just use a block of invoices to process or subscribe to a monthly amount.
How does it work?
Our secure solution uses a combo of AI, machine learning algorithms and cloud-based memory of invoice layouts from millions of transactions to lift and validate all of the data from invoices sent to it by email or paper copies from your own scanners. It handles PO and non-PO invoices, offers 2/3 way matching, handles EDI and can even run General Ledger coding. The AI can even recognise and extract line-item level data. When the system gets stuck or there's an error with an invoice, it lets your users know by email where they can log in and deal with only the very small number of exceptions. The solution then updates your ERP/finance software with all of the data and neatly organises the documents for audit record and even integrates with SharePoint and leading document management systems. Our experts can help you build in digital workflows for approvals and rules for processing too.
What about other automations?
We've many capabilities in automation of back office processes beyond invoices and finance departments including HR, logistics and fulfillment to name a few. If you'd like to know more about plugging the resource gaps or solving emergent process challenges then talk to our experts today.
To find out more or to book a free demo of one of our bespoke solutions, contact one of the team on 0843 289 1054, email us at: firstname.lastname@example.org