Invoice Processing

Overview

Newgen’s Invoice Processing suite manages the processing of purchase order (PO) or material invoices. Utilizing Newgen’s strong low-code platforms, this framework introduces invoices through various channels, extracts and indexes information from them, and validates it against the ERP. Subsequently, it transfers or posts the validated invoice data to the ERP and archives the invoice along with other relevant documents for future reference and compliance.

Key Features

• Multi-channel initiation- Capture and categorize invoices, along with their supporting documents, from various sources, such as paper, e-mail, EDI/XML, APIs, Portals, and PEPPOL Access Points
• Automated data capture- Leverage intelligent computer vision and natural language processing (NLP) for optimal touchless capture rates and elimination of manual data entry and corrections
• Invoice validation and verification- Ensure data accuracy by leveraging automated validation checks, including automated account coding, fuzzy purchase order (PO) matching, and duplicate/fraudulent invoice detection. Cross-reference invoice data againstpredefined criteria, reducing errors and eliminating discrepancies
• Workflow customization- Tailor the invoice processing journey to align with your organization’s unique needs. Set up custom approval hierarchies, coding structures, and routing rules to match your specific business processes Newgen’s Invoice Management Framework Core Capabilities of the Solution Newgen’s Invoice Management Solution.
• Real-time visibility- Gain insights into the invoice processing lifecycle. Monitor the status of invoices, track approvals, and receive alerts for overdue actions in real time
• Integration with ERP systems- Integrate with your existing ERP and financial systems. Eliminate data silos and ensure consistency across platforms, minimizing manual intervention and the risk of errors
• Document management- Store, organize, and retrieve invoices with ease. Leverage a centralized repository for all invoice-related documents, enabling quick access and audit trails
• Reporting and analytics- Generate customizable reports on processing times, bottlenecks, and payment trends, while improving decision making
• Secure data- Implement robust security measures to safeguard sensitive financial data, aligning with industry standards and regulations for comprehensive data protection
• Mobile accessibility- Stay connected and efficient on the go by accessing the system from mobile devices to review, approve, or track invoices
• Supplier and AP user gamification- Employ rule-based analytics to assess parameterized performance, creating intelligent benchmarks for suppliers and AP users. Enhance dynamic discounting programs to identify top-performing suppliers and forecast expected uptake rates. Utilize AI to allocate critical invoices to skilled users based on their performance