Intelligent invoice processing

Invoice processing: Efficient financial management
How to turn invoice management from an administrative burden into a competitive edge
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Challenges of outdated invoice management processes

Whether paper-based or in PDF form, incoming invoices that are processed manually cause high costs, errors, delays, and compliance risks. With its digital invoice management solutions, Konica Minolta helps businesses automate and standardize their invoice processes. We also ensure that your organisation complies with EU e-invoicing regulations in your region.

Almost half of all companies (48%) process up to 500 invoices every month. For many companies, this means manually comparing invoices with orders up to 500 times a month and entering invoice data manually. What a tedious, time-consuming, and error-prone process! A mix of paper and email invoices makes processing even more difficult. What's more, non-standardized approval workflows can lead to payment cycles being extended or invoices even being overlooked completely. If the processes are also paper-based, they generate high costs in terms of printing, sending, and storage. Correcting errors or disputes requires time and resources and increases operating costs. Added to this are possible fines or penalties for non-compliance with laws such as the EU law on e-invoicing.

How digital invoice management works

Konica Minolta’s digital invoice processing automates and standardizes your invoice processes. The data on incoming invoices is automatically captured, checked, and transferred to common accounting systems (ERP) using text recognition software and intelligent algorithms. They are then forwarded to the right team for approval.

Benefits of intelligent invoice processing

Any company can harness the power of invoice processing automation. You'll discover that Konica Minolta's invoice processing solutions reduce errors and give you more transparency, avoiding bottlenecks and helping to keep you compliant.
No matter how invoices arrive - whether in paper form or as email attachments - an AP (accounts payable) automation solution can deal with them for you. They'll be delivered to the right people fast - using our workflow and routing options.

Benefits

Automated workflows that streamline time-consuming manual tasks.

Mobile technology that allows invoice authorisation on the go, so invoices can be authorised by the relevant people wherever they are.

Structured digital capturing of all incoming invoices.

Real-time invoice validation to detect errors faster, resolve issues and improve relationships with vendors and suppliers.

Instant access to invoices awaiting processes. No more lengthy internal searches for invoices in paper form – so you can access your invoices anytime, anywhere.

Faster error detection so issues can be resolved faster, improving relationships with vendors and suppliers.

Compliance with local and international regulations, including e-invoicing regulations.

Advanced encryption and secure storage protect sensitive financial data.

What is electronic invoicing (e-invoicing)?

In the EU, the public sector
has been obliged to receive and process electronic invoices since 2019. EU countries are now obliged to introduce e-invoicing in the private sector and some have already done so, with more countries gradually joining in (you can find out more about
this in this blog article).

With electronic invoicing, the EU stipulates that invoices must be issued, transmitted, and received in a structured XML format. This means that PDF formats are not permitted, as they do not allow seamless integration into financial systems.

Even though electronic invoicing is increasingly becoming a legal requirement in many EU countries, it also offers many advantages for companies such as greater efficiency, cost savings and improved liquidity, a higher level of security and confidentiality, and much more.

Do your invoices arrive on paper or in PDF format?

If your company still receives invoices on paper or by email as PDFs, but your country does not yet have a legal regulation on e-invoicing, you can still benefit from the advantages of electronic invoicing. This is because the M-Files and Document Navigator solutions from Konica Minolta can also create XML files from a scanned or emailed PDF document that are fully compliant with the EN 16931-1 standard and Directive 2014/55/EU. When extracting from the PDF documents, the original PDF file is retained so that both documents can be saved for reference or use.