Verify | Automated Invoice Processing Software

Keeping on top of invoice processing is a demanding task for many finance teams and business owners. Without a clearly defined, efficient process for managing supplier payments and outgoings, it’s easy for accounts payable departments to become overloaded and payments to be missed.

Manual activities cannot be the answer to timely and cost effective invoice processing.

In today’s world of digital, automated workplace systems, innovative technologies provide solutions for a multitude of organisational headaches. What if technology could scan, categorise and file invoices automatically and make them accessible to your approvers anytime, anywhere?

Introducing Verify, Capital’s new automated invoice processing software solution…

Call us today on 0800 844 744 or email hello@capital-solutions.co.uk to find out more and to book an in-depth demonstration with one of our Verify specialists.

What is Automated Invoice Processing?

Verify is an automated invoice processing solution which involves the use of intelligent software to automatically capture, extract, match, route and post invoices into a finance system. It helps organisations set up approval chains and shift from data entry tasks to automated data capture and posting processes, delivering visibility and control over the entirety of an organisation’s invoice processing activities.

Typical Costs Involved

Market research suggests that, on average, it costs £4 to £25 to process an invoice. With invoice automation solutions this can be hugely reduced to less than £1 per invoice, by minimising the time your accounts team are spending on data entry.

How Does The Process Work?

Extending to any type of document – electronic (Word, PDF and more) or traditional paper – automated invoice processing begins with intelligent scanning. Key invoice fields are identified and captured data is then sorted and categorised, following a set of pre-designated rules and logic. Bar codes, invoice numbers, account numbers, dates and any additional records are matched against your purchase orders or receipts, before entering an approval stage. Should any information within an invoice be unidentified or inconsistent, it can be labelled as an exception and routed for manual approval. Once approval has taken place, an invoice is transferred to your accounts system for final payment.

Throughout the process, complete visibility is provided on every stage of each invoice, while paid invoices are archived within your chosen document, information or accounts management system.

And best of all, your people can access the system any time, from wherever they need to be.

Integrations

Verify integrates with all the leading Finance Systems in the UK, including Sage 50, Sage 200, Sage Business Cloud, Intuit Quickbooks and Xero.   With many more to come contact us to ask about your system and see how we can help you.

Call us today on 0800 844 744 or email hello@capital-solutions.co.uk to find out more and to book an in-depth demonstration with one of our Verify specialists.

Capital has a national presence with locations across the whole of Scotland with offices in Edinburgh, Glasgow, Aberdeen and Inverness.

Customer Stories

See how businesses like yours across the UK are benefitting from automated invoice processing functionality.   Verify is developed by Agilico, hear from some happy Verify customers on their website on the links below.

Citizen, a trusted name and brand leader in the watch industry for over 100 years, is known the world over for its uncompromising values: technical precision, innovative mindset, quality craftsmanship and design excellence.

Read about Citizen’s experience with Verify here.

The Inn Collection Group operate boutique inns, pubs that offer accommodation, across the North of England.   To scale the business, they recognised the need to put in place the infrastructure that can cope with increasing growth

Read about The Inn Collection’s experience with Verify here.

Lendology is a small, not-for-profit financial services provider based in Somerset. The team works across the South West providing a variety of loan schemes in partnership with local councils.

Read about Lendology’s experience with Verify here.

Watch the online Verify demo below

Benefits of Automated Invoice Processing

• Avoid Late Fees – Manually processing paper invoices increases the risk of late fees. Automating the process allows you to keep track of due dates and prioritise invoice payments.

• Negotiate Discounts – By tracking invoices you can negotiate discounts with suppliers for early payments, ensuring that you always meet your commitments.

• Agile Paper-Free Processing – The process can be 100% electronic, with no need for paper. You can also process invoices from anywhere, anytime.

• Reduce Errors – By automating the extraction of data from an invoice you can significantly reduce the risk of typos, which can lead to incorrect payments and supplier queries.

• Cut Unnecessary Waste – Many companies continue to print digital invoices before manually processing them – shifting to automated invoice processing removes the need to print, reducing unnecessary waste and costs.

• Prevent Fraud – Automated Invoice Systems can flag up bank detail changes or discrepancies in invoices, reducing the risk of fraud.

• Free up Staff Resources – Not having to extract data from an invoice manually and check it against the purchase order line by line significantly reduces processing time.  More than 90% of staff time spent keying in hundreds of invoices can be saved, allowing them to focus on other accounting tasks.

• Simplified Auditing – Invoices can be tracked along their entire journey – recording opens, responses and any other actions for auditing.