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Discover how IFS and V1 integration can help you and your organisation automate your invoice processes.
Recoup the time and associated costs around manually processing invoices. Enable remote access for your finance function, futureproofing timely supplier payments without putting your staff at risk by sending them into the office.
Understanding key issues
CHALLENGES
Slow Processing
Paper-based, manual processes lead to lengthy approval timeframes while documents are shuffled between departments, and ultimately result in slower payments—especially if companies are still sending checks by mail.
Disappearing Invoices
Any time you fall behind on invoice processing there’s an increased danger of losing track of invoices. Incoming invoices might be lost permanently or just temporarily misplaced, this will slow the process down.
Error-Prone Procedures
Invoices are received through multiple channels such as mail, courier, fax, e-mail, etc. These can cause confusions unless all the invoices are keyed into the same system. The entering of data into the systems has to be done manually which can further lead to possible errors.
Security
Sensitive information found in invoices is often kept in an unsecure system. Without a secure archive, organisations are at risk of losing this information.
Clunky Records
It’s hard to find records of past invoice processing if you’re filing your information manually. Even the most efficient manual record keeping system takes time to search through if you don’t know exactly what you’re looking for.
Benefits
Efficiency engine
V1 offers IFS users a solid, scalable and user friendly solution. It was built specifically to provide a streamlined platform for Invoice Automation.
Digital Workplace
Remotely Access the HMRC & GDPR Compliant V1 Repository via HTTPS and manage documents from any device, anywhere, any time.
End-to-End Visibility of Invoice Journey
Full Visibility/Audit Trail of incoming documents from point of email receipt to secure electronic storage.
Maximise output of your Finance Team
Driving Efficiency, Visibility & Control deliverables across the finance function is at the core of our solution, and through modular composition there’s no ‘one-size-fits-all’ approach.
Flexible, Integrated Solution
We’re flexible in being able to marry individual modules with the requirements of your business, and can even configure those modules to automate/improve specific parts of your process.
Repeat Success
We help to improve your invoice processing experience to ensure your business is constantly maximising your finance teams output with efficient software.
How it works
Once the supplier invoice has been validated in V1 Capture, the transfer of the data to IFS is achieved either by our dedicated V1 Web-Service Plugin
Our integration with IFS works directly so that the V1 message is automatically loaded into the IFS Connect Application, and then validated against IFS supplier records & Purchase order information. Once an External Supplier Invoice is created it’s checked & created so that the invoice can be automatically matched against the PO or via a Posting Proposal.
Once this has been created the captured PDF image is added to the IFS Document Management System, attaching all elements to the transaction to provide a full audit trail in both IFS, & V1.
Finally, V1 Capture is notified of the successfully created invoice in IFS, and any interface or standard IFS exceptions will also be related back to V1 Capture. An IFS Custom Event will also notify any finance users for any exceptions via email, or an IFS Task if required.
Learn how Integrated Invoice Automation can help your business
RESOURCES
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Integrated Invoice Automation for IFS with V1
At 15.00 on Thursday 18 March 2021, Jon Davidson will be hosting a live webinar, alongside Pre-Sales Manager Richard King, and V1’s key IFS Consultant, David Massey.
Webinar Register now