SAP Invoice Management (SIM), also known as OpenText Vendor Invoice Management (VIM), is recommended by SAP asthe add-on for processing incoming invoices. VIM has been developed by OpenText and is sold and supported by SAP.
OpenText Vendor Invoice Management (VIM) is used to automate the Accounts Payable Invoice processing to achieve; faster invoice processing, to improve AP invoice process by paying invoices on time, create workforce efficiencies through an automated, streamlined process with or without the added benefits of Shared Services, cut costs through process automation and control, reduce costly manual errors and optimize cash discount utilization and improve working capital management through better visibility to cash requirements. In summary, VIMhelps streamline invoice processing and minimize risks. It helps Accounts Payable departments to support the complete process from receipt, transformation, routing and auditing.
The implementation includes the Invoice Capture Center (ICC) Optical Character Recognition (OCR) to extract data from the scanned paper invoices to eliminate tedious manual data entry process. VIM can be the single point of entry for all AP invoices including paper invoices, email invoices and EDI/Electronic invoices.
The VIM solution from Open Text is developed with best practice processes from various industry segments and uses SAP BAPI/SAP Workflow Technologies to automatically enter incoming vendor invoices into SAP. VIM comes with flexibility to configure workflow processes to automatically route invoice discrepancies to responsible business groups and eliminate delays in decision making/manual intervention. The VIM dashboards extend visibility to the invoice discrepancy, processing history as well as ability to view original paper invoice instantaneously as an image – there by facilitating business groups in a single point of collaboration and communication.
Based on our knowledge and experience in SIM implementations, a preconfigured SIM solutions is developed.
- Optimize the accounts payable (AP) process by increasing visibility of invoice status
- Automate data entry using optical character recognition
- Reduce manual and inefficient paper-based invoice processes
- Enhance vendor relations through on-time payments and a reduction of status inquiries
- Ensure accurate, timely reporting to internal and external entities
- AP process integration – Get a single, unified view of the process company-wide from purchase through payment to optimize timely operations and improve vendor relations.
- Controlled financial processes – Classify, route, and sort invoices automatically, systematically detect invoice exceptions and duplications and help ensure that the right invoice reaches the right person at the right time.
- Internal and external reporting – Automate reporting to support everything from corporate financial requirements to trade regulations to continuous improvement programs.
- Compliance– Support your rigorous process to help ensure compliance based on integrated, consolidated information and enhanced reporting features.
- Increase productivity and revenue by minimizing manual processes through integration and automation.
- Improve cash management and shorten closing cycles by streamlining the payment process.
- Become a dependable business partner to your suppliers with shortened invoice-to-pay cycles and accurate, timely information.
- Take control of your business through an accurate picture of today’s invoice processing that can support your decisions for tomorrow’s opportunities