ACCELERATED AND MORE EFFECTIVE INVOICE PROCESS

ACCELERATED AND MORE EFFECTIVE INVOICE PROCESS

ACCELERATED AND MORE EFFECTIVE INVOICE PROCESS

elspol-sk from Slovakia covers a wide range of services and requirements, particularly for the energy industry as well as development and investment projects. It provides a wide range of services in electricity distribution, energy network management and implementation of modern technologies in the energy sector. elspol-sk is a trusted partner for industrial and public sectors, with the aim of sustainable development and building long-term relationships with customers. The invoicing process at elspol-sk was time-consuming and error-prone. The new solution, based on M-Files Information Management and ABBYY FlexiCapture, has automated the processes so that data no longer needs to be entered manually, a physical archive no longer needs to be maintained and invoices can be easily located, while duplicate payments, incorrect data entry and delays in invoice processing are avoided.

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Konica Minolta approached us with a professional attitude, good communication throughout the project and a willingness to see things through to the end. Even though not everything went according to plan, as the project was delayed due to integration of the accounting software, the team was nevertheless professional and completed it to our satisfaction.

Martin Šimudra

CEO, elspol-sk, Slovakia

A time-consuming and error-prone invoice process 

The invoice process at elspol-sk was time-consuming and error-prone. Incoming invoices that were emailed always used to be printed. However, duplicates often arrived additionally via post which made identifying them complicated. This led to frequent mistakes and double payments, resulting in financial losses and confusion when invoices were settled. The firm’s owner also sought to process invoices that had already been filed. It took accountants dozens of minutes to track down individual invoices in the archives. Because space was limited, there was not enough room for the company to store them all physically. Transcribing the data manually was also time-consuming and required a lot of concentration and often involved errors.
 

Automation in the invoice process saves time and minimises errors 

elspol-sk received M-Files Information Management and ABBYY FlexiCapture, a comprehensive solution that included the electronic filing of invoices and automation of their approval. Everything has been integrated into the company’s existing Money S4 accounting software, allowing easy transfer of data between the systems. The accountants no longer have to transcribe the invoices manually into the payroll system in order to post them. M-Files retrieves the data, the accountant corrects only the data that the system is not sure about, and after checking, the invoices are stored in the archive for approval. They are then automatically imported into Money S4. This process saves the accountants up to ten hours per month.

Paper invoices no longer need to be physically stored. With the M-Files metadata-based solution, managing accounting documents has become much easier and clearer, as M-Files allows users to filter and search documents according to various criteria - so they can find any individual invoice or all invoices from a specific supplier in a matter of seconds. To meet compliance requirements and prevent everyone from seeing all invoices, employee permissions are defined. The system also automatically detects and alerts users to potential duplicate invoices, minimising the risk of accidental double payments.

Challenge

Challenge
  • Via e-mail incoming invoices were always printed
  • Additional duplicates arrived via post which made identifying them complicated
  • Confusion, double payments and financial losses 
  • Long time for searching invoices needed
  • Not enough space to store invoices physically
  • Transcribing data manually was time-consuming and error-prone

Solution

Solution
  • Implementation of M-Files Information Management and ABBYY FlexiCapture:
    • Electronic filing of invoices
    • Automation of invoice approval
    • Integration into existing Money S4 accounting softwar

Advantages

Advantages
  • Accelerated processes: Implementing a digital archive with automated approval significantly speeds up the invoicing process and minimises delays in processing them.
  • Error reduction: By eliminating manual invoice processing, the risk of errors in manual data entry is reduced, resulting in more accurate accounting information and minimising the risk of incorrect payments.
  • More efficient use of resources: The digitalisation and automation of accounting processes enables a more efficient use of manpower and reduces the workload of the accounting department.
  • Flexibility and transparency: Quick and easy online access to accounting documents makes work easier for accountants and increases the transparency of work processes in the company