Processing Financial Documents

Every day, companies process vast numbers of incoming financial documents, primarily invoices. The financial documents are delivered to the company in various formats – by post, as well as by electronic means including fax, e-mail, or EDI communication. IXTENT offers a solution that covers the entire process of document circulation, enabling companies to decrease their final processing time, improve financial management, and support good relationships with suppliers.

Incoming Document Processing

Incoming paper documents are first scanned / digitized in order to facilitate their processing within the company. The document then circulates within the company purely as an electronic image and its subsequent processing follows a defined workflow.

Document Circulation (Workflow)

For financial documents in particular, there are generally binding rules based on how each document is further processed. 

For example, in case of incoming invoices, it is first necessary to obtain their approval and/or matching with an issued order and receipt confirmation. Depending on the invoiced amount, responsibility is assigned to individual approvers who must verify its material and financial correctness. Another important factor is the time required for approval and the due date of the invoice versus the optimum term of invoice payment based on the perspective of the company’s cash flow. The process ends upon delivery to the accounting department for posting and invoice liquidation.

Document Archiving

Documents are archived according to their basic classification. In case of an invoice, this means for example material, investment, overhead, etc., with or without reference to a purchase order.

For the purpose of electronic document archiving in accordance with the law, it is possible to affix an electronic or biometric signature and timestamp to documents. Utilization of barcodes is recommended for easier identification and processing.

Outbound Document Processing

Documents such as invoices and reports are prepared using electronic templates which process data from the ERP environment and from other systems. There are sophisticated tools available for managing the final form of the document, including placement of marketing and other information intended for the particular recipient. This solution ensures personalized communication with high numbers of end customers, acceleration of payments from the clients thanks to fast and accurate invoicing, and therefore to improving relations with customers while simultaneously reducing the costs required for collecting information for invoicing, creation, and distribution of invoices.

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