FinAPay

Overview

FinaPay offers automated, paperless invoice  processing and  integrated Accounts Payable solution  with 3-way auto-reconciliation between Invoice, Purchase Order and Delivery Note.

Useful KPIs and real-time Dashboard  technology with on-demand audit reports making it very transparent and regulatory compliant. Configurable workflows with flexible OCR automation and invoice data retention policy.

Supplier portal is the key value add in FinAPay providing a integrated single platform for all suppliers to submit their invoices and monitor the status of their invoice payments which reduces quarterly supplier reconciliation efforts.

_


  • icon3-01
  • Receive Invoices

    Challenge
    Multiple office/invoice gateway. Non-uniformity in supplier invoice

    Solution

    • Dedicated and secure invoice storage.
    • Centralised invoice handling from multiple locations.
    • Online supplier portal for uploading invoices & check real time status

_


  • icon3-01
  • Auto Scan Invoices

    Challenge
    Invoices may not be legible for extracting, Hand written invoices

    Solution

    • The software automatically raises a red signal for illegible invoices.
    • Configurable to scan invoices either centrally or remotely at each receiving point – warehouses, regional office, retail stores etc.

_


  • icon3-01
  • Reading & Extracting the invoice

    Challenge
    Human error while reading the invoices and time consuming data entry.

    Solution

    • OCR to read the invoices and store it to the data store. Configurable confidence level.
    • Automated and scheduled Batch processing.
    • Minimal operator interference

_


  • icon3-01
  • Reconcile invoices as per applicable tax rules

    Challenge
    Varying Tax codes according to regions and products. Companies expect PO matching and GRN matching

    Solution

    • Configurable 3-way and 2-way invoice and line items matching against Purchase Order and Goods Received Note.
    • Facility to import tax codes for individual product types.

_


  • icon3-01
  • Upload the processed invoices to ERP

    Challenge
    Reconcile all the uploaded and entered invoices

    Solution

    • Auto and semi-automated reconciliation process.
    • Auto upload into ERP systems using clearly defined EDI formats.

_


  • icon3-01
  • Analytics & Audit

    Challenge
    Incorrect resource allocation. Delayed payment processing.

    Solution

    • Transparent and realtime KPI dashboard.
    • 100% traceability of invoice processing
    • Tailored dashboards and metrics deliver key information to facilitate daily tasks.

Benefits

  • Faster Invoice batch processing and scanning with automated 3 way reconciliation saving time and cost
  • Reduce human intervention and avoid operational errors
  • Provides comparative analytics, operational KPI’s and audit capabilities
  • Configurable in different geographies and across different ERP systems
  • Supplier self service portal as a value add