Processing huge volumes of invoices is a considerable task. Add to that the complexities of dealing with different currencies, exchange rates and vat rates and you’ll understand why a system designed to simplify invoice processing for international transactions would be a great idea.
We were recently approached by an aviation parts company that resells parts and conducts repairs for aeroplanes to international organisations.
The company operates in euros, dollars and UK sterling, and wanted a system that linked to their Oracle based ERP system Quantum, as well as linking to Sage 50.
Automated invoice processing
We worked with them to understand the full extent of their processing needs, and the systems they had in place, so that we could devise and integrate a bespoke automated invoice processing system that dovetailed perfectly in the business.
Now, invoices can be received and processed with ease no matter which currency they arrive in. The system identifies the different currencies, treating them appropriately without the need for human intervention.
All that is required is for someone to oversee a simple checking process before finally uploading the invoices in bulk to Sage 50.
It saves time, improves accuracy, takes away hassle and the potential to make mistakes. Personnel can now be redeployed to other tasks, saving the company money in the process. Financial reporting is faster and more accurate, giving top line management access to the information they need to make decisions based on facts.
If your company deals in multiple currencies, or you are perhaps thinking of branching out abroad, talk to us for advice on how to upgrade your business systems to automate financial processes and have them running more smoothly.