Inspyrus Velocity: The Proof is in the…Concept

Inspyrus Velocity:  The Proof is in the…Concept

By: Marvin Martinez | Senior Developer

The Inspyrus Invoice Automation solution can significantly streamline a company’s accounts payable (AP) process.  With automated PO matching, workflow routing, streamlined and even touchless approvals of purchase orders, it can greatly increase efficiency of invoice processing. Deep prebuilt integrations into the world leading ERP software allow Inspyrus to ensure all exception handling is done upfront, minimizing errors and ensuring accuracy. However, sometimes just hearing about it isn’t enough.  Sometimes, one has to see it to believe it.  That is where TekStream’s Inspyrus Velocity option can help.

Inspyrus Velocity is a Tekstream offering that allows the deployment of a usable Inspyrus implementation, connected to your ERP and Active Directory, for proof-of-concept (POC) and hands-on evaluation purposes.  With this offering, a prospective customer can get an idea of the kind of improvement and benefit that the Inspyrus Invoice Automation solution is able to provide.  This simplified POC environment, while likely a subset of the entire solution that a customer might require, still showcases plenty of standard Inspyrus features that are sure to impress anyone.

Included with the Inspyrus Velocity offering are the following standard features:

  • Out-of-the-box standard Inspyrus workflows, including 2-way POs, 3-way POs, Non-PO, prepayment, and credit memo invoices
  • Real-time integration to a non-production EBS ERP system
  • AP Initial Review assignments to a single AP work queue
  • Automated pairing for 2-way and 3-way POs
  • Batch Matching to automate receipt matching of 3-way PO invoices if invoice was received before shipment was received
  • Configuration of 1 organizational/operating unit
  • Approval hierarchy for approvals, including email approvals
  • Email monitoring of 1 customer email inbox for invoice ingestion
  • Up to 5 routing reason codes/exception codes
  • Integration to 1 Active Directory domain
  • Dedicated site to site connectivity through VPN for ERP and Active Directory connections
  • Recurring invoices

These out-of-the-box features, while only a subset of the suite of features that the solution offers, still constitute a feature-rich application able to showcase the power, ease of use, and versatility of the Inspyrus Invoice Automation solution.  With this proof-of-concept offering via TekStream’s Inspyrus Velocity, a prospective customer can get a feel for how their accounts payable process could be streamlined and how their day-to-day processes greatly improved.  If an out-of-the-box proof of concept can demonstrate these improvements, imagine how much additional features like available auto-coding and predictive coding of non-PO invoices and customized validation logic for proprietary/internal procedures and policies can do? 

Want to learn more about what Inspyrus Invoice Automation can do for you, and even see it working in real-time for your ERP? Contact us today!

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What is Invoice Processing?

In a nutshell, invoice processing is the set of practices put in place by a company for the payment of the bills it incurs associated with their business.  Essentially, ‘bills’ translate to invoices.  This doesn’t starkly differ from that of an individual managing their personal bills and budgeting their funds to ensure they can meet their obligations and keep creditors happy to ensure they can continue to make the necessary purchases to maintain their individual lifestyle and plan for the future.

With Invoice Processing in business the primary differences is sheer volume of ‘bills’; the details toward the budget allocation; the handling of the invoice to ensure it is properly approved; and the terms of the payment to the vendor (who sent in the invoice).  As the activities toward Invoice Processing to accommodate the handling are so manually intensive that specialized ‘Accounts Payable’ (AP) staff are set in place to manage the data entry and oversight of the flow of invoices.  Furthermore sophisticated computerized solutions are often employed to manage these activities and reduce the manual overhead.

Good and efficient Invoice Processing is critical to the business to ensure its ultimate survival in the competitive business marketplace.  Components of Invoice Processing include:

Invoice Processing Accounting:

Large business expenditures and planning of such warrant sophisticated budgetary management to ensure that monies aren’t misused and properly allocated toward their intended purpose.  To manage this need budgets are broken down into different categories for which funds are allocated and charged against as invoices are received.  These allocations are very specific to the line of business and require significant attention to detail.  These are often broken down into accounting codes with varying multi-level breakdowns as the allocations are specifically delineated.   Projects and/or tasks provide an alternative method toward these allocations.

Purchase Orders:

As part of the accounting processes purchases are frequently managed through an approval process before the expenditure is ever made.  Buyers (or users wanting to make purchases) initiate a request via ‘Purchase Orders’ which identify purchase details; which accounting pot to draw from; and which vendor is targeted for the purchase.  This typically travels through an approval hierarchy based on the purchase amount before it is finalized for the actual purchase.  When the purchase is finally made the corresponding invoice will reference the purchase order (number typically) and processing of the invoice is streamlined as the authorizations and allocations are already in place.   When associated with the PO these are routed for payment.

NON-PO (non-purchase orders):

This invoices don’t have the pre-approvals in place and all of the required processing is don’t upon receipt of the invoice.   These often require routing to the requester for appropriate accounting details and acknowledgement that they approve the purchase and in many cases have received the associated items from the invoice.   Upon their acknowledgement then any approvals based on the item spent must be made.   Only after completion of these touchpoints is the invoice routed for payment.

Recurring Invoices:

Invoices that are associated with frequent regularly scheduled charges such as utilities are defined as Recurring invoices.   They may be tied to a blanket purchase order but have the processing distinction that prompt attention to the invoice is required as service interruption may occur if not handled expeditiously.

Payment Terms:

The payment cycle of invoice processing is determined by agreements with the vendor on how quickly they want to be paid.  Terminology such as ‘NET 45’ (payment is expected 45 days after receipt) are applied to reference these arrangements.  Discounts may apply for processing these invoices within the prescribed timeframe.

Automation:

Invoice Processing is still heavily encumbered by paper invoices that require extensive manual intervention by members of the AP staff to key them into electronic invoices so they can be processed.  Automation via Optical Character Recognition to translate these paper images and verify the values are valid against stored data greatly reduces the manual overhead of the AP staff.  The OCR and automation activities though are burdened with varying invoices formats and quality which reduces the potential of a touchless invoice upon receipt.

The Premier Invoice Automation Solution – Inspyrus

Consider Inspyrus, as the premier AP automation solution.  Inspyrus offers the best automation solution that can be configured to suit the broadest Invoice Processing needs in the marketplace.   Their solution offers the capability to work all of the major back end financial systems:  EBS, PSFT, JDE, SAP, and others, by effectively offering an abstraction of these Enterprise Resource Planning (ERP) systems with the ability to dynamically route transactions to the relevant instance, even supporting multiple instances for a single client.  You won’t find many automation systems that compete in that regard.   Full automation of paper and electronic invoices reduces the daily costs of invoice processing.  Coupled with the a feature rich set of services that is out of the box and the configuration mechanisms built into the Inspyrus solution allows the diverse client base to match their specific business needs without costly software customizations.

So if you are talking ‘Invoice Processing’ for your business, you should have make sure you consider Inspyrus for those business needs.

Want to learn more about Invoice Automation with Inspyrus? Contact us today!

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Inspyrus 3.0: Faster, Better, and in the Cloud

Inspyrus’ Invoice Automation product recently released version 3.0 with a slew of new features that continues to make an excellent product even better.  This new release comes with over 30 new features and a 10x increase in performance which makes a solid product even faster.  Here is a brief list of some of the top new features released in 3.0.

Inspyrus Routing Engine

One of the biggest changes to the product has been the introduction of their own routing engine.  By replacing Oracle BPM with their own engine, Inspyrus was able to improve the speed and stability of routing invoices while also making it easier to configure.

Supplier Central

Inspyrus can now retrieve vendor contact information from the ERP system to make it easier to enable new vendors.  But that is not all!  Because Inspyrus has access to vendor contact information, the product can also send the vendor an invitation to join Supplier Central.

Mobile App

The Inspyrus mobile app continues to improve and provide additional functionality.  For example, coders now have the ability to enter charge account, project coding (EBS), or cost factor (JDE) information from the app.

Forms Recognition

The heart of any good AP solution is automation.  In order to improve the success of Oracle Forms Recognition, Inspyrus continues to make several improvements to the Inspyrus extraction engine to improve accuracy.

Inspyrus continues to make under-the-cover improvements in order to ensure stability and increased speed.  They have switched cloud providers in order to improve stability and scale.  These new features prove that Inspyrus will continue to improve their product in terms of features, speed, and ease of use.  And with release 3.1, Inspyrus will begin to use ML (Machine Learning) in order to determine how to code an invoice based on previous coding done for that vendor.  We cannot wait to see what other features they have in store for 3.1!

Want to learn more about new Inspyrus 3.0 features? Contact us today!

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Prepayments Feature Released for Inspyrus Invoice Automation

Prepayments have been long time features of Oracle EBS and other ERP systems.  Prepayments allow advance payment to a supplier.  Later when the invoice is received from the supplier, the prepayment can be applied against that invoice.

In the latest release of the Inspyrus Invoice Automation Solution, a prepayments feature has been added for Oracle EBS.

The new prepayments tab in the UI has the ability to Add, Edit or Delete a Prepayment.   When adding a prepayment, simply click the Add button and a list of all available prepayments for the supplier is displayed.

The user can select a prepayment and edit how much of it should be applied to this particular invoice.

This amount is then displayed in the Prepayments tab in Inspyrus.

The prepayment information is then sent to Oracle EBS when the invoice record is created and the prepayment applied.

Contact TekStream for more information about the Inspyrus Invoice Automation Solution.

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AP Automation: Expedite Your Business Day

By: Marvin Martinez | Senior Developer

              The Accounts Payable (AP) process is, by its nature, complex and attempts at automating some facets of it can easily end up being unfruitful and costly, and sometimes unsuccessful.  Inspyrus AP automation provides some very beneficial, time-saving, and just downright impressive automation features to streamline any AP processing.   A trio of some of the more advanced automation features is detailed below.

3-way PO matching – One common type of purchase order (PO) is a 3-way PO.  To be matched, these require a PO Number, PO Line Number, and a receipt.  Inspyrus AP automation can detect a PO number from the invoice and determine the appropriate line number from the line item information on the invoice.  From there, if the receipt exists, the Inspyrus solution will automatically find and match the invoice to the receipt in the ERP.  This allows for no-touch processing of 3-way POs with the Inspyrus AP automation solution.  So, what if the receipt is not yet available?  For these situations, Batch Matching is another great automation feature!

When a purchase order (PO) is identified and paired successfully but the receipt does not yet exist for it, AP must wait for the receipt to be available before going back and matching the appropriate invoice to the receipt and processing through.  With Batch Matching, this process can be automated.  Once the invoice is in the Inspyrus solution and the PO information is known, the Inspyrus solution will check for availability of the receipt daily and, once available, automatically perform the matching of the receipt to the invoice and process it through for payment.  No more necessity of human monitoring, leaving those resources free to perform other crucial activities.

What if the invoice is received but only includes one item line referencing a purchase order across two different PO lines?  There’s a convenient automation feature just for that as well!  Inspyrus AP automation can determine the PO for the line and, if the total is spread across various PO lines, will automatically split the single line into the corresponding receipt lines available in the ERP.  For example, if the invoice contains a line for a quantity of 100 but the ERP shows two receipts for quantities of 70 and 30, Inspyrus AP automation will split the single line on the invoice to two separate ones matching to the 70/30 lines automatically.

Inspyrus AP automation provides a plethora of features that can help a company streamline their invoice processing responsibilities.  The three highlighted above can greatly reduce the time spent on 3-way POs to the point of near full automation.  Together with the myriad other invoice processing features,  Inspyrus AP automation can save an AP department a tremendous amount of time.

Contact us for more information!

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What is AP Automation | TekStream

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What is AP Automation?

By: Marvin Martinez | Senior Developer

A company’s Accounts Payable (AP) process can be very convoluted and complex and, many times ends up turning into a very hectic and all but broken financial process.  What is AP Automation?  The automation of the AP process can correct many of the typical issues encountered with this financial process while greatly helping to streamline the process overall.  A few of the most advantageous AP automation benefits are detailed below.

First, and probably most importantly, AP automation provides a company with a single, centralized solution to ingest and process invoices quickly and efficiently.  Rather than dealing with a paper trail, invoices can be emailed in, information extracted, and invoices placed into workflow expeditiously, allowing for quick processing and maximizing those always-welcomed early payment discount options!  This is central to what Inspyrus Invoice Automation provides:  invoice submission and processing via email, extraction of invoice data, and structured workflow approval.

With streamlined processing, of course, comes powerful monitoring!  Implementing AP automation opens up a myriad of powerful monitoring and easy access to frequently used reports and information crucial for accounts payable.  With Inspyrus Invoice Automation, in particular, this monitoring is extremely powerful and can give in-depth access to in-flight, completed, and errored invoices with a bevy of available reports, filters, and metrics for analyzation.  From high-level organization unit-wide reports to granular visibility into a specific invoice, the right information is only clicks away.

Another feature of AP automation is the ability to automate Purchase Order matching.  Does an invoice include a Purchase Order (PO) number?  Is that PO a 2-way or 3-way match?  With AP automation, these questions can be easily answered by the solution without little need, if any, for manual effort.  Streamlined integration with the company’s ERP (such as EBS or JDE) provides this and many other powerful and time-saving features.  Inspyrus Invoice Automation integrates with various ERPs, including EBS, JDE, and PeopleSoft, and provides the ability for automated PO matching, even with complex 2-way/3-way determinations.

Finally, AP automation provides a smooth, structured, and consistent approval hierarchy.  With routing rules, a structured approval hierarchy including approval limits, and detailed audit trails through an invoice’s processing lifecycle, users of AP automation do not need to worry about processing delays or overly complicated or tedious approval processes.  Invoices are automatically routed to the next required approver without placing any additional burden on the current approver than a couple of mouse clicks.

AP automation can provide many benefits to a company, some of which are highlighted here.  The Inspyrus Invoice Automation solution delivers these AP automation benefits and many more, offering comprehensive metrics and analytics for reporting, automated PO matching and approval routing, versatile ERP integration, and an intuitive, easy-to-use, yet powerful interface to process invoices effectively and efficiently.

Contact us for more information on automating your invoice processing!

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What is the Best AP Automation Software | TekStream

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What is the Best AP Automation Software

By: Mariano Romano | Senior Developer

There are plenty of AP automation software options today and they all say that they are the best.  But what exactly makes them the best?  Is it the ease of use?  Is it the ability to integrate with any ERP system or the ability to view early payment discount invoices? The answer is yes and the software that has it all is Inspyrus AP Automation Software!

Integrate with Multiple ERP Systems? No Problem

You may ask, “Why do we need to integrate with multiple ERP systems?”  The answer is simple, flexibility.  Companies are always improving their processes which sometimes requires software changes.  In order to support those changes, we need best AP automation software that will not only adapt to changes in their current ERP systems but one that will allow us to integrate to other ERP systems as we acquire companies for growth.

Inspyrus has written their solution in such a way that they can easily integrate to future ERP systems to fit their client’s needs.  Currently, Inspyrus integrates with SAP, EBS, PeopleSoft, and JDE just to name a few.

Speed, I Just Want Speed

Everyone expects things to work immediately.  We want our software to work fast and for it be intuitive.  Most ERP systems have an old interface using old web technologies.  On top of that, you have a 100+ page document explaining how to use the interface.  We don’t want that.

Inspyrus was built to provide a feature-rich interface for the web and mobile devices using the latest technologies.  This allows for the interface to be flexible and fast, just like what you would expect from a modern interface.

Make Money While Paying Invoices? Done and Done

Now you may ask, “Is it possible to make money from my AP Automation Software?”  With early payment discounts, you can save money by paying your invoices earlier.  But in order to have this ability, you need a system that allows you to easily see those invoices.

With the Inspyrus Total Discounting solution, you can easily see invoices that have early pay discounts in order to take advantage of this cost savings.  Best of all, you do not have to pay for this feature!  You only pay depending on how much money you save.  How incredible is that!

So it is clear that Inspyrus has written a state of the art AP Automation Software.  But what is next?  Well, it would be nice to have reporting dashboards and the ability for suppliers to have insights to their invoices right?  Well, guess what, Inspyrus has that too!

Have more questions? Contact TekStream today!

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Overview of Inspyrus Supplier Central

invoice processing

Overview of Inspyrus Supplier Central

By: Mariano Romano | Senior Developer

Inspyrus Supplier Central is a fresh new look for your suppliers to view their invoices, payments, and dynamic discounting capabilities.  Supplier Central provides the following features:

  • Up to 90% reduction in supplier inquiries and other support requirements
    • By using Supplier Central, the supplier can log in and see the status of their invoices with ease
  • Accelerate invoice submissions and related processing by over 5x
    • By allow suppliers submit invoice through the Supplier Central Portal, you give the supplier the power to submit invoices quickly and easily
  • Allows suppliers to easily modify their address and banking information
    • This minimizes the need to make a phone call or send an email

The easy to use interface not only lets suppliers manage one of their customers but multiple customers that are using the Inspyrus platform.

Inspyrus blog - creatubg invoices

Creating invoices

Your supplier will have three different options when creating an invoice.  These options give the supplier flexibility to create error-free invoices using the easy to use interface.

Create Invoice

  • Allows the supplier to create a blank invoice that will need to be populated

Create PO Invoice

  • Allows the supplier to create an invoice with line items filled in based on a select PO

Blog - create po invoice

Flip PO into Invoice

  • Allows the supplier to create a blank invoice but then populate the invoice lines using a PO.

Inspyrus blog - flip PO into invoice

Viewing Payments

Suppliers can also log in and view which invoice has been paid.  This minimizes the amount questions you would be required to answer.

Inspyrus blog - vieweing payments

Viewing Purchase Orders

This page shows all the usable purchase orders per vendor site.  If the purchase order is available, it means that there is one or more purchase order line with an open balance.  This gives the supplier an easy way to create invoices based on a purchase order.

Inpyrus blog - viewing purchase orders

Dynamic Discounting

This page allows your supplier to manage their dynamic discounting settings.  Dynamic discounting allows suppliers to provide discounts in exchange for getting paid early.  Dynamic Discounting provides:

  • Increased early-pay discounts by providing easy to see discounts on invoices
  • Elimination of missed discounts
  • Increase supplier adoption
  • Ability to automatically recognize and apply pre-existing discount terms

Typically, the terms of the agreement are usually determined in advance and managed in this section.

Inspyrus blog - Dynamic Discounting

Conclusion

Provide your supplier with the tools to view and create invoices, review payments, and setup dynamic discounting.  If you are interested in seeing a demo of Supplier Central or the Inspyrus Next Generation AP Automation system, please see more on http://www.inpsyrus.com or contact us by filling out the form below:

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Hey Inspyrus AP Automation! Can My JDE Come Out To Play?

Inspyrus JDE Integration

Hey Inspyrus AP Automation! Can My JDE Come Out To Play?

By: Marvin Martinez | Senior Developer

So you’re interested in AP Invoice Automation but have found that there is not much support for your JDE ERP amongst the automation crowd? Fortunately, Inspyrus Invoice Automation plays well with various ERPs, one of which is JDE, allowing for full integration with this ERP.

Inspyrus Invoice Automation is fully compatible with various ERPs, including EBS, PeopleSoft, and JDE. The integration is seamless from the user’s perspective as the Inspyrus Invoice Automation Solution will execute this integration behind the scenes, relaying business validation errors and messages to the user and automatically importing invoices into the ERP of your choice. This has the added benefit of allowing users with various ERP skillsets to work with a unified user interface that is ERP-agnostic. Note, in the image below, that the ERP being integrated has no real bearing on the user interface and shields the user from the burden of dealing with the ERP directly. All of the functionality is provided via the user interface which streamlines and facilitates many ERP actions.

JDE

Once the solution is configured, PO matching, invoice processing, and approval routing all work similarly, regardless of what ERP the solution is integrated with. One may ask, however, “how is this all done?” Aren’t EBS, for example, and JDE distinctly different ERPs? They are distinctly different but, as a robust invoice automation tool, Inspyrus Invoice Automation can be configured quickly to work with any of these ERP systems with a few streamlined configuration steps.

First, the Inspyrus invoice validation procedures are quickly configured to work with the JDE BSSV (Business Service) web services, up to and including JDE 9.2. These services are used by the Inspyrus solution to validate invoices according to the validations and rules defined by the JDE instance. Any errors returned by these BSSVs will be displayed in the Inspyrus solution so that they may be corrected before processing can complete.

Second, the Inspyrus solution is configured to use the database of the JDE instance. This configuration is streamlined and implemented by default with the most common scenarios for retrieving vendor, purchase order, tolerance, and additional data. You might ask, “What if our JDE instance does not fit these common scenarios?” Rest assured! The solution is easily configurable to retrieve the data in accordance with a specific JDE instance’s configuration. All of the above information can be rapidly and efficiently configured to retrieve relevant business data from wherever it exists in the JDE instance. Have specific codes in a different place to distinguish a 3-way PO from a 2-way PO? No problem! Inspyrus has you covered.

Finally, and potentially most importantly, the Inspyrus solution, now communicating with the JDE instance’s database, can be easily configured to leverage the existing approval hierarchies configured in JDE. This integration allows for real-time changes to the approval hierarchy to be reflected in the Inspyrus solution. Approvals within the Inspyrus user interface are streamlined (even allowing for email approvals) and tracked for easier reporting, along with a multitude of other metrics.

The Inspyrus Invoice Automation solution is extremely versatile on many fronts. One of these fronts is ERP integration. The fruits of the AP Invoice Automation tree should not be restricted to certain ERPs. The Inspyrus Invoice Automation solution is fully positioned to not only make, but keep true, to that claim. JDE customers, your AP Invoice Automation solution is calling! Contact us for more information on automating your invoice processing!

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