April 13, 2012 // By: Frank Zscheile
Automatic Invoice Recognition
The Kronach, Germany-based electronics company, Loewe is a pioneer in the television industry with a rich history of providing premium audiovisual solutions for homes. Loewe has mastered the art of assembling its suppliers’ components into display panels capable of optimal image quality, and now the company’s accounting department has achieved a similar level of expertise. Though this area had already been maintaining a high standard in its work for some time, the implementation of a comprehensive, SAP-integrated solution from FIS GmbH for invoice processing has taken its accounts payable accounting to another level of quality.
By combining FIS/edc Workflow and an upstream invoice reader, FCI, for optical character recognition (OCR), the solution offers full SAP integration and a modular structure. This enables Loewe to process incoming invoices, EDI messages, and other scanned documents in an automated, standardized fashion.
Thanks to their new solution, the company’s accountants now face much less of the manual work that used to be commonplace at Loewe. FCI automatically extracts relevant information from scanned documents and verifies it based on master data or plausibility criteria before passing it on to the company’s SAP system. “The FIS/edc monitor makes it really easy to check and post invoices, send them to our e-mail system for approval, and keep an eye on the subsequent process,” reports Ilona Gerber, head of accounting at Loewe. The company uses this system to process some 70,000 invoices every year, including around 10,000 from its four European subsidiaries.