legal solution: vendor invoice processing approval ... legal solution:vendor invoice processing
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Legal Solution: vendor invoice processing
Every day, law firms like yours are tasked with ensuringthe delivery of accurate client billing, while maximizingbillable hours. The time that is spent on processing theinvoices and related client expenses takes significanttime away from other higher-valued tasks, such as directclient interaction.
Today, a very manual and paper-intensive process existswithin law firms in order to process invoices and attributethem correctly to the respective clients and matter, butwith the right solution this process can be simplified.
Automating the Capture, Delivery,Approval and Accessibility of Invoices
Invoice Processing A Time Consuming and Tedious TaskCatching Clients Attention
No matter the size of a law firm, it is nearly impossiblefor any firm to manually manage all their invoices anddisbursements without error or lost productivity. Thetime and steps it takes for a law firm to process aninvoice from the point it arrives at the firm and movedthrough the firm, eventually ending up at the accountingdepartment can be a very time consuming processwith many challenges along the way, including:
Increased risk of losing critical documents whentheyre in transit to and from the accountingdepartment to the appropriate approving attorneys
Errors when manually re-keying information intothe firms financial system
Transparency due to the lack of information accessibleto attorneys when a client calls looking for invoicejustification
Creating and filing multiple copies of an invoice innumerous locations
Expensive and time-consuming efforts to retrievepaper documents from dispersed files or search forlost documents
Vendor Invoice Processing
The ChallengeEvery day, law firms receive invoices fromoutside vendors some on behalf of theirclients, while others are directly attributable tothe firm. Each invoice must be received,approved, assigned to the correct client andmatter (where appropriate) and eventually paidby the finance department, while billed backto the appropriate client. The challenges a firmfaces in managing this process quickly andeffectively, without error, and with completeclient transparency along the way is daunting.
The SolutionAutomating the process of vendor invoicehandling with document capture and archivesolutions that integrate with financialpackages of law firms, and enables stream-lined processing of vendor invoices, resultsin quicker time to revenue, reduction oferrors, immediate information accessibilityand full transparency throughout the firm.
Invoice Capture and ApprovalWhen invoices for services arrive at a law firm, theyfollow one of two paths. They either go directly tothe attorney who is responsible for ordering the service,or they are directed to the firm's accountingdepartment. Independent of the path taken, eachinvoice requires specific information attributed toit before it can be processed, including client billing and matter codes, and the signature of theapproving attorney.
Without an electronic capture process, the possibilityof documents being lost or misplaced is significantlyincreased by the need to manually route them aroundthe office. This risk is enhanced even more by theneed to route documents to and from the accountingdepartment and appropriate attorneys, especiallywhen more than one approval is required for anygiven document.
Retrieval and ArchivingToday, archiving invoices means filing paper documents. In order to make these accessible to everyone who may need them in the future, multiple copies are made and filed into numerouslocations. While this part of the process appearssimple, the expenses associated with makingand filing multiple copies of the same paper document can escalate quickly. This is also expensiveand time-consuming when having to retrieve paperdocuments from these files or search for lostdocuments.
VoucheringWhen entering the invoice information into theaccounting system for payment and obtaining avoucher number, the accounting system administratortypically re-enters (manually) the informationpreviously obtained from the attorney into the financialsystem such as Elite or ADERANT. This is arepetitive and time consuming task that can introduceerrors into the process. As a result of error, thereimbursement may be delayed or even worse,eliminated.
Once an invoice has obtained a voucher number,copies are made, one of which is manually attachedto the vendor invoice of the firm's bill that will begoing to the client, containing those charges. Whilea firm employee can use the accounting system toobtain the payment status of vendor invoices, withoutan electronic image of an actual invoice, a copy ofthe original invoice must be retrieved manually. Allof these steps require an extensive amount of manualwork when trying to track down a single invoice.
omtool | legal
Vendor Invoice Processing Today Areas to Address
Vendor Invoice Processing
Omtool Vendor InvoiceProcessing (VIP) Suite
For years, Omtool has been established as the legalindustry standard to handle all the paper while providing Omtool AccuRoute document captureplatform to law firms of all sizes, worldwide. WithAccuRoute, law firms are able to convert hard copydocuments into virtually any electronic format andmove it through electronic invoice processing seamlessly. The VIP Suite built upon the OmtoolAccuRoute solution delivers:
Vendor invoice document capture at the point ofprocessing (by attorney or accounting department)
Invoice-specific collection of information (clientand matter billing codes, date, billing category,etc.) to process along with the captured image anddeliver electronically
A streamlined electronic workflow to move invoicesand related information quickly through approvalcycles and into standard financial systems (such asElite and ADERANT, among many others)
Image archiving while also maintaining a connectionto the billing system for easy and immediate clientmatter retrieval for the life of the client
From the mail room to financial system integration,the process of managing invoices is now more effective, efficient, and streamlined, with the adoptionof the VIP Suite for invoice processing anddisbursement. Omtools line of invoice processingproducts will make managing invoices easy from thepoint of receipt through to the financial system currently implemented in your firm.
omtool | legal
AccuRoute is Omtools enterprise-class documentprocess automation platform for the deployment ofsolutions to capture, process, deliver, and archivecritical business documents. The AccuRoute captureand processing software uniquely delivers flexible,distributed document capture with a highly scalableinfrastructure, extensive capabilities, configurationflexibility, and the ease of use necessary to implement simple or complex solutions, involvinghundreds or millions of documents per month, out-of-the-box.
At the heart of AccuRoute is the ability to capture,process, and deliver documents that originate inpaper (and often electronic format). Paper documentsare captured (scanned) from any networked scanner,scan-enabled digital printer, copier, fax, or MFP andprepared for processing by the AccuRoute Server.
The AccuRoute Server converts documents to avariety of formats, collects and provides document-related metadata, validates information, compressesthe documents, and then delivers the documents tothe destinations required. During the conversionprocess, documents may be OCRd and/or convertedto any variety of formats including PDF, text-searchablePDF, DOC, JPG, RTF, TIF, TXT, XLS, among manyothers.
Metadata collection can be implemented withAccuRoute through a number of options including:
Profiling documentsusing native documentmanagement systemsprofile screens
Extracting data frombarcodes
Printing/Scanning withprompts to capture newinformation at MFPpanel when scanning
Validating collected dataagainst pre-definedvalues
When the processing is complete, AccuRoute willdeliver the document image and its related informationto the destinations desired, simultaneously. While theimage need only be captured once, AccuRouteenables multiple processing tasks and delivery to anynumber of destinations all based on the single scan.The delivery to destinations includes:
Scan-to-Self email, network folder, or web folder
Scan-to-Distribute email, fax, printer, and/ordistribution list
Scan-to-Store enterprise content management(ECM) including document management, recordsmanagement, and traditional enterprise contentmanagement systems, repository, archive,network folder
Scan-to Line-of-Business Application
Throughout the document lifecycle, AccuRoute isautomating the document processes and providesthe platform enterprise-class delivery able to scalefrom single department or small business use tolarge, multi-location corporate deployments.
In the case of vendor invoice processing andspecifically for financial system integration, convertinvoices to PDF and route images to Image-In Queuefor processing along with related client, billing, andinvoice-specific data captured electronically.
AccuRoute - The Distributed Document Process Automation Platform
Achieve Seamless Invoice Processingwith AccuRoute Solutions
Image-In Queue Managing the ApprovalCycle Invoice by InvoiceImage-In Queue is the electronic document deliverycomponent of the Omtool VIP Suite that is thecentral dispatching point for invoices and requiredapprovals. Instead of manually delivering an invoiceto an attorney for approval and then returning toaccounting to obtain a voucher number, Image-InQueue can automate the approval process. Aftercapturing invoices wi