Solutions for automating invoice capture and reporting.
Dygitized has two tools designed to streamline the day to day work of teams using Xero. Our Xero Connect product focuses on the automated capture and data entry of Purchase Order Invoices in to Xero, whilst our Xero Reports product focuses on generating finance reports which are not available through the Xero Reports feature.
Manually processing invoices is costly. According to studies by Sterling Commerce, estimates range from £9 through to £28 per invoice depending on the complexity and number of line items. Errors during data entry typically cost up to £38 to rectify once they had been identified. The studies further found that the average cost of automated invoice entry is reduced to an average of £2.50 with a 37% reduction in data entry errors.
Xero Connect works in conjunction with the ReadSoft OCR Invoice extraction platform (owned by Kofax), which has over 25,000 customers globally. Extracted data from ReadSoft is then processed, formatted and presented to the end user through the Dygitized portal. Teams can simply review and approve a purchase order invoice and create the record in Xero Accounting with a single click.
Xero Connect provides a simple 3 step process to get an invoice in to Xero. If desired, you can segregate the data entry and approval process to different teams or individuals. The interface is crisp and clean, making it very easy to review invoices pending approval, with basic checks performed by the platform. These checks include ensuring line items NET values have been calculated correctly and ensuring that total NET value matches the line item totals. Once users are familiar with the platform, it is possible to extract, review and approve a multiline invoice in under 2 minutes.
The Readsoft platform uses a template based system extract invoice data. The platform learns the invoice templates that you use, and over a short period of time, is able to correctly extract the vast majority of invoice information before the user has even logged in to review the invoices.
Picture this scenario: Its month end and you want to look at all the bills related to a specific PO. Matching bills to Purchase Orders through reference fields requires discipline and is prone to error. Copying from Purchase Orders in to Bills simplifies this somewhat and improves accuracy, but you still need to manually go through the PO history to find all the related bills.
This is just one example of where Xero Reports can help. We have a collection of reports which can take the hard labour out of report generation. Basic reports like the above become a 10 second job. More complex reports can feature tracking categories applied at the line item level to add additional depth to reports. This is especially useful for things like accrual reports.
Step 1: Submit an Invoice: Simply send the invoice you want to process via email to the platform. You can attach e-invoices in PDF format, or use 'Scan to Mail' enabled printers to send JPG, PNG or TIFF format pictures of invoices. You can attach multiple invoices per email.
Step 2: Review the OCR Capture of the invoice - Data Entry teams use the ReadSoft web site to review the data extracted via OCR using a simple, easy to use interface. Once you have verified that the data has been captured simply click approve the invoice for processing.
Step 3: Log in to Dygitized The Dygitized web site presents a list of all approved invoices ready for Xero. Finance teams simply review the invoice, check the ledger coding and click "Approve" to create the record in Xero. The invoice general information such as Invoice Number, Due Date etc are all stored along with the coded line items and a copy of the original invoice is attached as a PDF.
Pricing depends on invoice volumes. Please fill out the form below to get an estimate.
Automated Invoice capture, validation and data entry directly to Xero.
Finance reports made easy. Xero Reports provides access to key standard finance reports through a simple to use web site.
The Xero Connect and Xero Reports products are web based tools. All that is needed is internet access and a browser.