UK software vendor, m-hance, has announced the launch of a new cloud-based invoice processing system called eInvoicing. The company claims its solution can save lower the processing costs of invoices by up to 80 percent as well as reducing businesses carbon footprints.
The system processes invoices received via email in PDF format, removing the requirement to print and manually process paper invoices. A business that processes over 5,000 invoices per year could see cost reductions of between 60 and 80 percent by using the system, according to m-hance.
The software integrates with Microsoft’s financial management suite so that invoices emailed to a specific address are automatically processed. Information is automatically extracted from the PDF document, verified against present rules and then inserted into the finance system. Rather than using optical character recognition, eInvoicing extracts the actual data embedded in PDF documents, which ensures much greater accuracy.
Managing director of m-hance, Andrew Hayward, said: “Businesses are increasingly turning to electronic invoicing as a quick and cost effective means to automate their accounts payable processes. By implementing eInvoicing organisations could save between £30,000 and £350,000 depending on the volume of invoices they are processing over a three-year period, whilst transforming productivity by going paperless at the same time.”
Further information is available on the m-hance website.