New eInvoicing solution to enable organisations to reduce carbon footprint and processing costs by up to 80%
m-hance, the UK’s fastest-growing provider of business software solutions to mid-sized organisations, announces the launch of eInvoicing, its new cloud-based invoice processing solution.
m-hance’s eInvoicing solution enables users to easily process text PDF invoices received via email, cutting the costs associated with manual processing and by eliminating the need to print, scan and circulate paper invoices. Organisations that process more than 5,000 accounts payable (AP) invoices each year could save between 60-80% of their costs by implementing eInvoicing, significantly improving efficiency whilst gaining a quick return on their investment.
eInvoicing is an easy-to-use and low cost solution which seamlessly interfaces with the Microsoft Dynamics GP financial management suite. Text PDF invoices sent to a buyer-specific email address are detached via m-hance’s cloud invoice service which automatically extracts all data from the PDF. The solution’s intuitive verification rules convert the data into a standard electronic invoice format before uploading it into an organisation’s finance system. The original PDF can be stored in either a file store or a document management system, providing quick and secure online access to the PDF images of the invoices.
Andrew Hayward, Managing Director of m-hance says, “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.”
Unlike other invoicing processing solutions on the market that use optical character recognition (OCR) technology to interpret the image of a document, eInvoicing’s cloud-based functionality uses the actual data embedded in the PDF. With eInvoicing there is no ‘interpretation’ involved and users can be reassured that the data capture is 100% accurate in relation to the data in the originating PDF.
Hayward comments, “Our customers have been seeking a fresh and flexible approach to invoicing processing and we have listened to them by responding quickly to their needs. From concept to completion, eInvoicing has been developed and brought to market in just two months, which is a great example of how fleet of foot m-hance has become. Organisations implementing eInvoicing can now reap the benefits from our unique cloud-based solution and take advantage of huge cost savings for a minimal initial outlay.”