Each invoice a business receives must be reviewed, approved, paid, and uploaded into a back-office or accounting system for proper invoice management and record-keeping. The number of invoices received, the number of business locations, approval workflows, line-item details, and the invoice capture method all affect how long this process takes. Manual invoice processing requires each invoice to be entered by hand, making it prone to human error. It also demands labor hours, whether you are entering summary-level data for accounting purposes or more detailed line-item data for inventory purposes.
Fintech’s PaymentSource offers a superior alternative for non-regulated invoice capture, review, and approval, leveraging the power of optical character recognition (OCR) technology through our invoice quick-capture functionality. You can scan and upload invoices for ingestion, accelerating the review and approval process through the Fintech portal. Powered by artificial intelligence and machine learning, our quick-capture functionality enables faster invoice processing.
Note: Non-regulated invoices include invoices for all other goods, services, and operating supplies outside of alcohol.
Uploading Invoices Through the Fintech Portal
Fintech makes it easy to upload invoices into the portal. If you have multiple locations, select the one for which you would like to upload an invoice. You can upload up to 25 invoices at one time.
Scan and upload your invoice using your smartphone. Acceptable file formats include PDF, JPG, and PNG. Most smartphones allow you to ‘scan’ the invoice and then convert it into a PDF.
Once uploaded, AI and machine learning code each invoice item according to your general ledger (GL).
Reviewing Invoice Summary and Details
You will be able to see columns for product code, product description, UPC, quantity, price, and amount. You will also see the invoice number, amount, and date. If needed, Fintech enables you to manually input additional details, such as packs per case, unit of measure, and any pricing adjustments or promotional discounts.
You will be prompted inside the Fintech portal if there is an error in the invoice requiring further review. Our outreach team may also contact you, depending on the type of error.
Once the invoice is approved (whether by you or the designated admin of your Fintech account), it will be added to the queue for the next data file drop if you have an integration set up with your accounting or inventory back-office system.
Speeding Up the Invoice Data Entry Process
There are two ways to handle invoice data processing when using our quick-capture functionality. The first is with Fintech review, which allows invoice data to be verified and corrected as needed by our side before being delivered back to your portal. The second option is to skip Fintech review – which can be set on a vendor basis – and receive standardized invoice data back faster for your own review and approval.
Fintech even lets you set up Auto Approve for specific vendors, thereby bypassing the need for manual approval and accelerating the process even further for key vendors.
When every minute counts toward running your business, skipping manual invoice data entry and receiving that data in your back-office system faster is a game-changer.
Note: PDF file uploads work best when skipping the Fintech review. Should you wish to turn Fintech review back on for a particular vendor, you can easily do so in the Fintech portal.
Schedule Invoice Payment for Non-Alc Invoices
Once an invoice has been approved, you can select your desired payment option. Only certain account roles can authorize payments from the Fintech portal. There are three payment options to choose from: check, ACH, or paying outside of Fintech. Payments can be scheduled at that time or for later, in case another user needs to approve the payment or conduct a final review.
Unlock the Power of Faster Invoice Processing Cycles Using Fintech
Fintech enables the submission of invoices for faster data ingestion through our quick-capture technology. Gain visibility over invoice review, approval, and payment all through your personalized Fintech portal. Fintech sends invoice data files seven days a week, meaning you can leverage clean invoice data daily when incorporating Fintech’s quick-capture functionality with a back-office system integration. Contact our team to learn more about implementing this feature in your business.
