FAQ Video Series #4

SourceDay FAQ Video #4: PO Collaboration with Training & Content Specialist Lisa Furler

Training and Content Specialist Lisa Furler walks through our invoice automation solution, how suppliers interact with the platform, how we minimize manual data entry, and more.

See all FAQ Videos here on our YouTube playlist.

3:10 Play Video

FAQ Video #4: Invoice Automation

Q: Why is PO Collaboration a requirement for Invoice Automation?

A: Combining PO collaboration with Invoice Automation ensures data accuracy in both the buyer’s and supplier’s ERPs. When buyers and suppliers work together, there are fewer mistakes and both sides are aligned throughout the PO – Invoice lifecycle.

Q: How do suppliers interact with SourceDay’s invoice automation platform?

A: Suppliers must simply change or add an email address when they send an invoice, and they get updates when invoices are posted or paid.

Q: How does invoice automation minimize the amount of manual data entry required by the accounting department?

A: SourceDay captures and digitizes every invoice and notifies users only when one requires attention. This replaces outdated methods like manually keying-in invoices and storing documents in repositories.

Q: SourceDay is focused on PO backed invoices. How do I know if SourceDay’s Invoice Automation platform will work for me?

A: If a significant portion of your time and energy is spent comparing information between invoices, POs, and the shipments you receive, there’s a really good chance SourceDay is the right solution for you.

Q: Which ERPs does Invoice Automation integrate with?

A: SourceDay’s Invoice Automation solution integrates with Epicor, Infor LN, Infor Syteline, Infor Visual, NetSuite, and more.

Q: How does SourceDay’s Invoice Automation platform save time for accounting/finance?

A: SourceDay’s Invoice Automation digitizes every invoice, then compares invoice to POs line-by-line to determine if the invoice can be vouchered automatically or sent to a queue to be managed by an accountant. If that happens, the invoice is labeled either Needs Review, Mismatched, or Awaiting Receipt so the accountant knows exactly how to process each invoice.

Q: What is OCR? Do you have AI and ML?

A: Optical Character Recognition (OCR) is software that extracts characters from a PDF. SourceDay uses this technology to pull key information from invoices so you can compare it to POs, shipments you’ve received, and invoices you’ve already vouchered. When an invoice is submitted to OCR, several fields are captured automatically, while some fields require an operator to train their locations on the invoice template. SourceDay’s OCR tool uses machine learning to identify these fields after seeing just a few examples.