Using Invoice+ (Invoice Scanning)
Overview:
Who would guess that the very simple process of scanning and uploading invoices could provide so many benefits?
Invoice+ can be used in combination with your COGS+ system as an invoice scanning and uploading solution. The uploaded invoices will update the COGS-Well Receiving feature, including the inventory line-item detail (what items were received, in what packaging, in what quantity, and at what cost).
Invoice+ uses OCR technology (Optical Character Recognition) to convert the information from a scanned invoice image to digital. Invoice+ will include an image of the invoice as well as all of the information required for accounts payable.
Invoice+ eliminates the need to enter invoices manually. It will also ensure new items are automatically added to your database and that item costs and packaging are always up to date. It also will drive Item Cost Alert and Item Cost Trend reporting.
Initial Database Setup:
Invoice+ can be used for your Initial Database Setup. Simply scan and upload 60-90 days of historical invoices and your Vendors, General Ledger Accounts, Inventory Cost Categories, and Inventory items will be automatically set up.
The above process enables you to get started using COGS-Well several days after you upload the scanned invoices and you will also have several months of invoice receiving history.
Accounts Payable Integration:
If you are scanning and uploading invoices via Invoice+ to COGS-Well, you can export those invoices to your accounts payable system (or accounting service provider). The expenses will already be coded to your GL expense accounts and invoice Images will be included in the export.
If you scan and upload invoices from all of your vendors (versus just your food and beverage vendors), you can export all of your restaurant invoices to Accounts Payable. This approach fully automates invoice processing, saves time, and makes the process paperless.
Things to Know:
- To get started, COGS-Well support will need a copy of your food and beverage chart of accounts (General Ledger Accounts).
- Invoice+ will convert the information from scanned images to digital information that will be imported into COGS-Well's Receiving feature.
- Invoices can, optionally, be exported to your Accounts Payable system (or service provider).
- Historical invoice information can also be imported to create your initial inventory item and vendor database in COGS-Well.
- Invoice+ auditors will "Flag" invoices that need attention (bad image quality) and you will receive a notice via email that the invoice needs to be rescanned.
- The fastest way to scan invoices and email them to COGS-Well is via a scanner or copier that includes the ability to scan multiple invoices and then email them automatically.
- You can also use your mobile phone to scan invoices if you do not have a scanner and do not wish to purchase one.
- COGS-Well support will provide you with an Invoice+ email address to send your scanned invoice images.
Creating and Uploading Images:
Scanning and Emailing Invoices: The easiest and most efficient way to produce quality invoice images for Invoice+ is via a scanner, printer, or copier that can scan multiple invoices in one batch and automatically email them to your Invoice+ email address.
Scanning Devices: You can use anything from a very compact, relatively inexpensive (around $100), dedicated scanning device up to All-In-One printers or copiers that include features for printing, copying, and scanning. Make sure your scanner can scan multiple invoices into one file (most can). The automatic send email feature is convenient, but not required if you can have the file copied to a computer so you can email it yourself.
Mobile Device (Phones): Phones will take longer to scan images because they do not have a "stack and feed" feature like an all-in-one printer or a dedicated scanning device. This means you will need to stack your invoices on a flat surface and take a picture of each invoice one at a time. Please click this link for our help articles on using scanning apps for mobile phones. We have listed several options.
Vendors can send Invoice Images to COGS-Well: If your vendors can send invoice images (often this is a PDF ) to your COGS-Well Invoice+ email address, it will eliminate the need for you or your team to scan and upload invoice images for these vendors. This will also typically result in invoices getting into Invoice+ faster and it will significantly reduce the likelihood of an image being rejected due to poor image quality.
Invoice Review and Approval:
COGS-Well's auditors receive alerts if any scanned images are unreadable or incomplete and they will email a request back to the scanner to rescan the invoice.
COGS-Well also provides an optional feature for invoice approvals if you want your managers (or an accounting person) to review and approve the received invoices. Please let implementation@cogs-well.com know if you want to approve invoices as this feature needs to be enabled.
Invoice transaction history is maintained in the COGS-Well receiving feature. You can also control who is given access to this feature and the corresponding receiving reports.
Summary:
Who would guess that the very simple process of scanning and uploading invoices could provide so many benefits? Your initial inventory database is created. New items are automatically added and the item packaging and costs will always remain up to date.
At any time you can report what items you are buying, from what vendors, in what quantities, at what price, and for any desired date range. You can also calculate your inventory usage and determine your actual cost of goods sold. Cost change alerts and cost trend reporting will keep you in the know.
However, inventory control is not the only benefit. You can also automate your invoice processing through to accounts payable. No more manual entry of invoices or manual coding of expenses is required.
Invoice+ makes Inventory control and accounts payable automation easy!
