What is Invoice+?
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. It eliminates the need for manual entry of invoices. Invoice+ will include an image of the invoice and 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 be automatically coded to your GL accounts and invoice Images will be included in the export.
If you scan all of your vendor invoices, you can request that all vendor invoices (versus only food and beverage vendors) be exported to Accounts Payable. This approach fully automates invoice processing, saves time, and makes the process paperless.
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!
