Newgen Invoice Processing System 3.0: The Smart New Way to Process Invoices
Newgen Invoice Processing System (IPS) offers a complete solution for automating invoice processing for Accounts Payable. Newgen IPS, built on the foundation of Newgen’s expertise in imaging and workflow systems, ensures superior Accounts Payable management. Irrespective of the invoice layout, Newgen IPS can process any invoice from any supplier in almost any format using automatic vendor identification along with content analysis and recognition.
Newgen IPS extracts key invoice information such as purchase order number, vendor id, invoice date, supplier name, invoice number, VAT number, etc., from single or multi-page invoices and from different suppliers spread across countries. Newgen IPS analyses all incoming invoices and dynamically locates data on every invoice. Newgen IPS employs an automated image cleanup, powerful character recognition technology (OCR) with built-in recognition rules to capture invoice data with high accuracy.
Easy to use and deploy, Newgen IPS seamlessly integrates with Newgen’s document capture and workflow modules. Data extracted from the invoices in Newgen IPS is automatically synchronized with the Newgen OmniFlow database.
TM Recognition and Processing are fully automated and the results are immediately available in Newgen OmniFlow for viewing. Further, the invoice image becomes available at every step of processing workflow and invoice life cycle.
Additionally, Newgen IPS solution delivers all the recognized indexes (in an XML format), as well as the original images of the invoices, for an easy integration to the Accounts Payable, Workflow or ERP system.
Some of the noteworthy features of Newgen IPS include:
- Ability to recognize invoice line-items or tabular data from the invoices. Line-items can be recognized from a single page invoice or line-items running into multiple pages of the invoice. With the extracted line-item information, incoming invoices can automatically be matched with the correct supplier and purchase contract to ensure a more efficient and streamlined payment cycle
- Ability to automatically identify invoices coming from different suppliers and vendors. This is done using a knowledge-base, which, in most cases, is built using a simple combination of vendor related information such as the vendor name, registration number, VAT registration, location, etc.
- Newgen IPS version 3.0 comes with a highly optimized extraction engine. High recognition accuracy rate results from the pattern-based recognition approach for key invoice fields as well as the invoice line-items. Newgen IPS extraction engine has upto 80% faster recognition speed, which means that greater invoice details can be captured and stored in the limited time window available for processing large invoice volumes. This directly translates into high productivity gains