Reviewdocxp quickinvoicesFrom Document Manager Magazine Vol 18 No 03 - June 2010 DocXP QuickInvoices is a new development from Milton Keynes-based data capture specialists DRS, intended to fill a large and potential lucrative gap in the market: affordable automated invoice processing for small to medium businesses. DM was impressed with the base DocXP solution when we reviewed it some time ago in these pages, but it's fair to say that with the QuickInvoices offering we are looking at a whole new product.
UK distributor Datafinity is hopeful that there will be plenty of potential channel partners who can recognise the value-add of an invoice capture system that can work out as cheap as 10p per invoice processed. Datafinity, of course, has already seen considerable success over recent years with products such as PSI:Capture, Foxray xbound, and, as featured in our last issue, Vizit SP. Their ability to sniff out interesting products has so far stood them in good stead, and it has to be said that at first look, QuickInvoices could well be another winner.
The QuickInvoices package - including basic workflow processing for invoice approval etc. - sells at a fixed price of £10,000, and can handle workloads of up to 100,000 pages a year. Line item extraction (often viewed as an unnecessary expense by smaller A/P teams) is available as an optional extra if required.
The system may be good value, but it certainly isn't 'cheap & cheerful': it is a powerful and easy-to-use solution that can be implemented and customised to user requirements remarkably quickly. It uses a sophisticated combination of templating and free form (keyword OCR) technologies to identify and classify documents coming into the system. The setup is highly flexible and easy to customise to suit the unique requirements of every A/P department. Training takes hardly any time, and the interface follows the standard Windows format throughout for ease of use for users and admin staff alike.
DRS has added a new 'AutoCapture' functionality to its established DocXP technology, and this is what essentially makes QuickInvoices so intuitive and impressive in the invoice processing environment. It can extract - and validate - data from any invoice based on the content of each individual document, such as invoice number, date, totals, and supplier details. Users can easily match invoices to orders using automated look-up, and populate GL coding data to then pass into their downstream accounts system as required.
Datafinity has calculated that significant labour savings can be made by implementing QuickInvoices, so it is not hard to see why small and medium businesses are keen to evaluate the solution for themselves. Users can expect to not only reduce invoice turnaround time, but also to improve significantly on the accuracy of data going into their systems. A comparable invoice processing solution using capture technologies from some of the established 'big names' could easily cost well over £20,000 - and quite possibly offer considerably less flexibility and ease of use. As such the low cost bundle on offer in QuickInvoices looks like a very attractive option indeed.
More info: www.datafinity.co.uk
VERDICT
For Accounts Payable departments in small and medium sized businesses, the options for automating invoice processing have been limited to either low-function or high-cost offerings - until now. DocXP QuickInvoices is a straightforward, functional and affordable solution ideal for businesses processing up to 100k invoices a yReview |
