m-hance, a UK provider of business software solutions to mid-sized organisations, has announced the launch of eInvoicing, its new cloud-based invoice processing solution. m-hance’s eInvoicing solution enables users to process text PDF invoices received via email, cutting the costs associated with manual processing and eliminating the need to print, scan and circulate paper invoices.
The company says that organisations that process more than 5,000 accounts payable (AP) invoices each year could save between 60-80% of their costs by implementing eInvoicing, significantly improving efficiency whilst gaining a quick return on their investment.
Text PDF invoices sent to a buyer-specific email address are detached via m-hance’s cloud invoice service which automatically extracts all data from the PDF. The solution’s intuitive verification rules convert the data into a standard electronic invoice format before uploading it into an organisation’s finance system. The original PDF can be stored in either a file store or a document management system, providing quick and secure online access to the PDF images of the invoices.
Unlike other invoicing processing solutions on the market that use optical character recognition (OCR) technology to interpret the image of a document, eInvoicing’s cloud-based functionality uses the actual data embedded in the PDF. With eInvoicing there is no ‘interpretation’ involved and users can be reassured that the data capture is 100% accurate in relation to the data in the originating PDF.
Andrew Hayward, Managing Director of m-hance comments, “Our customers have been seeking a fresh and flexible approach to invoicing processing and we have listened to them by responding quickly to their needs. From concept to completion, eInvoicing has been developed and brought to market in just two months, which is a great example of how fleet of foot m-hance has become. Organisations implementing eInvoicing can now reap the benefits from our unique cloud-based solution and take advantage of huge cost savings for a minimal initial outlay.”