MELBOURNE-based technology company Evolve IS is taking finance to the clouds launching a new mobile automated Accounts Payable system based on new recognition technology.
Online PR News – 10-April-2013 – Melbourne, VIC – MELBOURNE-based technology company Evolve IS is taking finance to the clouds launching a new mobile automated Accounts Payable system based on new recognition technology.
Named EIPS (Evolve Invoice Processing Solution), the system automates the manual entry of data from incoming invoices, the approval process, and can integrate with organisations’ existing systems to remove 80 per cent of the workload involved in Accounts Payable.
The cutting-edge cloud-based solution is also compatible with mobile devices and is the latest in ICR (Intelligent Character Recognition) technology replacing the need for templates of previous automated systems.
Evolve chief executive Bill Kennedy said EIPS had been developed to meet the growing mobile needs of companies.
“More and more companies are moving into cloud-based environments for their communication and sales tools, and are naturally demanding more of these solutions for other areas of their business,” said Mr Kennedy.
“In contrast to this, the Accounts Payable process is largely a manually driven operation in many organisations with reams of paper, manual data entry and approval processes.
“So we decided to develop a solution that provides greater efficiency and accuracy, is much more cost effective than old OCR technology, and enhances their mobile strategy.”
Previous Optical Character Recognition (OCR) technology relied on matching scans and document uploads with pre-defined templates that target specific areas to extract the data. This technology in invoice processing results in set up costs of designing numerous templates for different invoice formats.
With new ICR technology, after scanning or uploading the document, the reader automatically extracts the data without the need for templates and also recognises legible handwriting.
Mr Kennedy said the move to ICR was a ‘no-brainer’ for companies to future proof their financial operations.
“Many of our clients have more than 2,000 suppliers, and while some of them would use similar invoice layouts, if they had gone with OCR it would have meant hundreds of templates would have had to be built to automate their invoice processing.
“What ICR gives companies is the flexibility by eliminating modification-related costs that would arise from shopping around suppliers to get the best deal, or furthermore, when you expand your business and take on more suppliers.”
The system also features built-in automated invoice approval workflows, which is accessible from any web-enabled device including tablets, mobile phones and notebooks.
Mr Kennedy said the EIPS concept centered on improving efficiency and flexibility in financial operations.
“EIPS has a Software As A Service (SAAS) option, which means that medium-sized businesses can access automation technology that traditionally wouldn’t have been a financially viable option for them in the past.
Evolve IS is based in Collins Street, Melbourne, and has nine years’ experience in information systems focussing on business-outcome driven technology.