Financial Invoice Processing with SharePoint Premium

Joel Plaut

August 02, 2024

All Post

A leading financial institution faced a significant challenge: Manually processing a high volume of invoices was time-consuming, prone to errors, and limited their ability to make strategic financial decisions.

The Challenge

• Delayed Payments and Reconciliation: Manually processing a high volume of invoices led to delays in payments to vendors and hindered the reconciliation process.
• Inconsistent Invoice Formats: The varying formats across vendors made data extraction a difficult task, requiring significant manual effort.
• Data Entry Errors and Slow Approvals: Manual data entry Definitely led to discrepancies, slowing down the invoice approval process.
• Inefficient Approval Workflows: The absence of secure e-signature capabilities hindered document approval workflows, requiring physical document exchange.

The Solution

Reality-Tech has implemented SharePoint Premium with a focus on automating invoice processing. This included:

• Prebuilt document processing: Extracting key data (vendor, amount, date and other metadata) from invoices automatically.
• Structured document processing: Creating a custom model to handle variations in invoice formats.
• PDF Merge and Split: Combined multiple financial documents (e.g., reports, statements) into a single, organized PDF for easier sharing and archiving. Split large PDFs into specific pages for focused review and distribution.
• Document Translation: Translated contracts and other financial documents into required languages seamlessly, facilitating communication and collaboration with international partners.
• Syntex eSignature: Enabled secure electronic signatures for contracts and other critical documents, streamlining approval processes.
• Content Assembly: Generating standardized reports on invoice processing status.

The Results

SharePoint Premium significantly improved invoice processing efficiency at Global Bank:

• Faster Processing: Automating data extraction reduced processing time by 70%.
• Reduced Errors: Automated data capture minimized manual entry errors.
• Increased Productivity: Employees were freed from manual tasks to focus on higher-value activities.
• Improved Organization: Structured document processing and PDF merge/split features ensured organized storage and retrieval of financial documents.
• Streamlined Approvals: Secure e-signatures eliminated the need for physical document exchange, speeding up approvals.

Key Takeaways

This success story showcases how SharePoint Premium Strengthens financial institutions to:

• Automate invoice processing: This improves accuracy, efficiency, and streamlines cash management by reducing processing time and errors.
• Enhance document management: Streamlined organization, retrieval, and e-signature capabilities ensure secure and efficient handling of financial documents.
• Boost collaboration: Elimination of language barriers fosters seamless communication with international partners.

Benefits for Financial Institutions

By leveraging SharePoint Premium, financial institutions can achieve:

• Reduced Costs: Automation minimizes manual processing time and associated costs.
• Improved Accuracy and Compliance: AI-powered data extraction ensure data accuracy and adherence to regulations.
• Faster Cycle Times: Streamlined workflows accelerate invoice processing, approvals, and overall financial operations.
• Enhanced Collaboration: Secure e-signatures and document translation capabilities remove communication barriers and facilitate collaboration.

Is SharePoint Premium Right for Your Financial Institution?

If your organization is looking to improve efficiency and accuracy in invoice processing and other financial tasks, SharePoint Premium can be a valuable tool. Its AI capabilities and automation features can transform your financial operations.