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Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions.
MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc.
Features : Easy customization Intelligent data capture Advanced workflow with graphical interface Audit trail Email alerts Integration and functionality of key modules such as Epicor CPQ, Quick Ship, Epicor ECM, Advanced MES, and Epicor ECC. Accurate data capture A company may invoice invoices in various formats - paper, pdf, xml , etc.
Compliance: It ensures compliance with internal procurement policies and external regulations, minimizing financial risks and audit issues. Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses.
Regular audits and continuous improvement processes are essential to ensure the tool's accuracy and reliability over time. Set up quality control measures and regular audits to maintain accuracy. The validation workflow enables you to detect and flag duplicate documents to prevent issues like double billing.
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