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OpenText Vendor Invoice Management for SAP Solutions

OpenText Vendor Invoice Management for SAP Solutions
OpenText VIM:

OpenText is a Canadian based Software company that develops Enterprise content management (ECM), Business process management (BPM), Customer experience management (CEM), Information exchange, Discovery, and analytics software.
OpenText’s Vendor Invoice Management (VIM) solutions streamline Accounts Payable (AP) operations for SAP customers. OpenText VIM helps addresses a number of problems in Invoice Management such as:

  • Invoice Disputes with clients
  • Invoices submitted without Purchase Orders
  • Cost Center errors
  • Duplicate invoices
  • Insufficient approvals
  • Discrepancies in date, price and quantity
  • Differing tax conditions
Purchase Order allocation errors

Other Challenges in Vendor Invoice Management:
For many organizations, invoice processing can be a manually draining effort causing strain on internal resources as well as the vendors involved. Listed below are some common challenges in Vendor Invoice Management:

  • Entering data from paper invoices into SAP ERP2.
  • Historical research and resolution efforts can be time-consuming
  • Process Documentation
  • Multiple parties requesting additional information

Labor intensiveness of updating reports on the status of unpaid invoices SAP OpenText Vendor Invoice Management solutions addresses these challenges through its advanced OpenText VIM software and some of its main features include:

Optical Character Recognition
Advanced document and character recognition capabilities convert paper invoices to machine-readable information for electronic storage and retrieval.
Review and Approval Process

Reduces cost per transaction through controlled and automated exceptions handling, aging, escalation, and reporting.

Leverage designated workflows

Shorten implementation time and reduce deployment costs through predefined workflows with extensible baseline functionality.

Automate invoice routing and sorting

Based on user roles, authorization rules and predefined timelines, designated workflows sort and route invoices.

Report Generation

Build custom reports with SAP NetWeaver Business Warehouse (BW) delivered through OpenText VIM data. Leverage built-in reports based on Company Code, Exception type, Liability and other additional options.

Invoice approval from any device

The HTML5 based invoice approval application allows for information from any device, mobile phone, tablets and desktop to be processed. Approvers can have Web-based access to all the invoice information processed with a detailed history.

With Vendor Invoice Management:
  • Integration with SAP Business Suite and SAP S/4HANA accelerates Accounts Payable operations in the enterprise
  • Automation of routing, approval and payment processes increases productivity and revenue
  • Access to current and accurate vendor information enhances vendor relations
  • Accurate and timely financial reporting with automatic access to AP information
  • Streamlined workflows, initiating reminders, and shortening of the payment cycle improves cash flow
  • Regulatory compliance is ensured through an established process using preconfigured rules, roles, and actions
Reference:
1. “OpenText Vendor Invoice Management for SAP Solutions.” http://www.opentext.com/file_source/OpenText/en_US/PDF/Product%20Overview%20-%20Open%20Text%20Vendor%20Invoice%20Management%20(VIM)%20for%20SAP%20Sol uti.pdf. OpenText Corporation, n.d. Web. 10 Mar. 2017.

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