Newgen bill Processing system (IPS) gives a entire solution for automating invoice processing for accounts Payable. Newgen IPS, built on the foundation of Newgen’s knowledge in imaging and workflow systems, ensures advanced accounts Payable management.
- Ability to recognize invoice line-items or tabular data from the invoices. Line-items can be recognized from a single page invoice or line-items running into multiple pages of the invoice. With the extracted line-item information, incoming invoices can automatically be matched with the correct supplier and purchase contract to ensure a more efficient and streamlined payment cycle
- Ability to automatically identify invoices coming from different suppliers and vendors. This is done using a knowledge-base, which, in most cases, is built using a simple combination of vendor related information such as the vendor name, registration number, VAT registration, location, etc.
- Newgen IPS version 3.0 comes with a highly optimized extraction engine. High recognition accuracy rate results from the pattern-based recognition approach for key invoice fields as well as the invoice line-items. Newgen IPS extraction engine has upto 80% faster recognition speed, which means that greater invoice details can be captured and stored in the limited time window available for processing large invoice volumes. This directly translates into high productivity gains