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Technology Guide for Printers

Financial Automation Software

In addition to the accounting software that’s used to manage the financial aspects of an organization, such as sales and purchase ledgers and payroll, there are additional applications available to help digitize financial tasks even further. Using financial software such as V1 Invoice Automation or Paperless Europe, you can digitize the processing and reconciliation of your Purchase invoices. For those of you in North America trying to navigate complex tax calculations, software like Avalara Avatax can automate these calculations for you with a full list of US and Canadian tax rates.

Some examples of Finance management software that can integrate with an MIS solution include:

How an MIS connects to financial automation software:

Connecting your MIS solution to financial automation software such as the examples above can be achieved by speaking to your MIS partner. Dependent on the software you want to integrate with, they may achieve this by using an API, or they may need to implement a custom development project to achieve this by embedding the software directly within the MIS.

We’ve used our integration with V1 automation to demonstrate what can be achieved through an integration with a document digitization application. Here’s what you can expect:

  • Automatic end-to-end processing of incoming Purchase Invoices.
  • Incoming PDF documents (via email or scanning device) are digitally read and automatically posted to the purchase ledger via Tharstern.
  • Purchase Orders are matched line by line to orders in the Financial Management System.
  • Automated responses are sent to suppliers who send invoices with incorrect information or no Purchase Order.
  • Automated internal emails can be used to set up new suppliers on the Financial Management System.
  • Optional access to archive documents.