Digital invoice approval with Finmatics
TREUHAND-UNION Klagenfurt with 25 employees has been using the intelligent assistants of Finmatics since 2018. After the digitalization of the internal office processes, new shores were then also entered with the automation of invoice approval processes at the client. This case study shows how digital law firms are digitizing their clients' business processes.
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After the initial meeting with the client, the requirements were determined together with the accounting supervisor and the management via video conference. Together with Finmatics, the digitization was discussed and the future process for the client was defined. After configuration by Finmatics, the users were handed over to the client in a joint video conference. From this point on, document processing of incoming invoices and document approval by the management and project managers was handled digitally in a two-stage approval process. Following the successful introduction of the invoice approval process, it was decided to also digitize the processes for onward invoicing and the processing of credit card vouchers.
Step 1: Digital receipt input
The requirements-assessment revealed that the client receives 95% of all receipts electronically via email. This requirement could best be implemented with the Finmatics e-mail function. The client then set up an e-mail address (email@example.com), which is passed on to the suppliers. This mail address is then automatically forwarded to an address created by Finmatics. The client thus only had to set up an e-mail address for the accounting department. The TREUHAND-UNION accountants then activated the Finmatics e-mail address in the client master and assigned it to the client. The entire process was completed in one day.
Step 2: Two-step invoice approval by the client
Together with the client, it was determined that a two-step invoice approval workflow was optimal for the individual requirements of Millstätter See Tourismus GmbH. After reception of the documents, the invoices are sent to the accounting department and are then assigned to the respective project management for approval. After approval by the project management, the documents are sent to the management for approval. Rejected documents are sent back to the accounting department with a comment, for example, if it is necessary to contact the supplier. Once approved by management, the documents are then sent to the tax accounting firm for booking, as well as the payment run. Over time, Finmatics learns the correct allocation and the need for manual allocation is eliminated.
Approval is done very quickly on the go with the Finmatics mobile app. The client can approve the allocated invoices with a simple swipe.
Step 3: Transfer data and receipts to BMD Business Software.
The law firm TREUHAND-UNION Klagenfurt relies on BMD Business Software as its accounting software. After approval by the client, the responsible person in the accounting department receives the documents plus booking data record, including cost center information in BMD Vorerfassung Buchungen.
Step 4: Payment run by accounting in BMD Business Software
The payment run is carried out by TREUHAND-UNION Klagenfurt directly in BMD. The client then receives the payment run weekly for approval and TREUHAND-UNION provides the data medium for the transfer.
Step 5: Digitally capture credit card receipts and expenses.
Management credit cards generate only a few receipts per month. However, manual booking of these receipts would still be very time-consuming in terms of processing and collection.
For this reason, a separate company code was created for the credit cards both in BMD Vorerfassung Buchungen and in Finmatics. Since the management was already using the Finmatics mobile app, it made sense to also use it for the automatic input of the credit card receipts. However, these are not included in the invoice workflow, but are forwarded directly to the accountants at TREUHAND-UNION.
Since questions have arisen, how to optimally map overlong receipts with the app, the German guideline "TR Resiscan" was consulted. This clearly states that receipts may also be compiled on the basis of several photos. This means that clients can take high-quality photos of even long documents on several sides. This also has a positive effect on the automation rate.
Step 6: Automate further settlements
A side issue of the digitization process was the automation of onward invoicing. To automate this, the Finmatics workflow was extended to include the option of further invoicing by configuration. When an invoice is to be re-invoiced, it is automatically added to the task list of the person responsible for it. In this way, the further settlement can be carried out immediately.
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