Maconomy will now have Version One's document imaging and data capture solutions integrated into its ERP software, enabling organisations to electronically store and retrieve documents directly from their Maconomy system. Using Version Oneâs data capture system, which uses the latest optical character recognition (OCR) technology, Maconomy users will also be able to reduce manual data entry of invoice information by up to 80%, making substantial time and cost savings.
Maconomy is offering its customers a range of document management and imaging options from a simple inbound document scanning solution to automated invoice processing using Version One's intelligent OCR system. These Version One solutions can be used by the accounts department for the electronic storage and management of a range of financial documents. They can also be used outside the accounts department for the secure storage of a range of non-finance documents including 'born digital' documents, such as PDF and TIFF files.
With Version One's intelligent OCR technology, Maconomy users simply scan in their supplier invoices. The capture system recognises the supplier from each document's unique characteristics, automatically highlights and extracts the relevant references and amounts and then validates this data before it is uploaded into Maconomy.
Using the imaging system, documents can be accessed instantly from the ledger screens, eliminating the time-consuming location and retrieval of paper documents whilst aiding the resolution of queries and supporting on-line checking and approval.
Neil Davidson, Managing Director at Maconomy UK says, "The integration of Version One's technology will add tremendous value to our ERP product offering, helping our clients to cut administration costs and filing space whilst improving document processing efficiency. Instead of users having to manually key invoice data, which is costly, tedious and prone to error, they'll be able to automate this process by up to 80%.â
Davidson continues, âAs accounts payable staff will be spending less time on data entry, they will be able to focus on value-adding activities, which is key in the current climate. Our customers will also be able to streamline their services to their own clients as theyâll be able to electronically deliver all project and job back-up information with the click of a button. In addition, by cutting paper waste including eliminating unnecessary photocopying, postage and filing, this supports customersâ environmental agendas."
Julian Buck, General Manager of Version One says, "We're delighted to be partnering with Maconomy. The integration of our systems into Maconomyâs ERP now provides Maconomy users with advanced functionality for the cost-effective and efficient management of their documents. They can also expect a return on their investment within just six months."
This partnership announcement coincides with the launch of Maconomyâs latest generation of software Maconomy XI. The Version One integration is available for this as well as existing Maconomy releases.