Microsoft Dynamics Invoice Capture – Key Functionalities And Benefits

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Efficiency and accuracy are critical in the world of accounts payable. Dealing with numerous invoices from different places can be quite a challenge. But here's where Microsoft Dynamics 365 Finance steps in with a game-changing solution– Invoice Capture.

This tool is powered by advanced technologies like Optical Character Recognition (OCR) and Artificial Intelligence (AI). What it does is simplify the entire process of handling invoices, from receiving them to making payments.

In this blog, we will delve into the core functions of the Invoice Capture feature in Microsoft Dynamics 365 Finance and how it can revolutionize the way you manage your accounts payable tasks.

What is Invoice Capture?

Invoice Capture is a feature within Microsoft Dynamics 365 Finance that uses advanced technologies like AI, ML, OCR, and RPA to make the process of handling accounts payable invoices automatic. In simpler terms, when your team receives invoices, they can just scan them, and the system does the rest of the work.

The OCR technology extracts important information, matches invoices with purchase orders, spots any issues or mistakes, and updates your financial records. This results in a smooth and efficient process that not only reduces the need for manual work but also improves accuracy.

6 Key Functionalities of Invoice Capture Feature

Here are six essential functions of the Invoice Capture Feature that make processing invoices easier, improve accuracy, and adjust to changing formats, ultimately enhancing workflow efficiency. Now, let's delve into each of these functions.

Key Functions of Microsoft Invoice Capture Feature 
Functionalities  Description 
Invoice Data Extraction from Multiple Channels   Handles invoices from various sources, including fax, EDI, email, and handwritten documents. 
AI Builder and Azure Form Recognizer  Utilizes a prebuilt AI model powered by Microsoft AI Builder and Azure Form Recognizer for global invoice processing. 
Custom AI Model for Invoice Processing  Allows creating custom AI models for intricate invoice formats. 
Intelligent and Flexible Business Rule Engine  Defines derivations and validation rules to streamline accounts payable automation. 
Automated Exception Handling  Identifies exceptions and data errors, routing invoices for resolution. 
Integration with Microsoft Power Platform  Seamlessly integrates with Microsoft Power Platform, enabling customization and workflow automation. 

A. Multi-Channel Data Capture

The first important function of the Invoice Capture feature in Dynamics 365 Finance is its Multi-Channel Data Capture ability. This means it's really good at handling invoices that come through different ways, like fax, Electronic Data Interchange (EDI), email, and even handwritten documents. It doesn't matter how these invoices come into your system, Invoice Capture can gather them and take care of them automatically.

This flexibility makes sure that your accounts payable team can work smoothly, no matter where the invoices are from. Because of this, it greatly improves how efficient and accurate your process for handling invoices is. Invoice Capture's skill in managing different kinds of invoices without any trouble ends up making your whole invoice process much more efficient and accurate.

B. AI-Powered Recognition

Another remarkable aspect of Invoice Capture is its use of state-of-the-art technology. It combines AI Builder and Azure Form Recognizer, to offer powerful automation features.

With the help of a ready-made AI model supported by Microsoft AI Builder and Azure Form Recognizer, the system can efficiently handle invoices from various countries, eliminating the need for extensive training.

What's remarkable is that this AI model continually improves its ability to recognize different invoice formats as they evolve. This guarantees reliable and precise extraction of data, regardless of where the invoices come from or how complex they may be.

C. Custom Invoice Models

In situations where you come across complicated or special invoice formats that the standard AI model may not understand, Invoice Capture gives you the option to make custom AI models. This means you can adjust the system to accurately handle even the most detailed invoice layouts.

By letting you create custom AI models, Invoice Capture ensures it's not limited to preset formats, but can be adjusted to match the exact requirements and unique features of your business. This adaptability is a valuable strength when it comes to managing different types of invoices efficiently.

D. Rule-Based Processing

The 4th notable functionality of the Invoice Capture feature of Microsoft Dynamics 365 Finance is rule-based processing.

In invoice processing, it's often not enough to have just the basic info on an invoice. Sometimes, you need extra details like supply chain info or bank account details to make good decisions. With Invoice Capture's smart business rule engine, you can set up rules for getting and checking this extra info, tailored to how you handle vendor invoices.

This makes automating accounts payable much smoother, freeing up your team from doing the same tasks over and over. They can concentrate on more important jobs. This makes sure your invoice handling matches up with what your business needs, all while keeping things running efficiently.

E. Automated Exception Handling

Invoice Capture comes with a built-in system that can automatically spot mistakes and issues in invoices. When it finds these problems, it does not just sit there—it takes action by sending these invoices to the right place for fixing. This really smooths out the whole process of dealing with invoices because it makes sure that problems get solved quickly.

With this automated system for handling exceptions, Invoice Capture boosts efficiency, cuts down on the need for manual work, and lowers the chances of errors, making sure your accounts payable work goes without a hitch.

F. Integration with Microsoft Power Platform

Another impressive aspect of Invoice Capture is how easily it works with the Microsoft Power Platform. This integration gives you the ability to make personalized solutions, automate processes, and expand what Invoice Capture can do.

By using the powerful features of the Microsoft Power Platform, you can adjust Invoice Capture to match your particular business requirements. This high level of customization and adaptability allows you to make Invoice Capture fit your specific workflow perfectly, ensuring it meets your business needs and improves how you handle accounts payable with greater efficiency and accuracy.

How Invoice Capture Benefits Businesses?

The 6 essential functionalities of Invoice Capture mentioned above highlight its importance for finance teams. Now, let's delve into the major advantages of Invoice Capture that provide a more comprehensive understanding of how it benefits businesses.

1. Improved Efficiency

The first advantage of Invoice Capture is increased efficiency. It speeds up the process of going from receiving an invoice to making a payment by automating it and cutting down on the manual work of entering data. This gives accounts payable teams more time to concentrate on important tasks like improving relationships with vendors, making sourcing contracts more effective, and negotiating discounts.

2. Enhanced Spend Control

Another advantage is improved control over expenses. With Invoice Capture, you can instantly see where your money is going and create better records for audits. This means you can quickly answer vendor questions, reduce delayed payments, and take advantage of time-sensitive discounts, all of which help you manage your finances more effectively.

3. Error Reduction

The next important benefit is reducing mistakes. With the help of Optical Character Recognition (OCR) and AI in Invoice Capture, the likelihood of errors in entering data and matching invoices is greatly reduced. This results in more accurate financial records, lower chances of financial discrepancies, and increased reliability in financial operations.

4. Environmental Benefits

Lastly, Invoice Capture helps the environment. Switching to a paperless way of handling accounts payable means there's no need for physical filing cabinets and reduces the chance of losing invoices. This not only helps the environment but also makes sure documents are more secure, which is good for the Earth and for keeping data safe in business operations.

To sum up, Invoice Capture brings a variety of benefits, making businesses more efficient, financially sound, accurate, and environmentally friendly.

Conclusion

Microsoft Dynamics Invoice Capture is a transformative solution that can modernize your accounts payable operations. It combines innovative technologies like OCR and AI with customizable features and seamless integration with Microsoft Power Platform. Overall, embracing Invoice Capture is a strategic business move towards efficiency and accuracy in your accounts payable department, making it a vital asset in the world of modern accounting.

Experience seamless invoice processing with Microsoft Dynamics Invoice Capture - revolutionize your accounts payable today with DynaTech Systems! Contact us to implement this game-changing solution for your business.

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