OpenText Vendor Invoice Management for SAP Solutions (OpenText VIM) is one of the leading solutions when it comes to managing and processing invoices. It is compatible with both SAP S/4HANA and previous SAP ERP systems. SAP adopted the software into its portfolio a few years ago under the name “SAP Invoice Management by OpenText.”
As an integral part of SAP, the invoice processing add-on provides preconfigured rules, roles and actions. As a result, OpenText VIM enables full automation of invoice receipt and posting. Companies optimize their accounts payable processes while meeting internal and external compliance requirements.
OpenText VIM can be used with or without an OCR system for text recognition. With the help of OCR, the data of an invoice is read and made available for further processing in OpenText VIM. Of course, it is also possible to process an invoice via EDI or e-mail with or without a purchase order reference.
Based on the invoice status, companies can see the current processing status of their invoices at any time. An invoice passes through several business rules that are already included in the OpenText VIM standard, as well as company-defined rules. Selected users can then process the invoice and forward it in the workflow or, if necessary, direct queries to the previous processor.
Editing and approval of invoices in the workflow are based on permissions and user roles. After successful release, the posting can be done manually or automatically, so that the supplier receives his money on time. If something is incorrect with an invoice, subsequent release of the posted invoice is also possible at any time.
Since the entire invoice history can be viewed, every step of the process can be tracked and logged with OpenText VIM – from entry to invoice receipt to payment. With OpenText VIM, companies automate and accelerate their document-related processes while increasing productivity and revenues. Defined rules and roles ensure adherence to applicable compliance rules, preventing fraud when it comes time to make payments.