DocXAP

Visibility and Control to Effectively Manage Your Entire Process

Is your Accounts Payable department, like many others today, struggling with inefficiencies and reduced visibility into company finances? Does a complicated process keep you from automating? FormedAI DocXAP helps to solve these problems and more, giving you critical visibility and control over the entire invoice handling process. Our world-class solutions not only deliver increased savings, efficiency, and compliance but also help you better manage cash flow, spend, and working capital.

How does FAI do it? Years of customer best practices are built into our solution, along with the industry’s most paradigm-shifting technology, and a culture of innovation. FormedAI offers optimized solutions that meet the needs of companies of all sizes — no matter how complex or straightforward your environment — and gives you the agility to run your business more effectively.

DocXAP combines our world-class DocXtraction service and robust workflow/approval platform – to provide you an accounts payable solution that…

– Saves you time,
– Saves you money,
– Is customized to suit your exact business needs,
– Integrates with virtually any ERP or line of business application,
– Is 100% Cloud-based – no software to install, or hardware to maintain,
– and more!

Fully Automated AP with No Boundaries

Whether you are a smaller, fast-growing business or a large multi-national, FormedAI can support you globally and locally. We make it easy to automate your Accounts Payable and gain full visibility and control over your entire invoicing process. Combined with our DocXtraction service, the ability to manage invoices, optimize payment timing, and ensure compliance with external regulations and internal policies — all while reducing costs and streamlining processes — are among the many benefits you will receive.

Since all our AP automation solutions are web-based, there are no barriers or boundaries. You can easily integrate systems and manage processes across countries, companies, languages, currencies, and multiple ERP systems, as well as handle a wide range of tax requirements and government regulations.

Reduce Costs By Up To 80%

Remove the paper, eliminate errors,  and save huge on processing costs.

Transform AP to a Profit Center

Maximize your working capital by enjoying early vendor discounts and spending less on manual processes.

Save and Repurpose Valuable Time

Free up your operational employees and accounting staff’s time with full automation.

Powerful Features and Benefits

Organizations traditionally have their own unique AP process. We provide all the following elements and can customize additional features to meet your specific process and requirements.

Capturing Invoice Data

Our DocXtraction process can handle all your invoice formats – First-generation PDFs, scanned images (TIF, JPG, PDF) of printed invoices, and even those pesky handwritten ones. Upon receipt, we will extract the required data elements you need to process the invoice, such as vendor name, invoice number, invoice date, due date, PO number, invoice total, and if required, all the line item data (descriptions, quantities, item amounts, and item totals).

Purchase Orders / PO Matching

If you have an existing PO in your ERP system, we’ve got you covered. We’ll match the invoice to the PO, highlight any discrepancies, then notify the employee who placed the order that goods and services have been satisfactorily received, or if there is an outstanding issue. The matching process identifies any discrepancies to previously agreed-upon prices, quantities, and other criteria that are important to you. Match rules are simple to configure and can accommodate a range of tolerances.

If you don’t currently utilize a PO module within your ERP system, not to worry. We can build you a complete purchase order system within our workflow/approval platform.

Fully Customizable Workflow / AP Processing

Put all the proper steps and controls in place to ensure an invoice is valid and has all the relevant supporting documentation. Route invoices based on rules to match your internal processes. Bring visibility to important exceptions, such as duplicate invoices, expired vendor insurance or contracts, specific vendor types, amount thresholds, board member approval, and more.

With our iOS and Android app, employees can be virtually anywhere and approve invoices. Mobile approval helps to drastically reduce invoice turnover times.

General Ledger Coding

General Ledger (GL) is the backbone of any organization’s accounting system. With our advanced AP workflow, we help you solve a variety of nagging AP issues, such as…

– Relying on non-accounting personnel for GL Coding support.
– The extensive length of time to get the invoice to the right people responsible for GL Coding who spend additional time to properly apply established rules.
– Manual GL Coding errors caused by: simple typing/writing errors (on the stamped invoice or during ERP entry); not following established rules; and/or, not having established rules.

Our invoice approval system provides you the capability to:

– assign a GL code for the whole invoice;
– assign a GL code on a per-item basis;
– assign a GL code for taxes/discounts.
– or customize it based on your organizations’ requirements.

ERP / Accounting System Integration

We integrate with many popular ERP and accounting systems, as well as most proprietary solutions. As long as your system has the ability to import files, we will be able to integrate with it.

Some of the systems we integrate with:

– AS400
– Epicor
– Microsoft Dynamics
– Oracle SAP
– QuickBooks – All Versions
– Quickbooks Online
– Sage
– Lawson
– And More!

Archive / Retrieval / Audit Trail

Most organizations undergo routine audits and are required to provide all the documentation pertaining to certain vendors. With our approval/workflow platform, invoices are easily accessible and searchable in electronic form. A company’s finance department will be able to pull up all the invoices and contracts regarding a certain period of time, and fully investigate the approval process for each. The documentation transparency significantly decreases the risk and number of concerns auditors outline in their report.

Simple, Straightforward Pricing

No major upfront capital investment. You upload, we process. We can integrate with virtually any document management or accounting system. You pay only a monthly fee for what is processed. Simple!

Summary Data

Tier 1

For organizations that GL code at the invoice level.
- Includes up to 8 fields for DocXtraction
- One approval user provided for every 500 invoices processed monthly (minimum 500 invoices)
- Unlimited Document Storage
- Setup and Integration Fees May Apply
Line Items

Tier 2

For organizations that are required to disburse and GL code at the line item level.
- Includes up to 12 fields for DocXtraction
- Invoices 3+ pages or 25+ detail lines are subject to additional fees
- One approval user provided for every 500 invoices processed monthly (minimum 500 invoices)
- Unlimited Document Storage
- Setup and Integration Fees May Apply
Advanced/Utility Bills

Tier 3

For organizations that require robust and detailed data from their telephone, energy, gas, water, oil, and waste providers, in order to better track costs and consumption.
- Includes up to 17 fields for DocXtraction
- Collective-based bills with multi-meter billing incur charges for each sub-invoice created
- One approval user provided for every 500 invoices processed monthly (minimum 500 invoices)
- Unlimited Document Storage
- Setup and Integration Fees May Apply

For smaller organizations who want the benefit of OCR extraction and are capable of completing their own data verification, contact us about our Client-Verify option (which includes all the same great features as our Summary Data and Line Item offerings).