Information management can only be efficient when corporate systems communicate to each other; and business process management (BPM) systems are surely the first that require efficient intercommunication.
Invoice management software such as Conterra FIM by Orienge is aimed at managing a variety of business processes related to invoice handling, including verifying, approving, and paying. Since these systems deal with unstructured and semi-structured content of invoices and other financial transaction documents, at some stages they might need to integrate with other information systems. Let’s take a look at some of the most obvious situations when integration is needed.
First, processing an invoice means filling in all necessary attributes such as vendor, business unit, or responsible employee. These data are normally shared by several corporate systems, i.e. ERP, accounting, or HR management system. Determining the internal owner of each data set (meaning both the employee and the system) is quite a challenge.
Second, PO-related invoices have to be matched with Purchase Orders, which requires connecting to the ERP or warehousing systems. PO data (articles and quantity) are extracted from the PO managing system to be checked against the invoices.
Third, “ready to be paid” invoices have to be exported with all the attributes that are filled in during the approval process (amount due, GL codes, business unit, etc.). The invoices enter the ERP or accounting system that takes control of the final payment and sends the payment information back.
There are many more other situations when information needs to be shared between several systems used by an organization. That is why smart integration is a necessary and very important part of any implementation.
I hope that this short post will help you understand that system integration is a high-level challenge for Financial Information Management, ERP, accounting, and Financial Reporting systems.
The Orienge team and I are always ready to listen to your specifics and help you with your processes! Please feel free to contact me directly email@example.com or contact a member of the Orienge team at 917-727-3278 or firstname.lastname@example.org.