Press Release
Berlin, 26 July 2007 – Loewe AG, a German producer of premium televisions has boosted the quality of its accounts payable: As of November 2006, the company, which receives up to 90,000 invoices in its mailbox each year, has largely automated the process. This is made possible by an end-to-end solution consisting of the FrontCollect Invoice input management software from Beta Systems and the FIS/edc invoice monitor from FIS, which is fully integrated into Loewe’s existing SAP system.
What used to be labor-intensive manual work is now handled by FrontCollect Invoice and FIS/edc, resulting in automated and consistent processing of scanned incoming invoices or EDI messages. Invoice recognition is fully taken care of by the FrontCollect Invoice input management system, which autonomously collects the relevant information from the documents, validates it based on master data or plausibility criteria and forwards it to SAP and FIS/edc. According to Loewe, creditors are identified with a precision exceeding 90%. The FIS/edc monitor is then used to check, book, monitor and send invoices to the e-mail system for approval.
“FrontCollect Invoice and FIS/edc has speeded up processing, reduced the throughput times and optimized our workflows,” says a satisfied Christoph Schülner, Head of Accounting at Loewe. FrontCollect Invoice really comes into its own when processing bundled invoices, which can contain up to 50 order items: The input management system finds and recognizes these line items on its own, reads prices and quantities and then passes on the data to SAP and FIS/edc for automatic validation and booking.
As an additional advantage, Loewe is now able to fully capitalize on discounts and benefits from an input tax reduction because all invoices are entered into the system without delay. “This enables us to realize direct interest profits, means we get our money back from the tax office quicker and ultimately results in a better cash flow,” adds Schülner.
Loewe decided on the combined FrontCollect Invoice and FIS/edc system because the FrontCollect Invoice component is a proven solution that stands out from similar products owing to its excellent recognition rates and easy handling and can be extended all the way to implementing a digital inbox. What made FIS’ product attractive was the fact that it is a standard document capture and booking solution fully integrated into SAP, which perfectly meets the needs of Loewe AG. Also, the entire project was managed by the document capture, project management and support competence team of FIS.
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FIS GmbH
FIS GmbH is an independent company with more than 200 employees mainly focusing on
SAP projects. The 35 specialists of the wholly owned FIS-ASP GmbH subsidiary administrate the
customers’ SAP systems in the FISASP data centers. This makes FIS a full-service SAP provider with
services ranging from system/infrastructure planning and implementation through to productive
operation and support. FIS supports all SAP-approved hardware platforms and maintains close ties to
its partner SAP. As an internationally active SAP Special Expertise Partner Retail, FIS focuses on
wholesalers of technical products and the general industry sector and ships its own SAP add-on
software products in more than 14 languages. The company also belongs to the small group of
consultancies with ISO9001 certification.
Beta Systems Software AG – Agility Integrated
Beta Systems Software AG (Prime Standard: BSS, ISIN DE0005224406) develops high-profile
software products and solutions for the secure and efficient processing of large data volumes. Beta
4Agility products are geared towards the business processes of companies and facilitate the
automation of data and document processing, while taking account of Identity Management and
ensuring compliance in corporate IT.
The company was founded in 1983 and has been listed on the stock exchange since 1997. Beta Systems currently employs about 625 employees, mainly in the company’s headquarters in Berlin as well as in the Augsburg, Cologne and Calgary Centres of Competence. In addition, Beta Systems has 17 subsidiaries worldwide and cooperations with numerous partner companies. With more than 3,000 running installations, it has a customer base of more than 1,300 major companies from financial services, industry, trading, logistics and the IT service provider sector.
More information on the company and its products can be found under www.betasystems.com.
Press Contacts
Local UK Media Contact:
JGC PR
Jack Gocher
Phone: 0044-(0)1494 724113
Mobile: 0044-(0)7815 780931
Email:
jack@jgc-pr.co.uk
Beta Systems Software AG
Thomas grosse Osterhues
Senior Manager Marketing Communications
Phone: +49 (0)30 726 118-570
Fax: +49 (0)30 726 118-881
Email:
thomas.osterhues@betasystems.com
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