In today’s business world, organizations of all sizes, industries, and complexities face the challenge of managing a high volume of invoices efficiently and accurately. The manual processing of vendor invoices can be a daunting task, often leading to delays, errors, and increased operational costs.

Enter OpenText Vendor Invoice Management for SAP solutions.

As a robust software solution designed to improve invoice processing by leveraging automation, intelligent capture, and machine learning tools, SAP Vendor Invoice Management (VIM) has empowered businesses to take control over their financial processes, making it easier to improve productivity, efficiency, and accuracy across their purchasing department.

This article will discuss the key components, capabilities, and advantages of the Vendor Invoice Management solution in SAP, as well as where our team of SAP consultants can help you optimize critical vendor invoicing processes and maintain compliance with regulatory requirements.

Read on to learn more!

What is SAP VIM?

OpenText Vendor Invoice Management for SAP is a software solution designed to help users automate their invoice processing operations and integrate important invoice data with solutions in the SAP ecosystem. SAP VIM utilizes early archiving processes and late archiving when an invoice gets to the archive server, it creates a DP number.

With pre-configured rules, roles, and process controls, users can optimize end-to-end invoice processing functions, simplifying and supporting the management of vendor invoices, sales orders, delivery notes, tax codes, and more across their SAP ERP system.

Common Challenges Addressed with SAP VIM

When navigating complex tax code determination processes and ensuring proper invoice receipt and documentation, there are quite a few challenges that can arise without the right tools or resources to handle everything at once.

Let’s look at a few common challenges addressed with OpenText Vendor Invoice Management in SAP:

1) When navigating an environment with multiple key stakeholders, the need for multiple copies of an invoice often leads to the mismanagement of key invoice documents and a lack of reliability and transparency with numerous different sources of truth.

2) Creating an invoice document, validating each invoice, and completing each step can involve many tedious and time-consuming tasks, leading to a lack of efficiency and wasted time and money.

3) Trying to reduce or eliminate duplicate payments or lost invoices can often pose a challenge for internal teams, especially without the right software or personnel to help.

4) With multiple teams and stakeholders involved in the invoicing process, companies often face difficulty distributing valuable invoice information or documents accurately and efficiently across teams and systems.

Main Advantages of Vendor Invoice Management in SAP

Here are a few key advantages of Vendor Invoice Management in SAP:

Streamline Business Processes

The SAP Invoice Management solution provides the functionality needed for users to accelerate their internal operations by streamlining document-centric SAP processes and tracking invoices across different teams and areas of the organization.

This helps to speed up Accounts Payable processes, including invoice creation, receipt, payment, and completion, for better agility and efficiency across the board.

Boost Productivity

SAP Invoice Management software simplifies the invoicing process by allowing customers to prioritize their most important customers and invoices. This way, companies can focus more on building stronger relationships with customers rather than trying to create, track, and manage invoices across their ERP system.

From invoice creation to validation, routing, and approval, VIM SAP capabilities make it easier to boost productivity and revenue and enhance the overall customer and supplier experience.

Ensure Compliance

With OpenText Vendor Invoice Management integrations, SAP users can deploy pre-configured rules, roles, and best practices to manage their configuration processes more efficiently and ensure their operations are aligned with compliance initiatives.

This way, companies can ensure their core invoice documentation and management processes remain compliant throughout every stage of the invoicing process.

Optimize Workflows

By leveraging integrated analytics tools and enhanced visibility into core invoicing data, companies in any industry can conduct root cause analysis, quickly resolve issues, and optimize process workflows across the board.

Companies are also enabled to ensure optimal invoicing processes across teams through advanced system agility and continuous invoice management cycles.

Key Steps in the Vendor Invoice Management Process

With SAP Vendor Invoice Management, companies can digitize their paper invoices, making it easier to keep up with invoice documents, automatically extract important data from each invoice, and trigger efficient workflows and approvals for invoice posting.

Here are the main steps involved in navigating invoice processing and management in SAP VIM:

Invoice via Email

  1. An invoice is sent to a key stakeholder via Email.
  2. The email passes through the Email server to the SAP ERP system.
  3. Intelligent Capture and Validation tools process and analyze the invoice.
  4. Validation, Approval, and Posting processes are conducted in SAP VIM.

Invoice via Mail

  1. An invoice is sent to key stakeholders via Mail/Post.
  2. The invoice is scanned into the receiving company’s system.
  3. Employees leverage an enterprise application tool to sort through paper invoices.
  4. Intelligent Capture and Validation tools process and analyze the invoice in the ERP.
  5. Validation, Approval, and Posting processes are conducted in SAP VIM.

How Can We Help?

Whether you need help implementing OpenText Learning Services or Vendor Invoice Management for the first time or additional support streamlining and optimizing your financial processes through integrations with SAP solutions, Surety Systems is here to help.

Our team of senior-level SAP consultants has the technical skills and functional expertise to help with anything from digitizing accounts payable processes to integrating important invoicing data into a simplified SAP document and everything in between.

Getting Started with Our Team

Interested in learning where an SAP integration or implementation consultant can come in to help? Ready to get started with SAP’s automated Vendor Invoice Management (VIM) system but don’t know where to begin or who to turn to for help?

Contact us today for more information about our SAP consulting services!