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Retail

Cora – Closer to real-time accounting

Cora – the retail brand under which Romania Hypermarché operates – had already started its journey towards invoice processing through dematerialization, at the time DocProcess became a preferred supplier. Still, the process was lengthy – involving scanning all invoices locally, in Romania, then sending them abroad for OCR processing. Frequently, documents were lost, image scanning was of poor quality and traceability was poor, which made treasury operations and reporting quite difficult.

Our accounts payable automation case study proves that an automation solution complete with e-invoicing is a much more suitable solution than just paper dematerialization.

Typically, OCR technologies achieve about 20 to 30% straight-through processing rates due to a myriad of reasons: document quality, poor scanning results, insufficient checkpoints etc. Straight-through processing for invoices means that the invoice is issued, checked, approved and posted without any human intervention. This ensures that processes are sped up and data is available to all parties in near real-time.
 

Project results

  • Invoices are received, validated and posted within minutes from issue, helping have a real-time view on cash situation and much more accurate cash-flow predictions.
  • Matching deliveries with invoices helps eliminate the situation of goods delivered but not invoiced.
  • Legal reporting became more accurate and VAT was reimbursed faster
  • Cash flow forecasts became more accurate