How Cloud EDI Can Transform Business Invoice Reconciliation


  • How Cloud EDI Can Transform Business Invoice Reconciliation

It’s no secret that automation is a hot topic right now in virtually every industry. The ability to use software to save employee hours and costs and defer that burden to a machine that can process tasks in a fraction of a second is essential for any business with low-profit margins, like the restaurant industry.

After all, every task is critical, and every second counts when your employees are on the clock. And when it comes to finance processes like invoice reconciliation, EDI and automation are rapidly changing the way companies approach these tasks.

This article will explore EDI and invoice reconciliation, and how adding EDI can benefit your business over the long run.

How Automated Invoice Reconciliation Can Benefit Your Company

Any process that a human can do, a machine can do faster and more efficiently, even tasks vital to a business’s profitability, like invoice reconciliation. It is essential to reconcile your invoices as accurately as possible. Doing so will reap the following benefits for your company:

  • Saving work hours. Pre-automation, businesses will assign multiple employees to sift through invoices for hours at a time. With automation, these same employees can be contributing to other tasks, while EDI software reconciles the invoices for them.
  • Reduce invoice errors. People make errors all the time, even best our best intentions. Invoice errors can profoundly negatively impact a business, from overpaying/underpaying a supplier to not billing a client correctly. The software will not make these same mistakes as all values are based on computer calculations and checks and balances are in place.
  • Reconcile many invoices simultaneously. Humans can only process one invoice at a time. The software can process invoices in a fraction of a second. By reconciling many invoices quickly, you will save valuable employee hours.
  • Prioritize other more critical business processes. By automating invoice reconciliation, you can re-assign your human employees to other tasks. Every task needs to be prioritized for maximum efficiency to ensure maximum profits.
  • Establishes precedence for more automation. Automation saves money, especially when a whole business process can be automated, as in the case of EDI.
  • Cloud-stored data. Even the best office practices of data storage are no match for cloud-based storage. Cloud data can be accessed at any time, in any location, as long as you have online or offline access to your data. The same cannot be stated for data locked in an office. By utilizing cloud storage, EDI allows you to save copies of reconciled invoices, and check the reconciliation process for errors when you need to.

The Value of EDI and Invoice Reconciliation

Companies are using automated invoice reconciliation to scale up their business processes, especially in centralized billing. If you own or operate several establishments, you will need to process invoices from multiple locations quickly and efficiently. EDI allows you to do this, even if your various locations are being run independently by different managers.

By using EDI and automating the manual collection of data, you can reduce processing errors and increase efficiency when reconciling invoices. Messy handwriting, wrong inputs, and scanning issues are no longer a problem. You can enter all the pertinent information into a terminal, generate an invoice electronically, and send a copy to a centralized office for automated reconciliation.

Automated EDI is one form of IT management that is transforming business infrastructure and processes. Automation reduces complexity and increases efficiencies that can affect whole work teams, replacing manual, error-prone processes, and saving many more useful employee hours spent on other tasks.

Seamless EDI and Business Automation Starts With Tangentia

How is your company leveraging powerful cloud EDI functionality and automation to transform your invoice reconciliation processes?

Tangentia provides digital solutions for businesses of all sizes. If you’re looking to kickstart your automation journey, we can help. Get in touch with one of our EDI specialists today to get started.

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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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Making Automation More Intelligent with Hyperautomation


  • Making Automation More Intelligent with Hyperautomation

Automation is leading the technological revolution of the early 21 st century. Tools like artificial intelligence, robotic process automation (RPA), and machine learning (ML) have been developed and adopted by many industries to automate and streamline tasks and processes. This frees up employees to engage in more meaningful work. However, Gartner argues that RPA and similar tools are not enough on their own. Instead, Gartner believes organizations need to adopt the concept of hyperautomation, which they labeled the No. 1 technology trend of 2020.

What Is Hyperautomation?

Automation has gone through an evolution over the past few years. It began with the automation of simple tasks, then moved on to the automation of individual processes, then progressed to automation across multiple processes. Hyperautomation is now taking the concept of automation to the next stage of its evolution.

Hyperautomation is a term that was introduced by Gartner. It encompasses a combination of complementary automation technologies – RPA, AI, ML, and intelligent business management software (iBPMS) – that together take the automation of business processes beyond what any single automation tool can offer.

What Hyperautomation Can Do?

RPA is confined to interpreting structured data based on a set of established rules. This limits RPA’s ability to deal with more complex data analysis. However, hyperautomation can handle unstructured data, in addition to structured data, which turns it into a powerful analytical tool.It uses AI and ML to learn as new data comes in and outcomes change.

What this means for organizations is simple. Hyperautomation will allow you to provide an end-to-end solution that goes beyond just automating repetitive tasks. Instead, it provides intelligent monitoring and analysis that has the ability to assess and reassess data across multiple systems and departments in order to augment and support decision-making. And the best part is that this is all done in real-time. Hyperautomation analyzes the data as it flows in,which means decisions can be made in a timely manner.

The capabilities of hyperautomation are so powerful that it can result in the development of what Gartner has termed a digital twin of the organization (DTO). A digital twin is a system that all organizational departments and interested parties can connect to in order to get the information they need. This eliminates the need for multiple channels through which data is delivered and allows hyperautomation to provide ongoing intelligence that drives business decisions by making it easier to see opportunities as they arise.

The result? Resource optimization, lower costs, improved employee satisfaction, enhanced customer relationships, and increased revenues. Hyperautomation will also make your organization more agile, providing the ability to change processes as required to keep up with internal organizational changes, industry changes, and external changes (such as the COVID-19 pandemic of 2020) that can affect operations.To learn more about what hyperautomation can do for your organization, contact Tangentia today.

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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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Get e-Invoicing compliant within 10 days


  • Get e-Invoicing compliant within 10 days

Time is running out for businesses in India that have an annual turnover greater than Rs 100 crores. If this applies to you, you have until January 1, 2021 to become compliant with the new mandatory e-Invoicing requirements that have been established by the government of India.
With this sense of urgency hanging over you, you might be wondering how you’ll become compliant in time. After all, the transition comes with its share of technological challenges. Fortunately, there’s a way – and it’s easy. But before we get to that, let’s take a look at what e-Invoicing is.

What is e-Invoicing?

Electronic invoicing – or e-Invoicing – is a method of digital invoicing that is becoming increasingly common in the B2B world. The e-Invoicing system operates as an integrated solution designed to ensure that one Enterprise Resource Planning (ERP) system can electronically generate and send an invoice to another ERP system. The receipt and processing of the invoice is automatic.

How e-Invoicing works

As of January 1, 2021, companies in India will be required to generate GST invoices from their ERP system. They will also be required to register their transactions with the government’s invoice registration portal. This portal verifies the invoice, ensures it has been digitally signed by the Goods and Services Tax Network (GSTN), and generates the signed e-Invoice. This signed e-Invoice will come with an Invoice Reference Number (IRN) and a Quick Response (QR) code and it will be issued to the relevant business for their records.

How companies can prepare for e-Invoicing

In order to ensure compliance with the new e-Invoicing requirements, Indian companies and global enterprises operating in India must update their ERP and accounting systems so they can effectively manage their GST reporting obligations. This is particularly challenging for businesses that manually generate e-Invoices.
However, the benefits that come with e-Invoicing go far beyond compliance with the Indian government’s new regulations. Replacing paper invoicing with e-Invoicing will save you money, improve your cash flow, ensure shorter payment cycles, reduce errors, and make it much easier to file your returns.

Tangentia e-Invoicing Gateway

To avoid the complexity of switching to e-Invoicing and to take full advantage of what the e-Invoicing system has to offer, Tangentia has developed their Tangentia e-Invoicing Gateway (TEG). This is a e-Invoicing system that provides you with some amazing features, such as:

  • A reconciliation dashboard to create a transparent, friction-less experience
  • Seamless integration with ERP and multiple options for ERP integration
  • Extensive validation checks and real-time monitoring to ensure the legal accuracy of all e-Invoice data and to avoid the duplication of invoices
  • Auto-exclusion of documents that are not required for IRN
  • Bulk generation of IRNs, making it an all-inclusive solution for end-to-end IRN and GST compliance
  • An India-specific GST compliance suite to automate GST returns, reconciliations, and e-way bills

Don’t let the idea of switching to e-Invoicing prevent you from becoming compliant. Automate your e-Invoicing process and gain control over GST compliance with Tangentia. We can help you navigate India’s GST compliance regulations and seamlessly move your business to e-Invoicing with zero operational disruption. And all of this within just 10 days.

About Tangentia

Tangentia provides services to customers on a global scale. They proudly count 12 Fortune 500 companies among their customers, and they have achieved over $10B in SaaS transactions over the past 16 years.
Contact us today for more information about how the Tangentia e-Invoicing Gateway can help you become IRN and GST compliant in time for the January 1, 2021 deadline.

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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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A Quick Guide to Warehouse Inventory Management in 2020


  • A Quick Guide to Warehouse Inventory Management in 2020

The holidays are fast approaching, and that means retailers and wholesalers must be efficient in organizing their products and managing the inventory of their products.

Depending on the size of your operation, how you manage your products may differ. However, warehouse inventory management is not just a requirement for compliance with SEC regulations and the Sarbanes-Oxley Act (SOX) for public companies—it’s crucial to the success of any retail company.

We’ve put together this brief guide to help you understand the basics of warehouse inventory management.

What Is Warehouse Inventory Management?

Warehouse inventory management is the system used to organize and track all of the company’s owned products. For warehouse operations, this helps to ensure the right level of inventory is in the right place at the right time. Inventory is then converted to revenue once it’s sold.

In the United States, manufacturers, retailers, and merchant wholesalers carried more than $1.9 trillion in inventory in June 2018, according to the U.S. Census Bureau.

Accurately evaluating the inventory for the company’s balance sheet requires either physical stock count or an automated inventory system that creates an accurate record of each inventory-related transaction.

This quantitative product management differs slightly from a company’s warehouse management system (WMS), an umbrella term that supports the entire operation of a warehouse, including inventory management.

The best warehouse inventory management systems keep track of products and provide actionable business intelligence, such as identifying trends in product performance and sending reorder notifications when stock is low.

Current warehouse inventory management systems are outdated and often haven’t embraced everything automation has to offer.

Features of Inventory Management

There are many steps involved in warehouse inventory management, some of which include:

  • Picking and packing
  • Shipping
  • Managing locations
  • Receiving orders
  • Tracking inventory levels
  • Cycle counting
  • Generating reports
  • Providing business insights

What Are the Different Types of Inventory Management?

Manual

Every step of the delivery, tracking, loading, and data manipulation is done by workers. This manual system can increase the risk of human error at any point in the inventory management process. If there is ever a mistake, the only method of resolving the problem is another manual re-do.

Another downside to this type of inventory management is its unsustainability for more significant warehouse operations. Without computerized report generation, companies may see difficulties in turning paper-based information into useful data.

Barcode

This system uses the familiar label of black stripes that are affixed to the product, packaging, or pallet. Using wearable barcode readers, workers can speed up warehouse inventory management and save seconds scanning per item. This digital format is efficient and accurate by counting goods in real-time.

RFID

Radiofrequency identification tags are found in two configurations: active and passive. Active systems use battery-operated tag readers located throughout a warehouse and updates of inventory count and location. Passive systems are read-only when someone activates the readers through hand-held devices. Passive technology can be read at up to 40 feet, while active readers are effective up to 300 feet, but both systems automatically record inventory.

Warehouse Robots

With growing advancements in technology and automation, companies are starting to turn to optical systems mounted on the ground or aerial platforms. These systems use machine learning to read existing labels without barcodes or RFID and maintain accurate, up-to-date inventory.

Warehouse Inventory Automation: Is This the New Norm?

Modern supply chains are more complex than ever. Traditional manual processes are no longer viable for businesses that want to optimize workflows and reduce wasted resources.

Automation is the natural solution to these problems. It’s ideal for individual warehouses or companies that support numerous locations across the entire supply chain.

Effective fulfillment requires sophisticated solutions that are able to predict trends, make actionable recommendations, and increase the visibility of potential issues before they turn into larger problems.

Successful manufacturers, 3PLs, and retailers know the importance of optimized supply chains. That’s why they’ve heavily invested in cloud-based automation solutions for their supply chains.

Automate Your Warehouse Inventory Management With Tangentia

Here at Tangentia, we understand the transformative difference automated solutions can make for your business.

When you’re processing hundreds or thousands of pallets or cartons per day, automated processes can significantly save time, effort, and costs. For many retail companies, creating greater warehouse inventory management efficiency translates to a multi-million dollar impact.

Are you interested in learning more about warehouse inventory management automation? Get in touch with Tangentia today to learn more.

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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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