EUROBANK | e-INVOICING PROJECT


EUROBANK Group is a financial institution which holds a strategic position in the banking system of both Greece and the Balkans.
The strategic nature of the Group and its collaborations with a large number of companies from different market sectors, necessitated the creation of an infrastructure and processes that would support the transactions between them. Such a process is the receipt and management of electronic invoices that it receives from them.

Features of the process
  • Receipt and archiving of a large volume of invoices from suppliers.
  • Entering of invoice data that is received
  • from suppliers.
  • Correlation of the invoice data with specific business rules.

Requirement
Based on the Group’s characteristics and the large volume of incoming invoices from partners, the basic requirement was to optimize the archiving processes and to enter data into the bank’s computer system.
Specifically:

  • Automated process for entering data from the suppliers’ invoices.
  • Correlation of the suppliers’ incoming invoices pursuant to the order issued by the bank and the simultaneous
  • application of business rules (such as the allocation to cost centers, etc.).
  • Automated and organized electronic archiving of invoices that are received electronically (either via email, or via a service).
  • Reduction in cost and time while optimizing the utilization of human resources from the search, recovery and management processes of incoming electronic invoices.

Archiving Connect, Paperless Connect and i-Connect
With the Archiving Connect, Paperless Connect and i-Connect solutions, the EUROBANK Group:

  • Automated data entry processes of invoices received from its suppliers.
  • Significantly improved the internal data entry and control processes of invoices by implementing specific business rules.
  • Automated the electronic archiving of vouchers
  • that it receives electronically, regardless of the method of receipt (email or service).
  • Automated the incoming invoice data controls in comparison with the paperless invoices that it received from certain suppliers.
  • Significantly utilized its human resources through the instant retrieval and management of electronically archived incoming invoices.

Benefits
  • Significant cost savings (~ € 40,000/year) from the automatic data entry of incoming accounting vouchers and their electronic archiving and management through:
    • The elimination of manual entry.
    • The elimination of errors due to non-manual entry.
    • Human resources are utilized more qualitatively (instant and automatic archiving of electronic invoices).
    • The reduction of management time from the electronic
  • search of invoices.
      • Instant, easy and organized search and retrieval of electronically archived invoices.
    • The enterprise’s social identity is strengthened as it implements a more environmentally-friendly solution and saves:
      • 2 tons of CO2
      • 9 Trees
      • 20 tons of water.

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