for Financial & Banking
Creating an automated invoice processing system to decrease busywork for a collective investment scheme
About the Customer
The client is a global investment bank with a strong private client franchise. It is a large company with many departments, including a branch that deals with investments and mutual funds.
The company asked Exadel to create an automated invoice processing system capable of not only processing billing information, but also reviewing it and collecting data for analysis and reporting. The client particularly wanted the new system to have a user-friendly interface.
The Exadel team created a web-based invoice management system. The development goal was to provide image and document management services, additional workflow capacity, and more data validation. The business application goals were to ensure the quality of incoming mutual fund-related information and guarantee correct billing of payable items through either the mutual funds or the client expense reimbursement process. The solution provides functions like creating, changing, and removing mutual funds; dividing expenses proportionally between all existing funds; and creating, approving, and generating bills ready for payment and redirecting them to the appropriate organization.
To create the automated invoice processing system, our team used:
- Back end: Java/Persistence/Hibernate; Java/RichFaces, Facelets, JSF; and Java/Spring
- DevOps: Tomcat
The newly-developed automated invoice processing system helps the company eliminate manual workflows, automate the management process, and provide more accurate data validation. The product enhances the quality of documents and allows for better control of the invoicing process, which generates more accurate reports. The invoice management system is one part of a larger IT infrastructure that handles the laborious process of controlling the mutual fund’s activities. The client was so pleased with the way Exadel handled the invoice management project that they have asked us to automate the rest of the system.