Conterra FIM

Conterra Financial Information Management (FIM) is a solution designed to streamline accounts payable automation and information management. It is targeted towards organizations with more than 5 AP professionals that process over 500 invoices monthly. According to the vendor, Conterra FIM caters to the needs of accounts payable professionals, finance managers, CFOs, procurement managers, and financial controllers across various industries.

Key Features

Automated Invoice Data Extraction: According to the vendor, Conterra FIM utilizes optical character recognition (OCR) technology to automatically extract up to 98% of invoice data, aiming to eliminate manual entry and reduce errors.

Three-Way Matching: Conterra FIM is said to enable three-way matching of invoices, purchase orders, and receipts, aiming to ensure accuracy and consistency in accounts payable data while alerting users about potential discrepancies.

Easy GL-Coding: The vendor claims that accounts payable managers can easily assign GL codes to invoices using Conterra FIM, aiming to streamline the GL coding process and reduce errors. GL codes can be validated for further approval and payment.

Vendors Notification: According to the vendor, Conterra FIM provides vendors with notifications about the status of their invoices, aiming to enhance communication and transparency between the organization and its vendors, improve vendor relationships, and reduce inquiries about payment status.

Reduce Validation Errors: The vendor states that Conterra FIM significantly reduces validation errors, such as duplicate payments, by at least 80%. It is said to alert users about potential validation errors and inconsistencies in accounts payable data, aiming to prevent financial losses.

Accounts Payable Workflow Configuration: According to the vendor, the accounts payable workflow in Conterra FIM can be easily configured based on the existing business process. It offers flexibility to adapt the system to the organization's specific needs and requirements, with the ability to receive expert recommendations.

Invoice Tracking and Analysis: Users can track invoices at different work stages and analyze relationships with vendors using Conterra FIM, according to the vendor. This feature aims to provide insights into invoice processing efficiency and vendor performance, enabling better decision-making and process optimization.

Document Storage and Retrieval: Conterra FIM captures and stores various types of invoices, including e-mails, PDFs, e-invoices, and scanned paper, in a central repository, according to the vendor. This aims to reduce storage and retrieval outsourcing costs and facilitate easy access to invoices for audits and other purposes.

Expense Report Management (Additional Feature): In addition to accounts payable automation, Conterra FIM includes expense report management functionality, according to the vendor. It aims to streamline the process of creating, verifying, and approving expense reports, improving transparency and financial control for employees, freelance workers, AP specialists, and the CFO.

Integration with Financial Systems: According to the vendor, Conterra FIM seamlessly integrates with any financial, accounting, or ERP system, enabling automatic transfer of information without disrupting the accounts payable workflow. This integration aims to enhance data accuracy and eliminate the need for manual data entry.