The Challenge
Quinta Analytica faced an importnant challenge: effective managing invoices in multiple currencies while ensuring full
compliance with Czech accounting standards and tax regulations. Suppliers applied FX rates differently, and all transactions had to be reported in Czech koruna (CZK). Any amounts paid in foreign currencies required accurate conversion using official CNB rates or fixed accounting rates specified on the invoice.
In addition, the company needed to establish a completely new invoice validation and approval structure. Without an existing system, the goal was to create a process that was transparent, accurate, and efficient, while minimizing manual effort.
Solution: Implementing Flowis
Automated Invoice Processing
& Duplicate Detection
Flowis was implemented as the core solution for invoice automation. Invoices are imported directly from Quinta Analytica’s mailbox, with an option for manual upload. The system automatically detects duplicates, rejecting invoices that match identical PDFs or critical fields.
Automated FX Management and Accurate Conversions
FX management was automated through dedicated fields for supplier rates and tax amounts. Direct FX rates are applied automatically, while invoices with only CZK tax amounts are converted using CNB or fixed accounting rates specified on the invoice. This ensures accurate currency conversions without any manual calculation.
Tailored Approval Workflows for Every Invoice Type
The approval process was integrated with Quinta Analytica’s cost center matrix, featuring different workflows tailored to the company’s specific needs. All direct invoices follow the full approval workflow, while PO-based invoices are routed for approval according to predefined rules that ensure they reach the appropriate approver. This approach guarantees accuracy, compliance, and efficiency across the accounts payable process.
The Results and its Benefits
The outcome for Quinta Analytica includes the following key benefits:
Automated
invoice processing
Reduces manual entry and errors.
Accurate
FX management
Ensures consistent conversion to CZK.
Streamlined
approvals
Cost center-based routing reduces unnecessary reviews.
Duplicate
detection
Prevents errors and maintains data integrity.
Higher
efficiency
Finance teams can focus on analysis and decision-making.
Full transparency
and compliance
All steps are tracked and fully documented.
