Invoice OCR and Processing SoftwareInvoice OCR and Processing Software https://echovera.ca/wp-content/themes/corpus/images/empty/thumbnail.jpg 150 150 Tim Robertson https://secure.gravatar.com/avatar/6847ba38495b3996e0bdf3a15c015e0c?s=96&d=mm&r=g
Invoice OCR and Processing Software for Accounts Payable
With a large majority of companies in North America struggling to input and process with both email and paper vendor invoices, it’s no wonder the competitive landscape for back office automation is heating up.
AP departments are rife with inefficiencies as a result of out-dated software, paper-based workflows, and spreadsheet-based task management.
After processing over $4B in invoices the last few years, we have a pretty good idea of what works. Here is an overview of what you can achieve with the right solutions for AP.
Eliminate data entry
Many companies manually enter invoice data into their ERPs. Some will even print out emailed invoices and manually key in that information as well. The good news it is possible to eliminate data entry, reduce manual errors, and reduce the likelihood of fraud all in one stroke.
There are two workflows for automating the data entry of paper and emailed invoices. Paper invoices are scanned and OCR technology “reads” the information on the invoice and extracts essential data. Emailed invoices are electronic documents with a data layer, and cloud capture technology extracts the data from the data layer.
The result is a 95% accuracy rate for paper OCR (because the technology is reading the data and interpreting it) and 100% accuracy for electronic invoices (because the data transfer is direct and without interpretation).
That means it is possible to have all of your invoices sent by email, invoice data extracted, and entered into your dashboard with minutes of receipt.
Many companies have gone through the painfully expensive exercise of trying to code workflows into their ERP. Truth is, ERPs were not built for approval workflows.
That’s where AP automation comes in. AP automation solutions have a complete approval workflow that distributes invoices to the right approvers. Good solutions have mobile capabilities and ad-hoc rerouting.
An enterprise based solution will also automatically match purchase orders to invoices and goods receipts. This technology transforms AP departments in that the matching takes place in minutes without anyone having to review the documents. If there is no match, the system flags the invoice and sends all the information to the approver to sort out.
Archive and Audit
For auditors and company investigation, AP automation provides a big boost to productivity. The system stores vendor invoices and provides a time-stamped audit trail. That means it is a big time saver for AP staff as everything is searchable and at hand.
Our Intelligent OCR solution combines best of breed invoice OCR and processing software to handle both paper and email based invoice workflows. It also has invoice processing, mobile approval workflow and auditing functions. Enterprise customers can take advantage of the PO matching engine. Find out more about Intelligent OCR here.