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Automated Invoice Processing
Keying in information from paper invoices is still the
most time consuming and costly activity in accounting departments. Therefore, if a company can reduce the amount
of document handling and manual data entry, the costs of processing invoices
can be significantly reduced.
Advancements in optical character recognition (OCR),
intelligent document recognition (IDR) and forms processing have greatly
improved the capability of document capture software. Today's technology can
process semi-structured documents, such as invoices, as quickly and accurately
as structured forms.
Invoices are captured as digital images from which data
is extracted, including the invoice number and date, vendor, purchase order
number, total amount due and line-item details. The data is then validated
against data from other company systems or by an operator before being exported
into enterprise resource management (ERP) and enterprise document management
(EDM) systems, some examples listed below:
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further details
Benefits of Automated
Invoice Processing
Reduce Costs
Utilise staff on more
value added tasks
Process invoices faster
and take advantage of early payment discounts
Transfer data to ERP and
accounting systems
Directly interface with
ERP and accounting systems to reduce manual keying and errors.
Reply of accurate
information
Enable a real time view
of your company's current liabilities
Track and solve problems
rapidly
Provide instant on-screen
access to invoices when supplier queries arise
Improve relationships
with suppliers
Gain better terms and
improve customer status
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