Automate your invoice processing and reduce time spent handling and approving invoices.
Why are so many companies automating invoice processing?
On average it takes 17 seconds to manually enter an invoice into an accounting system, not including any manual sorting or handling time. Manual keying of data from invoices is still probably the most time consuming task in accounting departments and the least value-added. Industry research shows that companies still receive over 80% of invoices on paper. As much as 70% of all invoice processing costs are associated with document handling and data entry processes.
Using invoice data capture software provides significant cost reductions in the accounts payable department by reducing invoice document handling and manual data entry. Today’s automated invoice processing technology can capture invoice data, quickly and accurately, saving time and money. The data can be validated against company systems before being exported into accounting or ERP systems as well as document management systems for storage and retrieval.
Key Benefits of Automated Invoice Processing:
- Reduce costs – minimise manual keying and utilise account payable staff on more value added tasks. Process invoices faster and take advantage of early payment discounts
- Transfer data to ERP & accounting systems – directly interface with ERP and accounting systems for PO matching and reduce manual keying and errors
- Rely on 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
PSIcapture for Invoices – Product Features and Benefits
- Monitor email inboxes for invoices arriving as PDF attachments – detach invoices directly into auto processing folder
- Automatically recognise invoice supplier using multiple keyword matching – scan mixed invoices in one batch
- Capture invoice data, header and line items, using intelligent smart zones – significantly minimise manual keying time
- Validate captured data using standard or user defined rules – ensure data accuracy before exporting to accounts system
- Check captured data against existing company databases – allows for further validation and retrieval of additional data
- Export invoice data to multiple database and accounting systems – update company systems automatically in real time
- Convert invoices into fully text-searchable PDF format – enables keyword searching and quick access to invoices stored in DM and CRM systems