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 data capture software provides significant cost reductions in the accounts department by reducing invoice document handling and manual data entry. Today’s optical character recognition (OCR) technology can capture data from invoices, 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 A/P 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