Introduction
Any business that deals with a large number of invoices knows how time-consuming and error-prone the process can be. From data entry to filing, the invoice management process can be a real headache. Fortunately, there is a solution – automated invoice capture.
There are many benefits of automated invoice capture, including improved accuracy, reduced processing time, and lower costs. Keep reading to learn more about the three top benefits of this technology for your business!
What is Automated Invoice Capture?
Automated invoice capture is a process that uses specialized software to scan, identify and store information from invoices for further use. OCR (Optical Character Recognition) technology used by the software can recognize letters, numbers, and symbols from digital documents. Once the information is extracted from the invoice, the data is then processed and stored in a central repository. This data can then be accessed and used by authorized personnel within the organization.
The automated invoice capture process also allows businesses to securely store and access all of their invoices in one place. This allows for easy access to any invoice that is needed for further processing, without having to go through a complicated storage system. In addition, automated invoice capture also reduces the risk of manual data entry errors, saving time and money.
What Are The Benefits of Automated Invoice Capture?
There are several key benefits to using automated invoice capture technology for your business. Here are three of the most significant:
1. Improved accuracy
Automated invoice capture can reduce the chances of data entry errors that occur when manually entering information into an invoice. This can significantly reduce the amount of time and money spent on re-processing invoices that contain incorrect information. And the accuracy helps reduces the chance of sending out payments with errors that can harm an organization’s reputation.
2. Reduced processing time
Automated invoice capture can greatly reduce the amount of time it takes to process an invoice. This is because the data from the invoice is quickly extracted and stored in a central repository, which can be easily accessed by users. In addition, the software can be set up to automatically trigger the next step in the process, such as sending out payment reminders or invoices, reducing time even further. In addition, some invoice automation systems route the invoice through the approval process which saves accounting personnel time chasing down staff members to get approvals.
3. Lower costs
Automated invoice capture can also help save money for businesses by reducing the likelihood of errors and minimizing the amount of manual labor required for invoice processing. In addition, the software can be installed and used at a lower cost than manual data entry, allowing businesses to stay within budget while still providing accurate and efficient invoicing and payment processing. And by processing invoices quickly, it provides the opportunity to take advantage of discounts offered by vendors for early payment
How to Get Started with Automated Invoice Capture
Although automated invoice capture can be a great asset to any business, getting started doesn’t have to be difficult. First, you’ll need to decide what type of software you want to use, as there are several options available on the market. Once you’ve chosen your software, you can then get started by installing it and setting up the program so that it best meets your business’s needs. It’s important to remember that with any software, you’ll need to ensure that you have the necessary hardware, such as a scanner, in order to scan and upload documents to the system. Once you’ve got all the necessary components in place, you’ll be ready to start extracting data from invoices quickly and accurately.
Another thing that is helpful to start the process of capturing invoices automatically is encouraging your vendor to send their invoice electronically. The best way to do that is to create an email address such as AP@yourcompany.com and notify your clients to email their invoices to that address.
Another thing that is helpful to start the process of capturing invoices automatically is encouraging your vendor to send their invoice electronically. The best way to do that is to create an email address such as AP@yourcompany.com and notify your clients to email their invoices to that address.
Conclusion
Automated invoice capture can be a great asset to any business, as it can improve accuracy, reduce processing time, and lower costs. In addition, getting started with automated invoice capture doesn’t have to be difficult. With the right software, hardware, and setup, you’ll be ready to begin extracting data from your invoices in no time.
You can find more information on this here: https://www.hemingwaysolutions.net/accounts-payable-automation-software/
Here is a customer success story on how invoice capture saves a non-profit a lot of time and money. https://www.laserfiche.com/casestudy/community-health-centers/