Imagine if your AP staff never had to key the data from paper or e-mailed invoices again.
Less wasted time. Less rework. Less frustration. Less overhead.
OCR or optical character recognition can be a key part of a comprehensive AP automation strategy.
When combined with expert human review and machine learning, OCR can help move AP closer to touchless invoice processing.
OCR converts the data printed on paper, PDF and emailed invoices into digital data for processing in invoice processing workflows. OCR is the first step towards touchless invoice processing.
Modern OCR software can capture invoice header and footer data that appears on an invoice, including supplier name, supplier contact information, invoice number, invoice amount and invoice date. Many OCR solutions struggle with line-item details and require significant technical understanding to implement. Natural language processing (NLP), Machine learning (ML) and Artificial Intelligence (AI) are being introduced to complement OCR and improve the ability to capture detail line items including descriptions, quantities, amounts and other data. The most advanced systems also include the ability to code general ledger (GL) information, client data or billing codes on a single invoice.
OCR works with invoices captured by any scanner as well as invoices received via e-mail or fax, uploaded to a File Transfer Protocol (FTP) landing page, or sent through a supplier portal.
Best-in-class providers of invoice processing software and AP automation solutions will guarantee 99.95 percent accuracy of the data captured – which is critical for avoiding potential payment errors. The high-quality results required with accounting data are only possible using the most advanced technology in combination with expert human review, subject matter expertise and machine learning. You will also need a strong technical team to apply the appropriate resources to implementing the system, managing change and maintaining the software.
OCR as part of a comprehensive AP solution helps eliminate manual repetitive tasks, freeing accounts payable staff to focus on higher-value activities such as data analysis, supplier management, and vendor master database cleanup.
Spend less time keying data and more time analyzing it.
Improve AP staff productivity.
Here are some of the other ways that your accounts payable department can benefit from OCR:
Manually keying invoice data is a costly and time-consuming burden on AP departments. The invoice OCR reading built into invoice processing software and AP automation solutions eliminates the repetitive task of keying invoice data so AP can focus more time on higher-value activities.Speak with one our automation experts to learn how a comprehensive invoice processing solution with OCR can help your AP department. Schedule a no-obligation online meeting now!