Streamline Your Accounts Payable with Automated Invoice Processing
When invoices arrive, the mail carrier isn’t likely greeted with applause. Yet, you have to spend money to make money, as the saying goes. Businesses need to keep the cash flow moving to buy components or raw materials for manufacturing, pay contractors and consultants for services rendered, remit local utility to keep the lights on and HVAC humming, pay taxes, and more.
There are countless reasons for receiving physical and electronic invoices. However, there are just as many reasons why smart, efficient, bill processing makes good business sense. If you can integrate digital invoice processing functionality into your core business applications, you’ll rapidly realize the benefits. It’s even better when you don’t have to build functionality from scratch in your current application. Let’s take a look at three ways your business can benefit from automated invoice data entry.
Automated Capture of Key Data Fields
The use of an invoice processing SDK can quickly run each document through an Optical Character Recognition (OCR) process for typed data to identify key data fields and capture information within them. Examples of key invoice data attributes for capture include:
- Creditor company name and address
- The point of contact for remittances or questions
- Invoice number
- Invoice total and taxes
- The products which were supplied, or the services which were delivered
- Payments terms
Invoices, regardless of vendor, contain the same type of information including date, name, and address of customer and supplier, description of items purchased, quantity, price, extended price, and terms of payment. As users of the system make corrections to the invoice results presented by the FormSuite for Invoices application, the system learns from the correction and users will see increased accuracy over time. With a little help from your administrative staff, FormSuite for Invoices can find and capture data that you need. Your dev team can then build a connection to route this data into your application’s data storage repository.
Reducing the Likelihood of Human Error
When your finance department is falling behind on reconciling expenses, invoices, and payables, your company doesn’t have full visibility into your financial position. Automating your invoice processing can enrich your AP reports, including:
- Invoice aging reports
- Vendor balances
- Voucher activity reports
- AP trial balance
- Payment transaction history
- Vendor account reconciliation
Having up-to-date, accurate analytics on these aspects of your payables provides visibility into the big picture of your company’s financial performance. Inbound cash flow is important. Yet insight into what’s going out is equally vital.
Is your business looking for ways to process invoices and reconcile expenses faster? Need to convert paper invoices to electronic files, and make them discoverable? There’s no need to custom code invoice processing functionality into your core business applications.
Extend your systems with Accusoft’s FormSuite for Invoices. Our SDK is a proven, feature-rich forms processing tool which will drive your costs down and increase the productivity of your AP department. Try FormSuite for Invoices today, and discover the difference process automation makes.