The irony of invoice processing is that it can be an expensive process to bring in the money needed to keep your business going. For accounts payable, accounts deal with on a day to day can prove to be a nightmare.
More and more companies are resorting to automatic process in order to save time, save money and increase efficiency in their AC (payable) department. Automated invoice processing is one of the processes that are being watched much.
automated invoice processing and invoice processing software can differ from product to product, but they try first and foremost to achieve the same in what they get better in your efficiency and take the pain out of the process. You scan invoices into the system and of the data is extracted in Ade or automated data extraction. This is actually reading and taking notes and storing data from them so you do not have to. From the software uses OCR to read the data on the account and translate it to a computer readable format. When it is completed, if you have an Enterprise Content Management (ECM) system in place, such as Microsoft Sharepoint or Oracle, it is possible to reduce it, assuming the software is compatible with your system.
It might sound complicated, but the software is usually made as easy to use as possible. Many systems are point and click process in order to make the process simple and user friendly for even people who are not very familiar with the world of IT.
It is also good to know that software like this is becoming increasingly compatible with many types of scanner, copier and other equipment that can scan data, which means that there will not be any need to buy a large scale equipment at a huge cost. After all, one of the key points about using automated invoice processing system is that it saves you money, and it does. It can also work files previously scanned that are in folders on your computer waiting to be processed.
The above process may seem long winded, but the simple fact is that there will not be much participation to you or your staff because, for the most part, the process is automated and major systems come with easy to understand the instructions on the screen, it is easy enough to manage.
Automated invoice processing software is not actually come at great cost either and when you consider what you will end up saving by the time taken to back that would have normally been sapped by doing the work manually, as well as a huge increase in productivity, look overhead remains low. Invoice Processing manually is known to cost the company thousands and thousands each year, money that can be very easily saved by automation.
Other known benefits include increase staff morale from not having to complete as many tedious process that leads to a better job for themselves.
For minimal cost a piece of software such as this may be, it seems very worthwhile purchase to consider a number of companies dealing with a lot of accounts.