5 Tips for Invoice Processing Automation
Five tips for invoice processing automation
Any company can face with the need to invoice processing and work with account payable. Invoices can come from various sources, and be both electronic and paper. If the finance department has to manually process a large number of incoming invoices, then this can confuse the company’s business processes, spend a lot of hours and money, lead to errors and obstruct the work of other departments.
How ABBYY FlexiCapture for Invoices can help with invoice processing?
ABBYY FlexiCapture for Invoices (AFCI) – is a ready-made solution for invoice processing automation, created on the basis of real business requests. AFCI allows you to comprehensively solve the problem of processing invoices:
- invoice scanning;
- invoice OCR (optical character recognition);
- verification and validation of data, including purchase order matching;
- data export in the required format;
- quick response to errors and exceptions.
Thus, what are the benefits of invoice processing automation?
Increase productivity Nowadays the financial department faces many challenges that should receive considerable attention. By freeing the AP and financial departments from the routine operations associated with invoice scanning and manual data entry, and assigning most of the tasks to ABBYY FlexiCapture for Invoices, you will help your staff to concentrate on more important tasks.
Errors can occur at different stages of invoice processing: errors during manual data entry, documents lost within the company, and other errors. All this ultimately leads to the loss of money by the company. Intelligent invoice OCR and data capture mechanisms built into AFCI can minimize errors by reducing employee’s participation in the process, as well as finding possible errors in invoices better and faster (duplicates, for example).
Analysis and monitoring
An important task of the finance department is cash management. Invoice processing automation allows you to make the workflow transparent for monitoring and control, which allows you to pay invoices when you need it.
It is not enough to manually enter data into ERP or another system. Invoice scanning and invoice OCR before archiving also takes a lot of time and needs special software. ABBYY FlexiCapture for Invoices exports searchable PDFs that are ready for archiving, which saves company resources.
ABBYY FlexiCapture for Invoices allows you to add new processing and verification stations in case if the business has grown, and thus handle the processing of incoming invoices as efficiently as possible.