Finding new, innovative ways to stay competitive is top of mind with companies, especially in a business environment where digitization is transforming our operational processes.
An essential step in bringing your organization online is invoice scanning and AP automation, tech-based solutions that make running your business easier and more profitable.
What is Invoice Scanning / AP Automation?
Traditionally, manual invoice management entails the receipt, matching, and approval of an invoice. If the invoice is for a material amount, the document is sent off for final approval.
The next step is to manually enter the invoice into the system to be “posted” for payment. Payment is then issued in due course.
Depending on the individual company, manual invoice processing can take up to 15 steps to complete. If it’s your busy season and invoices are piling up, your accounting team has many time-consuming tasks ahead that take them away from other duties.
Fortunately, document imaging within an AP automation solution removes all of this manual work from your team.
The AP automation process begins by scanning paper invoices upon receipt directly into your system. Invoices received digitally can also be uploaded quickly and easily for processing. From there, Optical Character Recognition (OCR) for accounts payable captures information from the invoice that is stored as data. These data points include supplier name, the purchase amount, quantity, and more.
OCR’s intelligent character recognition technology can do more than just read and store information. It can also classify documents based on key values, correct errors or questionable characters, and capture specific fields based on user-defined rules.
AP automation also offers machine learning capabilities that get “smarter” with every invoice you scan and process. The result is more accurate invoice classification and better data validation.
The data can be extracted and mapped within the AP automated system before being registered into your enterprise resource planning (ERP) system. The invoice is then routed through the system for review and approval.
Invoice data can also be used to provide business intelligence and critical insights that support senior-level strategic decision-making.
Whether you need to digitize your invoice entry or fully transform your AP system with a completely automated AP solution, taking the manual work out of your AP processes will help grow your business by increasing its profitability.
10 Profit-boosting Reasons to Implement Invoice Imaging
Here are 10 ways that AP automation works to streamline your processes and make more significant profits for your organization:
- Eliminates incorrect data entry and duplication with OCR processing technology: Intelligent invoice scanning technology removes the risk of human error or the entry of incorrect or duplicated information.
- Uses AI to approve non-PO invoices: Intelligent AP software can automatically approve designated invoices, even if they’re not associated with a unique purchase order
- Scalable to handle increased workload during busy periods: Your accounting staff won’t be bogged down manually entering and approving invoices during your peak seasons
- Eliminates compliance and financial risks: AP imaging provides the critical information needed to prepare regulatory financial reporting
- Auto-approval of invoices: AP automation removes the need to manually check each invoice, making the process more time and cost-effective for your staff and suppliers
- Easy integration with ERP platforms: AP automated software is compatible with the most popular ERP software in use today, helping to create seamless automation across your organization
- Reduces questions from suppliers: Accurate information capture and automated approval means more efficient payments to your suppliers, creating better relationships and reducing queries
- Allows for secure remote access: Access your system to view real-time information from anywhere you can connect to the Internet
- Real-time visibility into the system through reports: Business intelligence gleaned through data-rich reports help your leadership make critical strategic decisions
- Reduces overall staff workload: With the entire AP process automated, your accounting team can concentrate on other crucial tasks
If your company can use accounts payable document scanning services or a completely automated solution to help your company raise profits, Ash Conversions International (ACI) can help.
Ready to Implement Our AP Document Scanning Services?
For over 40 years, ACI has specialized in transforming how companies run their daily processes with efficient, cost-effective solutions, including AP document scanning.
Our AP Assistant™ solution provides complete end-to-end AP automation that eliminates manual AP processes and reduces operational costs. AP Assistant processes invoices automatically, reducing the processing time by up to 17 days. Invoice data files are securely stored in FileManager™, our secure, cloud-based document management platform that enables real-time remote visibility into your AP system. All of our systems integrate easily into your ERP platform, increasing the overall efficiency of your business while making AP processing easier than ever.
Contact us today to learn more about how ACI’s invoice imaging and AP automation services can help make your business more profitable today.
