Article written by Stephanie Onofri
It can be a challenge to manage a company’s resources and money. Although accounting systems like SAP or Dynamics provide access to accounting data, they don’t allow for document-based invoice tracking and processing. While electronic document solutions have helped optimize Accounts Payable system environments for a vast array of industries such as Government, Manufacturing, Food & Beverage, etc. The thing everyone is wondering these days is, “We can automate outgoing Invoices, PO’s, and the like? Great! But can we get paid faster too?!”
The kids these days are calling it “making it rain,” and Capture solutions can optimize existing accounting systems to make you feel like checks and greenbacks are falling from the sky and, almost literally, depositing themselves with minimal help from you.
Accounts Receivable conversion is the new frontier of document capture, helping accounting departments save time and money by automating tasks that are usually performed manually. Data Entry can take hours and requires the assistance of non-designated personnel to complete. Additionally, it’s often subject to human error and various discrepancies which take even longer to correct. According to a recent publication by Readsoft, a 2012 survey of over 200 Accounts Payable professionals listed paper invoice management as their biggest AP challenge, at a whopping 52%. Closely following items included manual data entry and routing of invoices for approvals.
OCR Capture is an intelligent software solution that integrates with existing accounting systems to automatically “capture” images and data from scanned documents, and uploading them as line items in a queue.
Its efficiencies include:
- Data Extraction
- Data validation
- Document Classification
- Automatic/Manual Indexing
- Quality Control
- Reporting and Analysis
These features make accounts receivable aging easier to track, funds faster to deposit, compliance to regulatory standards easier and more accurate, processing time shorter, and data entry virtually obsolete. And it isn’t a thing of the future. Accounts Payable Receivable departments across the Industry board are optimizing their processes to improve company growth.
Connect with one of our business process experts below to see how Capture software can be tailored to fit your company’s needs!