Scanning and Capturing Invoices: Justifying AP Solution Costs
We had a great webinar this past week, all about using the efficiency and automation in Ephesoft to drive reduction in errors, and cost savings. This rings especially true in the complex, unstructured world of invoice scanning and capture as it relates to software. See the webinar below:
Using OCR Invoice Scanning Software
There are typically 3 types of invoice scanning software solutions that companies implement. If you need a quick primer before you read on, see our terminology page here: Invoice Scanning Software. Below are the 3 types of solutions:
- Scan Invoices and Extract the Vendor and Total with OCR – As a baby-step solution, many Accounts Payable departments look to start with a minimal impact solution to add some level of automation and efficiency. They scan their invoices with a copier or scanner, and pass it through an application like Ephesoft Transact for AP Invoices. Users can either point and click in the interface to populate fields, manually type in information, use ERP or Accounting system lookups for their vendors, and output their scanned invoices to structured folders, an accounting Microsoft SharePoint Library, or another content management system like Alfresco.
- Capture All Invoice Header Information – the next step is usually to capture (with document analytics + OCR), all the scanned invoice header information. Here is the typical information:
- Invoice Number
- Invoice Date
- Invoice Vendor Name
- Invoice Total
This information can be extracted automatically through data extraction, and modern solutions use an analytics algorithm to improve accuracy and reduce end-user interaction with the invoice scanning process. Once again, all accounts payable invoice information is sent to an end resting place, and typically in this level of solution, the information is sent to an accounting system automatically.
3. Scan to Capture Invoice Header and Line Item Data – Top tier invoice scanning applications provide the ability to extract all the information on the invoice automatically. They do all of the above, and also provide line item/table extraction of invoice data. This extracted information can be used to compare the invoice to the purchase order, and provide line item matching capability. In addition, all OCR invoice data can be routed to an ERP or accounting system for update.
There are tools, like Ephesoft Transact, that can provide all 3 invoice scanning solutions without the need to add additional modules or components.