Despite ongoing digital advancements in office technology, many AP departments are still burdened with having to process large volumes of paper invoices. When processing paper documents, AP employees are tasked with manual entry, filing and retrieval. Manual processing is time-consuming for employees, often leading to slower turnaround times and general inefficiency. Paper invoices are expensive to process, requiring employee labor, office equipment and other resources. Entry errors are a common occurrence in manual processes, often resulting in costly noncompliance fees. AP departments are constantly trying to improve operational efficiencies, while reducing administrative labor expenses.
InStream’s Advanced Data Capture solutions for Accounts Payable will put an end to manual data entry and invoice processing. InStream will design a custom Advanced Data Capture solution that will automatically extract important information and data from your invoices, streamlining invoice processes.
How it Works: Your paper AP invoices are first scanned and converted into digital forms. From there, InStream’s Advanced Data Capture software extracts all relevant invoice dates and numbers through Optical Character Recognition (OCR). The extracted data is then verified with the original document to ensure accuracy. This information is then seamlessly routed to your department’s designated enterprise system, ready for use. If your company doesn’t have an existing content storage system, InStream will build a custom document repository. Additionally, data can be captured from any document format including paper, PDF, fax and email attachments. InStream utilizes comprehensive digital software, intelligently reading your invoice information with field and character recognition.
The Results: Manual data entry and the need for extra labor will be eliminated. AP employees will be free to redirect their focus towards higher-level projects and tasks. Your team will shorten turnaround times with instant invoice information, improving invoice processing cycles, while streamlining operational efficiencies. InStream’s Advanced Data Capture will enhance the workflow and productivity of your AP department. Your department will slash costs, while effortlessly supporting compliance and best practices.
To learn more about Advanced Data Capture, contact InStream today.