Manual invoice processing is slow, costly, and resource-intensive. Through accounts payable automation and invoice data capture software, businesses can save time, resources, and successfully maintain business continuity.
Invoice scanning software and process automation can benefit your business in numerous ways. Below, we explore the benefits of automated invoice processing for accounts payable and how it can benefit your business. Read more.
Reduced Carbon Footprint
With invoice scanning software, companies can receive invoices as PDFs, scanned images, Google docs, and other digital formats instead of printing, filing, and storing paper documents. These digital documents can be stored in the cloud, making physical storage capacity limitations a thing of the past and helping to reduce a company’s carbon footprint.
Manual data entry is slow, repetitive, and error-prone. Because it is subject to human error, there is a higher chance of incorrect or duplicate payment data in the system. Automated invoice scanning software removes the risk of human-related mistakes, greatly improving the accuracy of invoice scanning and data collection.
Xtracta’s API enables touchless invoice data capture that’s super quick and easy to use. The technology can be seamlessly integrated with accounting or ERP software, providing highly accurate and efficient data processing. This removes the hassle of manual data entry, freeing up your employees’ time to be spent on more rewarding, high-value tasks.
Automated invoice processing can save you money in multiple ways. Invoicing software can help cut down the number of small mistakes made through manual data entry, and the number of invoices processed incorrectly. This not only ensures that accurate payments are being made to the right suppliers, but it also saves companies the substantial time spent rectifying mistakes and double-checking past payments.
Additionally, automation means companies can scale effectively without growing their resources exponentially to match. Through the API, for example, Xtracta can be scaled vertically and horizontally to support high-volumes and fast processing scenarios.
Businesses can lose anywhere from 20-30% of their yearly revenue to operational inefficiencies. Through process automation, tasks like managing incoming invoices, exceptions, data entry, and reviewing email approvals can all be effectively managed and efficiently processed.
Automated invoice scanning ensures businesses have access to important data in real-time. Authorised staff can get instant access to invoices in one central location, providing better cost tracking, management, and visibility overall.
Reduced Risk of Paper Records
By storing important information on the cloud and reducing the number of physical documents, companies can improve their security and management of sensitive and confidential data. While paper records can be stolen or easily misplaced, digital documents can be protected by various authentications, ensuring only authorised staff have access to them.
Quick Vendor Dispute Resolution
Vender disputes happen. When they do, companies supported by invoice processing software are better equipped to navigate the dispute. They will have digitised invoices and POs, packing slips, and other vital data all within reach to assist accounts payable departments with navigating and resolving disputes. Auditing also becomes easier as all information required is together in one convenient location.
Boost your invoice scanning with OCR and data capture technology from Xtracta
Xtracta’s receipt, contract, and invoice OCR software is designed for seamless integration into your organisation’s existing software. Furthermore, with our receipt data extraction SDK and image capture SDK, you can build and brand the software as your own. Through OCR and invoice imaging technology, your data capture and processing software can recognise data from any invoice and convert it to a format that works for you. No need to spend hours laboriously entering invoice data into the ERP system again.
Get in touch with the team to discuss the benefits of integrating Xtracta’s OCR and invoice scanning technology with your accounts payable software today.