For businesses, the Accounts Payable (AP) department manages business data, transactions and records through a manual process. With difficulty in controlling processes and structures, data duplications, human errors and loss of documents could add up to more work for the AP department. This means that the accounts payable department experiences a variety of challenges that can be reflected while auditing, gathering information or payment dispatch. This shows that the AP department needs to improve the working processes to maximize efficiency.
Improving Operational Efficiency
Technology reduces process outlay. Some of the solutions are document imaging software or electronic document authorization software. These solutions can support automatic routing and integrates with the invoice approval process.
Mobile technology is another innovation that is creating waves in the market. Mobility will surely streamline the invoice process and make the approval process easier.
OCR technology minimizes manual entry by automatically scanning receipts. Using OCR technology in accounts payable processes will reduce the physical effort of manual entry up to 80%. The technology works by capturing data from invoices, verify and populate the data into the accounting system for further editing. This would ultimately result in an increase of productivity, savings, and efficiency in organizations.
OCR technology is a boon for organizations where AP department is experiencing problems with document/invoice capturing. By eliminating the manual work, the cash management process can be improved and transparency can be achieved in managing volumes of documents to improve the overall efficiency of the entire procure-to-pay process.
OCR applications featuring image capturing, form processing, and invoice processing would add up to more benefits. The technology will avoid data loss and would result in cost reductions, increased savings, more profits and better return on investments.
Choosing customizable AP solution with OCR technology can address the challenges of accounts payable while streamlining mundane activities for better productivity.