Power of PAYBOX®
Mitigating Risk with Document Capture
An overreliance on paper-based Accounts Payable (AP) processes hinders efficiency and progress in today’s global organizations, leading many companies to employ AP automation solutions that leverage electronic document capture as the first step to streamlining workflow processes and invoice management.
Document capture immediately eliminates the paper invoices that plague modern AP departments and mitigates the many drawbacks of paper-based invoice processing by enabling organizations to scan, index, review and export invoices and financial documents.
Five Pitfalls of Not Using Document Capture
- Lower Data Quality: Manual invoicing data entry lends itself to a higher frequency of error than automated document capture. On the other hand, industry research suggests that optical character recognition (OCR) combined with human data verification produces the lowest data error rates at optimal AP processing costs.
- Invoice Processing Bottlenecks: The number of invoices and financial documents that can be processed in any given timeframe is limited based on staffing levels and the hours required to key in data. Conversely, advanced document capture programs can process an unlimited amount of domestic and foreign invoices if configured correctly and many solutions can be trained to recognize various invoice types for increased automation.
- Lack of Compliance: Companies can achieve higher compliance rates with document capture versus paper-based invoicing processing. Document capture allows companies to easily implement compliance checks and enforce more sophisticated business rules based on data extracted from invoices, while paper-based processing requires manual verification of compliance rules for each invoice.
- Lost, Missing or Damaged Invoices: It’s much easier to lose, misplace or damage paper invoices and other financial communications than it is with electronic document capture. Many companies cite fewer lost or missing invoices as a key benefit of switching to electronic document capture, which contributes to stronger supplier relationships, fewer inquiries and disputes.
- Higher Labor Costs: Manual invoice data entry is very labor intensive, sucking valuable human capital from AP departments. With automated document capture, companies can save money and time on labor requirements by greatly reducing or eliminating the need for manual keying.
Why Companies Should Automate Document Capture
By leveraging a document capture solution, companies are continuing on the path of AP transformation. Document capture enables companies to realize significant business benefits, including:
- Reduced need for time-consuming manual business processes and data entry
- Enhanced supplier relationships with less inquiries, disputes and discount discrepancies
- Higher levels of data extraction and improved data quality
- Improved access and visibility into all scanned invoices for authorized personnel, regardless of location
- Better data security with fewer lost or damaged invoices and automatic archiving for easy access to historical financial information
- Migration to a Zero Footprint environment for invoice receipt
- Compatibility with existing enterprise technology environments and systems
Automating Document Capture: Where to Start
When you are ready to begin AP transformation by implementing a document capture solution, it is critical to find a trusted technology partner who understands your organization’s unique business needs and has a track record of success with other large organizations.
For nearly three decades, Direct Insite has been supporting Global 3000 and large organizations across the world in the implementation and utilization of document capture as the first step of AP transformation. Learn more about how our AP, AR and Payment process solutions can improve efficiency and accuracy in your organization by calling us today at 954-510-3750.