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Invoice scanning is a broad term that involves using different techniques to capture data from an invoice and digitize it. However, instead of using conventional hardware scanners, invoice scanning is mainly done through invoice data capture solutions.
Primarily data is scanned and extracted from PDF files or electronic invoices. It is then entered into the company’s finance system. For organizations that receive paper-based invoices, they must be scanned by an AP clerk and then entered into the company’s accounts payable software.
There are certain companies that offer outsource data capture services. This reduces the burden on AP departments, as they don’t have to manually key in data, and reduces the margin for error as well.
Invoice scanning is essential for capturing key data. It allows companies to digitize and automate the entire accounts payable function. Instead of having to enter information manually, it is automatically captured using sophisticated technologies like Optical Character Recognition (OCR) and fed into the system.
Once the vendor data is digitized, it can be recorded, and the invoice cycle can be automated. This includes the entire process, starting from the receipt of invoice until the invoice is approved and submitted for payment.
Invoice scanning allows companies to move towards AP automation and streamline workflows when managing invoices. Instead of manually feeding information into the system, automating the process not only reduces errors, but also improves the efficiency of the invoice lifecycle process.
One of the best solutions that you can use for invoice scanning is SoftCo AP Automation. SoftCo Accounts Payable Automation uses advanced Optical Character Recognition technology to automate data capture. It leverages the power of Machine Learning technologies to extract and improve the quality of data capture as more invoices are processed.
With Robotic Process Automation technology built in, the software automatically routes data for matching automatically with corresponding purchase orders, streamlining the process and making it easier to route invoices for approvals.