A first step to scanning your supplier invoices
According to Aberdeen, 80% of supplier invoices are still processed on paper. Even when the invoice arrives digitally, most organizations continue to print it. It is therefore very likely that some of your suppliers still do not communicate with you electronically. Yet you want to process their invoices digitally to initiate the next step of your internal payment process.
So you surely waste a lot of time scanning piles and piles of incoming paper documents and then indexing them manually to save them in digital form. Even when you use OCR (Optical Character Recognition), there is a 6% margin of error (according to The Association for Information and Image Management) and an employee must validate and index certain missing information.
Do you recognize yourself?
Such a situation can prevent you from paying your suppliers on time and directly affects the quality of your relationship with them, and the strength of your financial position.
Did you know there are simpler ways to convert your accounts payable processes in depth, at your own pace? These solutions do not require major investments, but ultimately can optimize processing of payments.
Here are some examples of quick gains for your company:
1. Ask your suppliers to send you their invoice in PDF version. This is a common and widespread format, easy to generate, that will save them time and money.
2. Install a middleware system to capture the PDF invoices. A middleware system intercepts the data from your existing systems and makes changes to the processes and documents without intrusion.
3. Use a datamapping configuration to extract the necessary text for validation of the invoice and the payment.
4. Convert the data you have gathered in this way into a format compatible with your systems to automate input and then automate communications with your suppliers.
Do you want to deploy these steps or go farther? Contact us to see how you could improve your accounts payable processes through actions that are quick and easy to deploy.0