Processing Invoices has never been Easier or Faster!

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Invoice Processing

Manual invoice processing is much too complicated and time consuming. It's no surprise that just about every transaction suffers from inefficiency, with endless paperwork resulting from a high number of busi

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Benefits of Invoice Processing

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Benefits at a glance:

  • Increased invoice data accuracy
  • Lower cost of manual data entry
  • Enhanced cash flow cycle management
  • Capitalise on the discount terms for early payments
  • Capitalise on the discount terms for early payments

 

 

Benefits in detail

 

Increased invoice data accuracy

Due to automation, there are not as many delays involved in inputting data into your financial systems where they can be approved, so fewer payables are accrued at the end of each month. Even though a lot of businesses do okay entering invoice information, with manual processing there is always the possibility of human error, which creates a setting that encourages incorrect payments and less productivity. When invoice information isn't accurate, A/P staff must look into the mistake to correct it and maybe do the processing of payments again. But Doc2Data gives you the most precise data available without manual intervention.

 

Lower cost of manual data entry

When there is automated data capture, as much as 75 percent of the hidden cost of manual data entry is eliminated. Data entry performed piece-meal by multiple members of your staff is not only inefficient, but also costly. But as soon as entering data by hand is terminated, a noticeable improvement in speed and effectiveness is noticed.

 

Enhanced cash flow cycle management

Your cash flow cycle management will be greatly enhanced thanks to accurate data that will be posted within your financial database far more quickly. You will be able to execute payments more easily and in accord with your financial goals. You will be able to make the greatest use of early-payment terms. Automatic match up of line item details on invoices on a table look-up arrangement within your financial system will facilitate the quick movement of invoice data throughout to system and to final approval.

 

Capitalise on the discount terms for early payments

You can make good use of discounts for early payment. When you use automated data capture, it will speed up the flow of data from invoices within your financial system. If you have a 2-way automated method to match line items with invoices, you will catch errors right away. This enables your workers to review and verify the information quickly. This means that you retain control while expediting the accounts payable process and are able to capitalise on the discount terms for early pay.

 

The usual procedures for doing accounts payable can be very painful...

  • Manual processing of paperwork is very manual intensive
  • Cycle time can be quite high
  • Labour can be very expensive
  • Paper documents are easily misfiled or misplaced
  • Vendor inquiries can be multiple and time-consuming
  • There is a tremendous risk associated with disasters
  • All of these considerations have a negative impact on your profits
  • High costs of operation
  • High invoice processing costs
  • Double payments
  • Missed discounts

     

     

    The Doc2Data difference

    With Doc2Data capturing invoice data is easier and the results are more accurate. For example, vendor ID numbers, total amount due and so forth are quickly and easily noted and conveyed even when this information found in different sections of various invoice forms. You just identify the features of the information you want to capture, like "amount due", for instance, and Doc2Data quickly and automatically moves over the whole invoice to locate whatever variation of the keyword or combination of it that will give you the data you've asked for.

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    Easy Invoice Automation

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    Capturing and processing data automatically. Cost, as well as productivity, will be improved.

    In the current aggressive environment, businesses have to be able to reap every reward possible from all of their duties. The accounts payable department is a big part of this, and automation will play a big role in finding formerly unseen efficiencies. Typically the accounts payable invoices will be sent to one spot, frequently the firm's mail room. Even when companies have locations in various geographical areas, those branches that are remote will usually mail their invoices to the head office to be paid. Plus, mailing the invoices leads to unnecessary costs as well as slowing down processing and ensuring a greater risk of invoices being lost.

    When it arrives, the invoice gets opened and categorized so it can be delivered to a particular person, which creates an additional personnel expense. The next step is for the employee in accounts payable to look over the invoice and input the data manually into the accounting system. The cost associated with entering data manually is not always evident, as it is done by many different people in a department and not on a full time basis.

    Once the data is entered, that invoice is frequently copied (which is an additional expense) and then the document goes where it needs to in order to be reviewed and approved. Once it gets back to the A/P department, that document needs to be put into a file cabinet (meaning more personnel expense) in case it needs to be retrieved later. Then, searching for the document later represents another expense, even if the document is filed in the right place. Documents that are filed incorrectly or that get lost make for extra costs because productivity is lost.

    Doc2Data provides an automated way to capture and process data so all such "hidden" costs can be eliminated. Additionally, Doc2Data is able to assist you in taking advantage of discounts that you may have been missing. This often happens because of delayed data entry or delayed approvals. With Doc2Data, fresh and accurate information will be placed in your accounting and ERP systems for efficient financial management.


    Make a big impact on the bottom line of your accounts payable department. You'll be able to automatically capture the data you need from invoices vendors send.

    Your company's procedures for processing incoming invoices can be drastically improved when you use Doc2Data. Costs will decrease, invoice information will be processed quicker, and you'll use fewer personnel and be able to obtain a greater amount of early-pay discounts. Regardless of the number of invoices you process or the location of processing, you can count on Doc2Data to control the amount of manual data entry that must be performed. The system will automatically capture and deliver your invoice data accurately to all pertinent locations. Your document management systems, financial systems, enterprise resource planning and content management will all be kept updated effortlessly.

    If you have images that have been indexed correctly in the document management system, it's simpler to locate past invoices. Accounts payable clerks will then be able to concentrate on other tasks of more value, like resolving discrepancies in vendor invoices. When information is delivered automatically in a timely, accurate manner, it gets easier to keep tabs on processing and payments and to manage them better. Plus, your whole accounts payable department will do a lot more in a smaller amount of time.

    Doc2Data will ensure that your accounts payable procedures will be automated and efficient, taking on those things that make costs rise and productivity slow.


    Here are some of the issues that must be taken into account:

    • Documents must often be manually sorted
    • Data must be keyed in manually to multiple systems
    • Typographical errors cause problems with invoice data
    • Documents must be physically routed throughout an organization in order to be approved
    • Copies of invoices must be made
    • Invoices must be cross-referenced with purchase orders
    • Early-pay discounts are often missed
    • Documents must be manually filed and retrieved
    • Invoices are often mistakenly double-paid
    • Invoices become lost or misfiled and must be found

     

     

    Doc2Data Process

    This system streamlines your capture and delivery of all of your accounts payable invoice data and places it directly into your ERP or financial system. All the necessary data for capture is included. You will find tax information, shipping costs, terms of payment, charges and descriptions of line items, numbers of purchase orders, invoice dates, vendor identification numbers and so forth. That means things like getting information from invoices, approving payments, and doing accounting reports can happen quicker and so drastically lessen your costs.

    In no time at all you will be able to see results: Hidden cost-manual data entry. Specific companies may hire employees to convert data from written documents into computerized backend systems. Lots of other businesses disguise these costs and the amount of productivity lost by spreading data entry tasks over a wide spectrum of personnel. By using Doc2Data, a business can give such staff members tasks that are of more value. The benefits of automating the procedures will be dramatically obvious.

    The information you require will automatically be captured by Doc2Data, including invoice amounts, purchase order and identification numbers, and so on. In addition, headers and details of summary and line items can be captured, too.

    After the information is captured and gone through validation and verification, data and images are automatically transferred to your backend systems according to the schedule you've set.

    Invoice images can be prepared by Doc2Data so that they can be indexed in the document management system you've set up. You will be able to attach the data fields you choose. For example, you could attach a Vendor ID number to an invoice image to be sure of accurate indexing. This would also allow quick access from your document management system or your ERP.

    You can direct the output to the financial database of your choice (e.g. ERP or ECM). Alternately, you might direct it to a workflow or document management system. Information can go to various destinations without anybody's workload being raised. When you get quick delivery of precise data, your business can begin the approval process earlier, which will give you a big advantage with your competitors with regard to lower personnel costs, higher productivity, better relationships with vendors, and improved capitalization on whatever payment terms have been negotiated.

    "...a large number of organizations distribute data entry among a wide variety of employees. Handled in this way, productivity is lost, and the true cost of the activity cannot be determined."