Invoice Processing Automation with OCR
Invoice processing automation with OCR uses the optical character recognition technology. This is the process by which the scanned documents, i.e. the invoices, will be converted to formats that the computer network can easily read and identify. This is the selection process that will highlight the different texts and then compare them to the stored library in the software database. After such comparison, when there is a match, the OCR will then select the characters and store them. When there is a need by the business entity to look over the documents and the data, all they need is to use the interface system to access these files. The invoice processing automation with OCR will reduce the need of humans to look for the data they need.
The Invoice Processing Automation with OCR Workflow
The typical invoice processing automation with OCR workflow will start with the scanning of the invoices upon receipt in the accounts payable department. To get the best image from the file, there are some adjustments that you can make to enhance the image. Usually, this is only applicable for those that process invoices for only a few documents a day. The OCR will then work in the identification of the different data that is contained in the files. This includes the vendor name, the invoice number, the item details, the prices and the data for payment of the items in question. Validation and verification are also two processes that are a part of the mainframe system. This is the step by which the systems will compare the results against the actual printed invoices. This is the section where the data files are processed according to the dates stated and the amounts.
The Benefits of Invoice Processing Automation with OCR
The foremost asset that the invoice processing automation with OCR system will bring is a streamlined approach for the accounts payable department. Plus, there is the assurance of an increase in the accuracy ratings of the operations and the faster time processing for the search of data and information. In addition, the invoice processing automation with OCR software will also introduce a stronger compliance with internal structures.