What is Needed to Automate Payables Data Entry?
The job of automating payables data entry is definitely not a hard one, especially if the right software is used. Once the right software is in place and is functioning optimally, a company can not only automate payables data entry, but also gain significant savings in the process. The process to automate payables data entry hinges on the accuracy of the software used to perform data entry. As a result, a lot of thought and effort has gone into developing the right software for the task. In addition, creating the right software to automate payables data entry, software providers in the sector have recognized the need to constantly improve on the accuracy rates of their products. This has led to the introduction of superior products that automate payable data entry.
How Can Automate Payables Data Entry Be Used?
When software to automate payables data entry is used, the major change that happens is the way in which data is entered into an accounts payable process. Data entry clerks no longer have to spend hours keying invoice data into a database. Within a system that can automate payables data entry, invoice data is scanned and optical character recognition is used to extract relevant data. Therefore, time is saved and human errors are reduced leading to a dramatically faster account payable process. Software used to automate payables data entry have an inbuilt feature that matches invoice information with purchase orders in the database. This feature alone causes employees to spend less time processing invoices. This can be a considerable saving, because in some organizations, employees end up spending 50 percent of their time matching invoices to purchase orders.
Benefits of Such Software
Benefits of software used to automate payables data entry are many. However, the most tangible benefit lies in its ability to shorten the time taken to process invoices and make payments on them. This speeding up of the whole accounts payable process often result in a company's money being saved and in a company earning money in the form of vendor discounts.