Invoice Imaging Software
Invoice imaging software has become a permanent feature in countless accounts payable departments worldwide because it brings about a number of benefits. One of the biggest benefits is that the software helps save money. These cost savings arise because such software can process invoices and schedule them for payment much sooner than a manual data entry department can. Ultimately, this results in the invoices being paid in time and saves money, as no late fees have to be paid. In addition to this big benefit of cost savings, invoice imaging software also reduces the amount of labor needed to process invoices. This is also important because traditional invoice processing methods involved people carrying invoices from one department to another for approval of payments. In invoice imaging software this task of transporting invoices is done automatically by the software, as all invoices are in electronic format and therefore do not need to be transported by hand.
Important Aspects of Invoice Imaging Software
An important aspect of invoice imaging software is that it is able to completely automate invoice processing and payment. Right from the moment a company receives paper based invoices, invoice imaging software can take over. Once it is in charge, this software can scan and capture information from invoices. After the process of capturing invoice data is complete, invoice imaging software can then route the data so that the invoices can be paid. In the case of advanced versions of invoice imaging software, the invoices can even be paid within the software and do not have to be routed outside for payment.
Technologies Present in Invoice Imaging Software
One of the main technologies present in invoice imaging software is optical character recognition (OCR) technology. This technology is responsible for the capture of printed text present on scanned documents. In the case of invoices this technology present in invoice imaging software captures data such as vendor name, invoice amount, invoice date, and pay by date, which is then used for processing and paying invoices.