Invoice data capture is one of the most important tasks that businesses have to undertake in their daily routine. Invoices contain important data relating to the transactions that occur between the business and the vendor. Manual data entry is the predominant method used for invoice processing although it is slow and inaccurate. Many businesses have experienced the flaws of manual invoice data capture firsthand.
Research conducted by the Institute of Management and Administration has shown that manual invoice processing is both costly and inefficient. The studies reveal that capturing invoice data, invoice approval, invoice retrieval, and missed cash discounts account for 72% of the cost involved in invoice processing. In the accounts payable department, the average business will make 19 copies of each document and will spend $20 filing them. All of these labors and tasks can be easily avoided with automation software, which will perform electronic invoice data capture.
Studies show that automation software can cut salary related costs by 87%, among other savings. Electronic invoice data capture is being utilized by more and more offices in the ongoing attempt to maximize efficiency and minimize internal cost. Automation software is accurate, allowing for timely and correct invoice processing.