Automating invoice processing is one of the fastest growing trends in the business arena. Automation eliminates the need to use paper, substantially reducing processing time and costs, factors that many businesses are keen to achieve in today’s struggling economy. Like the healthcare and insurance industry, businesses face many regulations and have realized that they can better comply with guidelines, as well as increase profits by streamlining internal processing.
The drive to lower costs and increase efficiency is even more pronounced in this economic downturn. Modern automation software can be installed and implemented in a short period of time, without the need to overturn existing office technology. The software is versatile enough to not only process paper invoices but ones from email, PDF, and other formats as well. Automated invoice processing runs on OCR, or optical character recognition, allowing it to accurately capture and extract invoice data.
Studies have shown that automation software can allow businesses to produce a range of 15 to 30% increase in transaction volume. More invoices are processed in less time and with fewer employees. With more time and capability available to them, staff can begin to focus on more strategic and value-adding tasks. Paper is a medium that is far from ideal because of its limited accessibility, poor visibility, and overall frailty. It is costly to process and maintain paper invoices, and as more and more businesses begin to realize this, the transition to automated invoice processing will likely continue to grow.