Accounts Payable OCR
Every year businesses waste valuable time and money on processing invoices as part of accounts payable. Invoices have to be processed and paid on time, but businesses frequently file incorrect information or miss the payment date. This is mostly due to the fact that they rely on manual data entry to complete invoices, which is slow and error-prone. Many offices are beginning to use accounts payable OCR to overcome these issues.
What is Accounts Payable OCR?
Accounts payable OCR is another name for automation software, which is technology that can automatically and electronically process invoices. It uses OCR, or optical character recognition, to identify and extract the necessary data from the paper invoices. Accounts payable OCR can recognize the different fields and zones found on invoices and accurately capture the information. When invoice processing is done electronically you have the benefit of having it formatted in an electronic file, allowing for improved accessibility and visibility.
Benefits of Accounts Payable OCR
The first obvious benefit of using accounts payable OCR is that it greatly reduces paper usage and human involvement, both of which can be wasteful and inefficient. The less paper an office uses in its business cycle, the more time and money they save. Paper is costly due to the amount of time that is required to search for it, as well as the money that has to be used to produce and replace it. By automating invoice processing, businesses can begin to focus on more strategic and value-adding efforts. To try out quality accounts payable OCR that is both accurate and versatile, check out CVISION Technologies. CVISION has been in the document capture field since 1998 and has acquired a reputation for providing quality products.