Accounts Payable OCR
Accounts Payable OCR is one of the most useful technologies that businesses can incorporate into their work processes. Although businesses sell products to turn a profit, they also have to buy supplies and goods from suppliers and wholesalers. These transactions are documented on invoices, which must then be processed and paid for. Traditionally businesses have had to use manual data entry to handle invoices but the availability of accounts payable OCR can improve efficiency.
What is Accounts Payable OCR?
Every business has an accounts payable department that is tasked with processing invoices. This was traditionally done through manual means, relegating employees to going through each invoice and extracting the necessary data. Accounts payable OCR is software that can automate invoice processing using technology known as OCR, or optical character recognition, which has the ability to recognize characters from scans and convert them to text. Accounts payable OCR is specifically geared towards forms such as invoices, meaning it can identify the various data and fields that are required before extracting them into a separate text file. The invoices are processed quickly and automatically, helping you save time, money, and resources.
Accounts Payable OCR Software
Automating invoice and forms processing is advantageous because of the speed at which it is done. It is much quicker than manual data entry, and at times has proven to be more accurate as well. Because manual data entry depends entirely on human labor, it is extremely prone to human error and oversight. Invoices need to be processed correctly and on time to ensure smooth business operation. Accounts payable OCR will automate invoice processing, and requires far less employees to be devoted towards its completion. CVISION Technologies is a leader of document capture solutions and their accounts payable OCR is one of the most powerful and accurate software of its kind.