What is automating accounts payable processes?
Companies are finding it difficult to manage its accounts payable department each day, as workers spend countless hours poring over data and manually. This manual data entry is not only inefficient, but it leads to errors – in the worst place possible – your expenses.
A solution: automating accounts payable processes
Automated accounts payable processes will ensure better management of your cash flow, minimize late payments and maximize your payouts. Automated accounts payable processes will also cut out the human error factor. This is all done by using optical character recognition, also known as OCR. OCR scans a form or invoice, digitizing the information. An electronic copy of your physical document is produced, allowing you to edit, save and archive for later use. When an invoice is received, all you do is place it on the scanner and bypass the time it would have taken to enter in all the information.
How does automated accounts payable processes work?
This process scans the page, identifying the characters by comparing the light and dark areas, while making matches with its character library. Once strings of characters are identified, the OCR software gives the result – an editable text document. OCR is guaranteed to be 99% effective when handling almost all fonts. Even handwriting is a small hurdle of OCR tech; it can read it and fall in the mid-range for accuracy.