Examining The Internal AP Process
The management team needs to partner with the employees who truly understand the payables process and requirements from both a business and technical perspective. It’s common for companies to have structured work instructions that no one actually follows. Engage the staff (including subject matter experts from Accounts Payable, IT, Project Management, etc.) in conversations to let them know why the company is evaluating the process, what the end goals are, and the part each individual will play in ensuring the project’s success.
End-users can easily view the information identified by OCR together with an electronic copy of the actual invoice and edit any invoice that does not meet the company’s defined business rules.
Evaluating & Automating the Internal Accounts Payable Process
Once a company evaluates their current process, they should explore invoice automation solutions to assist with tightening up efficiency gaps. CVISION offers a robust payables automation system that leverages advanced OCR to read invoices, apply business rules of their choice to identify invoices requiring end-user review, and create the import files required for the company’s business system. Once files are imported into a company’s business system, any business rules that were established for updating of accounts payable is in place. End-users can easily view the information identified by OCR together with an electronic copy of the actual invoice and edit any invoice that does not meet the company’s defined business rules. For example, if the company is tax exempt, a business rule can be established to identify any invoice with sales tax. The payables employees can choose to edit the invoice total, exclude the sales tax, and approve the change. Corrected invoices can subsequently be imported to the company’s financial system.
Once a company elects to pursue an automated solution, they must allocate the appropriate funds and resources (including representatives from AP, IT, etc.) to ensure a successful deployment. Organizations also need to consider related factors including the quality of their scanner(s) and where the converted text searchable and compressed PDF files will reside. Organizations should also be prepared to scan a month’s worth of invoices and engage CVISION to assist with the initial OCR recognition and system training process. CVISION can leverage these samples to identify vendor invoices that might present recognition challenges and proactively resolve any issues as part of the implementation process. This dramatically increases system accuracy and ensures the highest level of automation.