Automated Solutions for Invoice Processing
Trapeze for Invoice Processing
Processing invoices, when handled manually, is an expensive and time consuming function for any organization. With an invoice processing system from CVISION Technologies, organizations can process invoices automatically, reducing accounts payable costs while improving both the accuracy and speed of invoices being entered. Being able to process paper-based invoices quickly and accurately is an important element for the success of any organization. As invoice processing costs escalate, organizations implementing an automated invoice processing system can realize financial benefits faster and yield a real, tangible ROI. CVISION's Trapeze for Invoice Processing contains an intelligent recognition server capable of automatically interpreting the relevant information and fields within a paper-based invoice, in real-time. Once the invoice information is extracted, Trapeze can prepare and forward the information for system upload.Request a Free Evaluation
Realize a Measurable ROI
While manually processing invoices has advantages, introducing a tool to automatically extract information can improve accuracy and speed while reducing the overhead of accounts payable. Traditionally, processing invoices has been a manual, paper intensive task. Invoices would be received in the mail, forwarded to the accounts payable department, and entered manually into the AP system. This procedure was expensive, time consuming, and error prone. By decreasing the time spent entering data, employees can focus on building relationships with vendors and negotiating early payment terms. With CVISION.s Trapeze for Invoice Processing, the entire process can be streamlined. Invoices can be handled programmatically by extracting relevant information from the invoices. A process that was previously handled by several employees can now be completed more effectively in a fraction of the time. An automated system could free up a considerable amount of time for employees to work on other projects.
Recognize Data from Invoices
By reducing the amount of time manually entering information, organizations can realize a measurable ROI in a short period of time. The cost of the solution is quickly recouped by the reduction of manual processing costs, early payment discounts, and improved vendor relationships.
Easy Integration into the Accounting Process
Trapeze offers organizations the ability to integrate into their existing workflow. Data extracted from invoices can be integrated through desired specifications. Once the data is extracted, it can be outputted into industry standard formats including XML or CSV. Trapeze for Invoice Processing will automatically detect invoices with missing or incorrect data in critical fields; these invoices are flagged and sent to Trapeze.s exception handling bucket, while the rest of the invoices are processed.
Advanced Machine Learning
Leverage advanced machine learning to continuously improve recognition rates. CVISION's expert learning system gets smarter over time yielding more extraction and automation. As more invoices are processed, and corrections are made, CVISION's system uses a feedback loop to learn and understand invoices.
Calculating the Value of an Automated AP System
According to industry studies, the cost of manually handling an invoice from start to finish is estimated to be $30-$50 per invoice. By automating pieces of the process, the cost per invoice can be reduced by more than 30%. Consider the following example to help understand the value in real terms. Organization A processes 15,000 invoices a year at an average cost of $30/invoice. Using conservative figures, Trapeze can reduce the cost of each invoice processed by $5. Therefore, if 15,000 invoices are processed in a year, organizations can save $75,000 in the first year. These figures can be scaled up or down based on volume.
Why Automate Your Invoice Processing with Trapeze?
Reduce Manual Entry Costs: Automating the accounts payable process can dramatically reduce the costs associated with manually entering invoices. After implementing an automated invoice processing system, it will take a small fraction of the time and amount of employees to process the same amount of invoices.
Improve Invoice Processing Accuracy: An automated system will yield more accurate results than manually processing invoices. By automating the accounts payable process, human keying errors will be eliminated. Inputting inaccurate data from an invoice can be very costly; invoice amounts can be keyed incorrectly or invoice numbers can be wrong. These inaccuracies can result in overpayments and countless employee hours spent resolving the issues with vendors.
Accelerate Invoice Turnaround and Benefit from Early Payment Discounts: Manually processing an invoice typically takes organizations 10 days. Many vendors offer discounts for paying invoices early. With an automated system in place, invoices can be processed and paid more quickly. With Trapeze for automated accounts payable, organizations can start taking advantage of early pay discounts.
Improve Vendor Relationships: By accurately paying invoices faster, organizations can improve relationships with vendors creating leverage to negotiate better prices or terms.
Create a Measurable ROI Automating an accounts payable system can positively impact an organization's bottom line. Organizations can save money by reducing the amount of time employees spend manually entering data, saving money on early payment discounts, and accurately paying invoices in a timely fashion. All these factors add up to savings which quickly cover the cost of implementing an automated solution.
|CPU||Pentium 4 and higher|
|RAM||1GB Per Processor|
|OS||Windows Vista / XP / 2008 / 2003|
- Run Windows emaulation using VirtualBox 3 or later (VirtualBox is freeware)
Mac Users: The following are two methods in which you can run CVISION software on a Mac
- Mac OS X running on an emulation (VM Fusion 2.0) of Windows
- Mac running on a Windows Operating System (directly or using Bootcamp)
Reduce invoice processing cost while improving processing speed through automated data entry
Allows for a customizable system using XML-based scripting
Validate extracted field data from the invoice
Eliminate Human Errors
Reduce form processing errors through automated document handling
Produce a real ROI through reduced data-entry and invoice processing costs
Increase the accuracy and speed of your invoice processing
Extract into Database
Automatically encode form data and export extracted information into a database
Process documents from all over the world with multilingual OCR
|CPU||Pentium 4 and higher|
|RAM||1GB Per Processor|
|OS||Windows Vista / 2008 / 2003 / XP|