A popular guide for vendor invoice OCR and vendor invoice scanning has been published by Palette Software.
Palette Software has published the 2022 Guide to OCR, Invoice Scanning & Data Capture for organizations looking to reduce the amount of effort it takes to enter invoice data into their ERP or accounting systems.
In North America accounts payable departments struggle with large vendor invoice volumes and often have to enter invoice data manually. The guide provides a detailed look at how organizations are dealing with the problem and ways to automate the process.
According to some third party reports approximately 90% of vendor invoices are sent by mail or email. 75% of those invoices are entered manually by AP staff or data entry outsource services.
Accounts payable departments handle mailed or emailed invoices in various ways. Most of them are keying in the invoice data manually, a time consuming and error-prone process at the best of times. Others are using legacy OCR technology that has integration issues or requires manual handling.
“Many organizations have a problem with capturing invoice data,” said Ladd Rowan, Senior Sales Executive, Palette Software, “and when they are looking to optimize their AP operations, invoice capture is one of their first priorities.”
The 2022 Guide to OCR, Invoice Scanning & Data Capture provides guidance on how to automate the process. New technology solutions can capture vendor invoice information with 95% – 100% accuracy. The best solutions have no infrastructure requirements on the supplier’s end, because most ERPs can output an invoice in PDF or other electronic format.
Accounts payable departments are also looking for more than capture automation. They want a solution that gives them an approval workflow as well as a searchable invoice archive.
Palette AP automation is designed and built by AP professionals for AP departments and speaks the language of accounts payable. Invoice capture, invoice processing, optional PO matching, and audit and archive functions reflect best practices in a flexible, SaaS model.
To download the free guide, visit: https://www.palettesoftware.com/whitepaper/guide-to-invoice-ocr-digital-invoice-capture/
About Palette Software
Palette Software is a market-leading vendor of financial process automation for domestic and global corporations. Palette solutions automate Accounts Payable operations. Customers experience significant and measurable cost savings, productivity gains and operational excellence. Palette solutions are GDPR compliant and optimize financial management for more than 2,500 customers in 50+ countries. With 25 years of experience, Palette and its partners offer automation solutions for organizations of all sizes worldwide.