AP teams struggle with the manual data entry of vendor invoices. It’s an invisible task that eats up resources and is fraught with manual error.
EchoVera, a provider of accounts payable software solutions, has announced invoice data capture in the cloud for organizations looking to capture invoice data with automation.
Accounts payable departments in most medium sized companies struggle with entering the information from vendor invoices they receive into their ERP or accounting system. Both emailed and paper invoices have to be entered into the accounting system in order to process the invoice, get approval from the person who ordered the goods and services, and proceed to payment.
Palette Software’s report on AP scanning and invoice data capture illustrates the immensity of the problem for North American companies. Although vendor invoice solutions include EDI or invoice portals, the percentage of organizations using either of these methods are few because of both costs and resource concerns.
The report, entitled “2021 Guide to OCR Invoice Scanning & Data Capture” shows how 90% of the supplier invoices received are either in paper or email format. Over 70% of organizations are currently entering the invoice data manually, either by accounts payable staff or through outsourcing.
Echovera’s invoice capture solution eliminates the need for manual data entry. Both paper and emailed invoices are scanned and validated in the cloud software. As a result, companies using the solution have eliminated the manual errors and time formerly dedicated to this task.
“Many companies are either entering invoice data manually,” said Ralf Leitner, CEO of EchoVera, “or they are stuck with legacy OCR systems that don’t integrate well and are limited in functionality.”
EchoVera’s accounts payable scanning software captures both header and line items on invoices, and can handle documents containing multiple invoices as well as invoices containing hundreds of lines. The time savings can be significant, given that many of the clients EchoVera works with have thousands of invoices to process every month.
The automated data capture solution integrates with popular ERPs such as Microsoft Dynamics, NetSuite, Cloud Infor, Sage Intacct, and SAP Business One. EchoVera invoice data capture provides a complete approval workflow, allowing organizations to automate the approval process and reduce the time and effort involved with getting approvals through email and spreadsheets.
Onboarding suppliers to an automated cloud solution works well because they don’t have to change their systems to send XML or EDI, they don’t have to log onto a 3rd party portal, and they don’t have to install any software. They continue to send paper or email invoices as they have done without incurring any infrastructure costs.
For more information visit: https://echovera.ca/solutions/intelligentdatacapture/
EchoVera Inc. provides Intelligent OCR, AP Automation and Purchase Automation solutions to organizations looking to reduce costs and increase the efficiency of their financial operations. EchoVera brings over 30 years experience to clients worldwide.
For more information about EchoVera: http://echovera.ca