Our Invoice Scanning Service will have an immediate positive impact on any business looking to improve the way they handle and process invoices. Increase processing speeds, reduce staffing costs and lever early payment discounts by becoming more efficient in the way you process your invoices.
Invoice Scanning Overview
Using our sophisticated data capture techniques we save our customers, time, money and significant effort by removing the need to manually process accounts payable invoices. This frees up your time to concentrate on core accounts payable tasks in your department. Our team literally process millions of invoices each year using the latest technology scanners from Kodak. Our invoice scanning services include scanning, capture, processing, approval and payment.
Traditional methods of capturing data from invoices, purchase orders and other financial documents can be very time consuming. Inaccurate data entry can cause problems in accountancy packages and waste staff time through lengthy verification and approval procedures. Our invoice scanning service provides accurate data capture for line item descriptions, supplier name, number and amount details.
Step By Step Process Overview
- Invoice arrives with ORS via PO BOX or dedicated email account
- Post opened, sorted and categorised
- Documents prepared and scanned to agreed specification
- Data extraction via blend of OCR and manual data entry
- Quality control checks at all stages
- Management of business rules
- PO matching and validation
- Upload to EDM system or accounts package
How To Calculate The Cost Of Processing An Invoice
According to industry research group Gartner, the typical cost of processing an invoice in the UK averages between £4 and £25. In some cases it can even be as high as £50. This is per invoice.
Results of IOMA’s AP 2012 Department Benchmarks and Analysis report, indicates that in an environment with a low level of automation the average cost of processing an invoice can be up to 20 times the average cost of invoice processing in an environment with high levels of automation. With such high levels of success being achieved with invoicing automation solutions, increasingly more businesses are now recognising the significant benefits.
However, for businesses still relying on manual paper intensive systems, tracking the average costs associated with invoice processing is problematic. Technology research specialists Paystream Advisors (2012) carried out a widespread survey, identifying that it is for this reason that one whole third of companies surveyed are unable to answer this simple question.
Unsurprisingly, manual accounts payable processes outweigh alternative methods in smaller to medium-sized companies where human and capital resources are limited. This results in higher processing costs in smaller companies, compared to medium-sized companies which, according to 2012 survey results, have done well to control the cost of invoice processing. However it is the larger companies achieving the most cost efficient processes, due to the implementation of automation solutions. With these systems in place, businesses are able to easily measure invoice processing costs.
Paystream Advisors (2012) report that processing costs are down across the board, indicating a rise in the implementation of automation solutions. It is predicted that as more companies adopt these solutions, processing costs will continue to decrease dramatically. Additionally, larger sized businesses are also leading the way in the implementation of other AP technologies such as eInvoicing and electronic payments.