Vendor Invoice processing is one of the key back-office operations in any organization. Organizations receive invoices in many formats: paper, fax, PDF, image or email, and a significant amount of time and labor is spent processing them. Manually keying of data into systems and inefficient approval workflows lead to a high probability of errors, lost documents, and non-compliance. Now you can significantly reduce the time, cost, risk, and complexity of capturing and routing invoices for approvals, wherever they originate, with Docsvault Advanced Capture Solution for Invoice Scanning & Intelligent Data Capture.
Docsvault Advanced Capture Solution can help you transform your existing invoice processes to more efficient, secure, and cost-effective workflows – without significantly changing the way people work. You can reduce invoice processing time, help your organization secure early payment discounts, and improve vendor relations while freeing up your staff to work on other critical business activities.
When a vendor emails an invoice or sends in a paper invoice, the receiving company needs to process the invoice through several steps before it is paid off. Since a company receives many such invoices on a daily basis, it becomes quite critical to process them efficiently. Typically, it involves the following steps:
Whether you receive invoices as paper documents, fax, PDFs or image files, Docsvault Advanced Capture Solution can handle them all. You can scan paper invoices or directly ingest PDF and image files into the software.
Extract and Validate Data
Artificial Intelligence and Machine Learning technologies can automatically extract critical data such as vendor name, invoice number, date, and amount directly from the invoice based on simple starting templates. As and when new invoice formats are encountered, the system learns to recognize them constantly from corrections made by the operators. When a new invoice comes from the same vendor, the software will automatically extract data from it using its learned experience. Scan operators or entry-level employees can do a visual inspection of the scanned image to validate that the information has been correctly extracted from the invoice. When the captured data does not meet its set standards an exception is generated and the data fields are highlighted so that their values can be corrected before export to the Docsvault system. For ease of validation, the original invoice and the extracted data are displayed sides by side.
Using index values, invoices are auto-named, saved into the correct location, and then routed into their appropriate approval workflows.
Docsvault’s Intelligent Automatic Capture Solution consists of both – advanced scanning software that captures metadata and an advanced import part that allows for the automated filing of documents based on predefined rules. This speeds up information capture from paper documents immensely and reduces their retrieval time in the future.
Route for approvals
Invoices can be routed manually or automatically to the appropriate individual or group based on pre-determined criteria. Docsvault Workflows can be created to satisfy practically any routing requirements based on the invoice amount, the number of approvals needed, etc. Automatic escalations & delegations, timely reminder alerts, and complete traceability make the invoice approval process highly efficient. Invoices can be reviewed and approved from any location, via a web browser or mobile app (iOS and Android). There is no chance of losing an invoice and there is transparency at every step of the process.