If your business is drowning in stacks of paper invoices and manual data entry, you’re not alone, but there is hope. Our team helps businesses everywhere turn to innovative solutions like Microsoft’s Dynamics 365 Finance & Supply Chain Management. The invoice capture in FSCM can help you streamline operations and reduce errors.
Give your data entry person a break and create efficiencies in your AP team. Learn more about invoice capture, its benefits, and how we can help you implement it in your organization to save time and money. Watch a short demo video.
What is invoice capture?
Invoice capture refers to the use of technology to automatically extract data from invoices, whether they are in paper or digital format. You’ve heard of technologies like Optical Character Recognition (OCR) and Artificial Intelligence (AI). By using them, Microsoft has created an invoice capture solution to read and process invoice data with minimal human intervention, improving AP processes everywhere. Ready to jump into automation?
Key benefits of invoice capture
- Time savings: The biggest advantage of invoice capture is the amount of time it saves. Manual data entry takes forever and is an error-prone process. By automating this task, your AP team is freed up to focus on different activities that add value to the organization, like collections.
- Improved accuracy: Imagine doing manual data entry hour after hour. Of course you will make mistakes — everyone will. And even a small mistake can lead to significant financial discrepancies. Having an invoice capture solution reduces the risk of human errors because it accurately extracts data from invoices and validates it against predefined rules.
- Enhanced productivity: With an invoice capture system, your AP team can process a lot more invoices in less time. By increasing AP productivity, you can then get faster payments to vendors, improve your cash flow, and create stronger relationships with your vendors.
- Save money: All these benefits lead to saving money. By replacing manual data entry in their AP departments, businesses have reported their processing costs have reduced by up to 80 percent. These savings are reflected in reduced labor, fewer errors, and faster processing times in general.
How invoice capture in FSCM works
Step one is your invoice submission: This is where invoices, whether paper, PDF, or other electronic formats are sent to be scanned and uploaded to the invoice capture system.
Step two is data extraction: Here the system uses OCR and AI technologies to retrieve the relevant data from the invoices. The technology scans for things like vendor information, invoice numbers, dates, and payment terms. Some of the more advanced setups can handle different invoice formats and languages.
Step three includes your data validation: At this point, the computer takes the extracted data and validates it against your predefined criteria or rules. This ensures accuracy and can point out or flag any discrepancies for the AP team to review.
Step four integrates the data into your ERP solution: Once your data is validated, it is then pushed into your Microsoft Dynamics 365 system, ready for further processing and payment.
How do you choose the right invoice capture solution?
It’s always a challenge on top of your normal job to have to review and select new technology for your business. Here at Boyer, we can help by giving you an overview to get you started. Schedule a call with us at https://www.boyerassoc.com/intro-call for a free business needs assessment.
Here are some factors to consider when choosing new AP automation software.
Consider your unique business requirements
It’s important to pick the right invoice capture solution for your business. You will want to consider your specific needs like the number of invoices you process, what types of invoices, and what other apps need to integrate with this data.
Evaluate technology capabilities
To really automate your AP processes, you need to find a solution that leverages advanced technologies like OCR and AI. You can configure these technologies to handle complex invoice formats and give you the most accuracy when extracting data. You really don’t want a system that only can do it halfway.
Check for scalability
Another important factor is growth. You want to choose something that can grow as your business does. Will it be able to keep up as the number of invoices increases, without compromising performance?
Assess integration features
Lastly, you want to make sure that whatever invoice capture system you select will seamlessly integrate with your existing ERP system. It’s pointless to buy something that will require manual processes to get to your data.
Microsoft’s invoice capture in FSCM technology is now a reality for businesses of all sizes. No longer is it reserved for the biggest and best. If you are looking to create more efficiency in your AP department, let’s talk. Boyer can help you save time, reduce errors, and lower costs with invoice capture in FSCM.
Transform your accounts payable process with invoice capture. Contact us today: https://www.boyerassoc.com/intro-call
